ChainX, one of the projects on the Polkadot network at the moment is enough to attract attention to be studied more.
Polkadot, which is a multi-blockchain network and is an open-source platform, has grown in popularity and has become one of the successful crypto tokens in the top cryptocurrencies.
ChainX itself when the press was ranked on 461th on Coinmarketcap with the name PCX token.
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- 1 ChainX explained
- 2 ChainX Polkadot
- 3 ChainX how it works
- 4 History ChainX
- 5 What is PCX crypto?
- 6 Where can I buy Chainx?
- 7 Chainx wallet
- 8 Chainx how to stake?
- 9 Chainx price prediction
- 10 Is Chainx a good investment?
- 11 Bottom line
Since the emergence of blockchain technology, it has always been followed by the emergence of new things that answer previous problems.
For example, after Bitcoin came up with a problem with transaction speed, there was an Ethereum offering with smart contracts. When Ethereum came up with scalability issues, there was Monero offering privacy security.
ChainX emerged by offering a solution to answer several cross-chain interaction problems on blockchain assets.
The ChainX focuses research on the expansion of layer 2 of the Bitcoin gateway by positioning high-speed transactions and interoperability between chains on different assets.
ChainX is the first project launched in the Polkadot network ecosystem, which is on the Substrate path, where Polkadot is an open-source platform developed by Parity technology invented by Dr. Gavin Wood.
In its initial version, ChainX uses version 1.0 which runs smoothly for a year and a half. After Polkadot released version 2.0, ChainX did business and launched version 2.0 in November 2020.
In this version, ChainX is a combination of several functions of the hybrid PoS consensus, on-chain council governance, Wasm virtual machine, native execution of smart contracts, efficient light-client protocol, Off-chain worker, and multi-signature.
ChainX how it works
The ChainX network is built under the Substrate, consisting of several main components, namely the PCX module, DEX module, Inter Chain module, and relay module. ChainX works as a cross-level inter-chain interoperable asset portal.
- PCX module components operate to manage to stake, pay fees, on-chain governance, distributing interchain mining rewards, and Bitcoin backing. financial derivatives. This is more about operations within the ChainX network.
- The DEX module is more concerned with managing cross-chain transactions and minimizing costs on transactions.
- The Interchain Module operates to enter and issue modules on different asset chains, or primarily to verify transactions on the system.
- The relay module functions as an exchange and information window verification between ChainX and outside chains. Such information includes program updates, chain monitor programs, and inter-chain information collection and transmission programs.
The history of ChainX first appeared before Polkadot, in ChainX version 1, launched in May 2019, in this version ChainX became an independent chain that issued PCX as the currency in the system.
Then ChainX version 2 .0 which is a dual chain system appeared after Polkadot released version 1 in the fourth quarter of 2019. In this version, ChainX builds Parachains on the Polkadot network as interoperability with Polkadot’s assets and continues to develop various Dapps.
After Polkadot released version 2.0, ChainX again upgraded and released ChainX v.3.0 which is a multichain system.
What is PCX crypto?
PCX stands for Polkadot ChainX, a token issued by ChainX with a total supply of 21 million. The same as the total Bitcoin supply, but the PCX mining process is by staking.
The mining reward is the same as the Bitcoin process, at the beginning of the block up to 21 thousand rounds of reward distribution of 50 PCX, then on the next rounds, the reward drops to 25 PCX. Meanwhile, 20% of the initial issuance was 10% distributed to the team for development, and 10% to the community.
The PCX mining process uses a method called one asset one vote which consists of two forms, namely interchain asset mining and voting mining.
- Interchain asset mining is a variety of assets such as BTC, Ethereum, LTC, and so on, entering the ChainX network and participating in virtual mining and competing with PCX as a computing power unit.
Deposits of user assets both with BTC, ETH, and other assets via the inter-chain bridge will be converted to PCX value based on the average daily price.
- Voting mining means real voting or staking PCX to certain nodes to participate in mining.
Where can I buy Chainx?
ChainX was fourth on Polkaproject at $ 9.69 at press time with a gain of 7%. However, the data from Coinmarketcap is the same, where PCX tokens rose by more than 7% on the same day.
Maybe crypto fans are starting to wonder, where to buy these ChainX tokens?
First I want to talk about Coinbase, cryptocurrency enthusiasts will already know the Coinbase exchange is one of the largest in the world. It has entered the NASDAQ exchange.
There is a wide variety of cryptocurrencies available on this exchange. But to buy PCX, you can only use Coinbase to buy Bitcoin, or ETH, which then has to go to another exchange to buy PCX.
It may be tricky, but Coinbase’s ease of buying cryptocurrency with a credit card will pave the way for getting PCX on other exchanges.
The reason is that most exchanges use Bitcoin or other popular cryptocurrencies to buy assets.
Buy ChainX via Gate.io
Gate.io, you can visit the Gate.io website, although this exchange seems new, there is not enough information about who founded this exchange.
