Topic: ChainX: The First Polkadot Eco-Chain (Read 246 times)

I have said all these ideas on Ethereum would be ported into new and faster chains in the space now, all these Ethereum maximalists think the market wants to keep paying all these ridiculous high fees, provided there is a better tech people would migrate to the chain. I just hope the likes of Polkadot and other competing chains would be able to get their marketing right

Blockchain startup Interlay will launch a 1:1 bitcoin-backed PolkaBTC token on the Polkadot network in the first quarter of 2021. The developer informs that the token management will be decentralized and uncensored just like in the BTC blockchain< more details can be found in the developers blog https://polkadot.network/bitcoin-is-coming-to-polkadot/

I´m happy that Polkadot finally managed to get something really good going - Here another article about it https://cryptoslate.com/ethereum-competitor-polkadot-hits-3-5b-valuation-whats-fueling-the-rally/

can this be sustain or just a one hit wonder thing?
too little is not good and too much also not good.

maybe you wanna try to spell "ethereum" right on your website?
otherwise i can not take it seriously.
see screenshot: https://i.imgur.com/L2P5Kj0.png

Why would polkadot use chainX or there is something more I don't know? ChainX has very bad reviews, that exchange is a scam and this accusation is all around the web and even on this forum, anyways good luck to polkadot news

Hey guys! PCX/BTC pair is now available on MXC Exchange .. $PCX is a #defi under Polkadot System and one of the top gainers on MXC too 🥳🥳🥳

https://www.mxc.com/trade/easy#PCX_USDT
https://twitter.com/MXC_Exchange/status/1278282750131224581

The ChainX mainnet was launched on May 25, 2019. It is the first Polkadot eco-chain based on Substrate technology. In order to preheat the polkadot ecosystem, chainX has opened a green channel for polkadot investors.

Firstly, Let’s get to Know ChainX and Polkadot.

Polkadot makes inter-chain information exchanges possible and ChainX is mainly focused on inter-chain assets like BTC, ETH, BNB and other digital currencies to transfer these assets from their original ecosystem to the future inter-chain ecosystem. ChainX will operate as an independent chain before Polkadot goes live. After Polkadot goes live, ChainX will connect to the Polkadot network via a para-chain.

Secondly, ChainX Token Economy

The token of ChainX is PCX, 21 million in total, with output halved every two years. No private offering or pre-mining will be launched. 20% of total PCX issuance in the first two years is distributed to the development team for research and development, after that all issuance will be distributed to the community. 90% of the total will be owned by the participating users through assets mining with only 10% for the founding team.

Thirdly, Asset is Power

We all know that the measurement of POW mining power represented by Bitcoin is the computing power, namely One CPU One Vote. The measurement of PoS mining power is the amount of coins, One Coin One Vote. ChainX pioneers the asset mining model of “One Asset One Vote”, which means that users can participate in ChainX Staking by simply depositing cryptocurrencies and they can get PCX. Asset value is the only voting power

What’s More, the Reward Calculation !

Here is the recent calculation result.

SDOT PoS mining revenue (DOT mapping)
10,000 SDOT day theoretical income: 31.9 PCX
Converted to USDT: 510.4 USDT
Daily rate of return: 3.64%
Annualized rate of return: 1328.6%

How to calculate?

The PCX generated will flow to three reward pools.
1. BTC deposits pool
2. DOT mapping SDOT pool
3. Nodes’ PCX votes pool

In the ChainX system, voting is used as the computing power of mining. Voting is divided into “virtual voting” and “real voting.” Users are rewarded with PCX according to their voting weight or computing power.

1.   BTC deposits :virtual voting power

After BTC is deposited, the virtual voting power is obtained according to the BTC/PCX average price generated in the Chain X currency trading system, and the voting power will have a further 50% discount.For example, if one BTC equals 100 PCXs and with 50% discount to be imposed, then depositing one BTC means 50 PCX virtual voting power.

2.   DOT mapping :generating virtual voting power

After DOT is mapped into Chain X and becomes SDOT, SDOT will obtain the voting power of 0.1PCX.For example, if you map 100 DOTs, you can get the virtual voting power of 10 PCXs.

3.   PCX voting (generating real voting power):

In the first cycle, everyone does not have PCX, but in the second cycle, users can vote PCX to their favorite nodes to get the corresponding PCX voting power.

The percentage of rewards that individuals can receive is (Virtual voting power of individual BTC deposits + virtual voting power of individual DOT mapping + real voting power of individual PCX votes) / (virtual voting power of total BTC deposits + virtual voting power of total DOT mapping + real voting power of total PCX votes)