ChainX (PCX), the earliest launched project in the Polkadot ecosystem, is a Substrate-based Cross-Chain Asset Blockchain project. Led by Ethereum’s former CTO - Gavin Wood, ChainX is believed to be the future solution for the transfer of assets across the chain "Relay Chain'' on a decentralized network. Chainlink has applied State Transition Function (STF) and modular components to reach consensus in terms of network and configuration. Besides, it also conforms to the standards and conventions of the underlying data structure, especially the Substrate Runtime Module Library (SRML), which allows rapid creation of a new chain.
Before Mainnet Polka was launched, Chainx existed as an independent chain. The purpose of launching this project is to integrate digital assets on chains, which heats up the Polkadot ecosystem.
Key Features and Highlights
ChainX network is a cross-level inter-chain interoperable asset gateway, consisting of PCX, DEX, inter-chain and relay modules, Bitcoin Layer 2 financial platform and Polkadot second-layer relay chain. The main components include:
- PCX module: an operating program based on the native token PCX, it mainly includes functions performed by PCX such as staking, paying fees, on-chain governance, distributing interchain mining rewards, and backing Bitcoin financial derivatives. PCX is related to most programs running on ChainX.
- DEX module: A cross-asset transaction module, it promotes circulation of assets on different chains while minimizing transaction costs.
- Inter-chain module: An entering or exiting module for different chain assets and X-Token, it mainly includes an inter-chain transaction verification system, on-chain mintage program, trusteeship program, and deposit and withdrawal program for X-Token.
- Relay module: a window of information exchange and verification between ChainX and outside chains, it mainly includes chain information update program, chain monitor program, and inter-chain information collection and transmission program.
As a Polkadot substrate-based project, in comparison with other projects, ChainX will have certain differences in technology. Using algorithmic PoS in its own Blockchain, ChainX still allows users to mine like BTC. Even so, mining in the birth system is different from BTC mining or other electronic utility coins that use PoW.
The token of this project is PCX, which is built on the Blockchain ChainX platform. So when trading or transferring PCX, users will incur the following fees: transaction fees of Blockchain network collected by ChainX, withdrawal fee and transaction fee collected by the exchange.