Founded in 2016 and based in Hangzhou, China, GXChain is a blockchain project aiming to bring highly-anticipated globalization of data economy closer to reality. It is also associated with the idea of the internet of value. The project’s goal is the creation of a secure environment for online exchange and protection of data with no intermediaries and fees imposed by third parties.
The project came up with a CBD model where C stands for “Customers” and represents Blockcity, the first real implementation of the GXChain. This mobile dApp serves as a data management solution developed for those willing to manage and share their data. B is for “Business”, as the platform is initially a B2B decentralized marketplace which is now also a B2C, C2B, and C2C data transfer platform that the government, banks, healthcare, and other instances might find useful. D stands for “Developers”, it’s represented by a permissionless blockchain that provides developers with the necessary building blocks to create dApps, as well as provides and many other services, including but not limited to smart contracts and Blockchain as a Service (BaaS).
In 2018, more than 1,6 million users signed up for Blockcity and the project’s blockchain was able to process 100,000 transactions per second with a block time of just 3 seconds.
GXChain ICO and GXC token
The platform is fueled by a native token GXC. Initially known under the ticker of GXS, it was rebranded in November 2018.
The GXChain private sale was conducted on April 5, 2017 (10,000,000 GXS sold). Also, 5,000,000 tokens were allocated to the mining pool, 9,490,000 - to developer support and remaining 5,000,000 – to GXS Foundation.
GXChain has a total supply of 100,000,000 GXS. A block of GXC is mined every 3 seconds with the use of the dual Delegated Proof-of-Stake (DPoS) consensus mechanism. There are 21 GXChain TrustedNodes that process transactions to generate the reward.
According to GXChain whitepaper, a GXS to GXC token swap was planned to take place and it was held at the end of 2018 at 1:1 ratio. The mainnet was launched in June, 2017. The project was initially based on the Ethereum network, but after the swap, it went on working on its own development.
The GXC token is traded on numerous exchanges such as Binance, Huobi Global, Bithumb, Gate.io, BitZ, DigiFinex and MXC. The project provides an original wallet for storing digital coins.
GXChain faces anti-crypto move
On September 11, 2019, the project was raided by the Chinese authority, even though it had been regarded as one of legitimate China’s projects. The police crackdown might have been sparked by the project’s business model. The price of the project’s token dropped sharply in response. GXChain halted operations.
The GXChain team
The project’s founder and CEO is MQ Huang. He has over ten years of experience in data exchange, financial technology, and blockchain. He has been in the crypto industry since 2012 and launched several projects since then. Also, he used to be the CTO at Hakim Unique Internet Co Ltd, and Director at financial services of HAKIM UNIQUE.
Cheng Wang, the co-founder and CTO, is the data expert, proficients in data collection, cleaning, machine learning and mining. He used to work as a full-stack engineer at 51.com. Jessie Fan is the project’s COO.