But one source said this was from China, which then switched to US-based exchanges listed in Virginia.
To purchase PCX users must register and verify KYC, even though the exchange is unregulated. After registration is complete you can send Bitcoin purchased on Coinbase to your Gate.io account and then buy PCX.
Buy PCX on Kucoin
This exchange is probably already quite popular compared to Gate.io. You can buy PCX on this exchange.
To register on this exchange you need a mobile number or email address because Kucoin will send you a code for the registration process, which you must enter to be able to move on to the next process. Visit Kucoin.
Buy PCX on Hotbit.io
Hotbit, this exchange emerged in 2018 and registered in Hong Kong and Estonia but later based in Taipei and Shanghai. Millions of members have used Hotbit services, if you have registered on this exchange can buy tradable PCX. Visit Hotbit.io.
Buy PCX on Hoo.com
Hoo.com this exchange has received a lot of criticism from my users based on their reviews on Trustpilot. The exchange’s reputation is quite low, so even if PCX is available, you may need to find out more about the security of this exchange. Visit Hoo.com.
Buy PCX on Biki
Biki exchange, you may not be very familiar with either, as this is a new exchange based in Singapore. Founded in 2018 and supports 250 trading pairs. There are hundreds of cryptos available, and it’s an alternative exchange for buying ChainX. Visit Biki.
Buy PCX on MXC
This exchange was also discovered in 2018 and is an exchange that stands in East Africa. However, MXC holds five licenses in five countries namely Switzerland, Canada, Australia, and the United States.
You can find PCX here as the exchange has 752 pairs with a daily volume of up to 4 billion USD. Visit MXC.
Buy ChainX on Bigone
BigOne is an exchange registered in Singapore, but operating from China. This exchange has a different web interface than most other exchanges. Unique and has an interesting user interface. Visit BigOne.
Like other crypto wallets, ChainX wallets can function to accept PCX tokens and also send PCX to other wallet addresses.
One of the ChainX wallets is Mathwallet, this wallet is available for smartphones using the Android and iOS operating systems, also available for Chrome Browser.
For official Chainx wallets, you can create a wallet by going through the following steps:
- Go to https://dapps.chainx.org/.
- Click add account button.
- Fill in the name form.
- Copy and save the mnemonic phrase in notepad and save the seed.
- Fill in the keywords in the box below the seed.
- Repeat the keywords and click Next.
- After a new window appears, then click the save button in the lower right corner of the page.
- After success, the ChainX wallet account is ready to use.
- Save the JSON file in a safe place.
Chainx how to stake?
To start staking, first, you log in to the ChainX wallet that was created earlier, in the dashboard then find the Staking menu and click then select Stake over.
By clicking stake over, a selection of nodes will appear which is the asymmetric list, then select the node to stake, then click the vote button to the right of the node.
After the vote option appears, enter the nominal you will use for voting then click the vote button.
The next step is that you are asked to enter the correct password then click sign and submit.
If the voting process has been successful, it will be marked with a green popup that will appear in the upper right corner of your wallet.
Chainx price prediction
ChainX is currently a new project, but there is potential for an increase in value. Looking at the history of prices in 2021, it tends to form a bullish trend.
Circulating supply is currently 37% or 7,723,350 PCX, it may still have better prospects when it gets a relatively low price.
Meanwhile, Wallet Investor predicts that ChainX’s price could reach $ 22,260 by the end of 2021. The next 5 years forecast is $ 73,260.
Another prediction is by Gov. capital, this forecasting site predicts ChainX for a year of trading can reach $ 25. Meanwhile, the prediction for the next 5 years, the price of ChainX is predicted to reach $177,922.
Is Chainx a good investment?
Is PCX a good cryptocurrency asset? Crypto token hunters certainly have questions like these and try to find the best answers to support investment.
If you look at the current PCX token is still quite young because the amount of circulating supply has not reached half.
Several reviewers have reportedly predicted that in the future ChainX it is still possible to print new currency which is a digital code.
There is a success story
Some of the success stories of crypto investors are due to them buying at low prices and keeping them for the long term. Bitcoin, Dogecoin is a small part of the story in cryptocurrency that has made people new rich because of its soaring value.
Currently, the PCX price is at the $ 9.xx levels. This includes still at a low price, and usually. If you are an investor who has unlimited capital, PCX is a great crypto alternative investment.
ChainX is a project in the Substrate category in the Polkadot network. The future prospects of ChainX, by some observers, still provide enthusiasm in learning cryptocurrency investing.
The total supply of PCX was 21 million when the press only reached 37% of tokens in circulation, meaning that the opportunity for PCX tokens to grow is still very large. By getting a price that is still low, there is a possibility that in the future in a few years it will be worth even more.
This article is only a personal opinion and does not constitute investment advice, however, crypto projects can cause losses, so investors must be wise and have their own responsibilities.