What does GXChain do?
GXChain is a solution that allows users to take control of their personal data and monetize it. Normally, internet users generate data which online firms monetize and profit from. With Block City, a dApp built on GXChain, however, people can monetize their own personal data with their mobile phones. GXChain also features a decentralized exchange that offers B2B (business-to-business), B2C (business-to-customer), and C2C (customer-to-customer) trades.
GXChain utilizes two consensus mechanisms: DPoS (delegated proof of stake) and PoCS (proof of credit share). DPoS allows for trusted nodes to reliably maintain the ledger. PoCS is a solution for smaller companies to pool data together and take part in the buying and selling of information that is traditionally only accessible to large enterprises.
What is GXS coin used for?
GXS coin can be used for staking, voting on delegates, as a general medium of exchange, and to pay for transaction fees on the network. For GXChain’s governance, holders of GXS coin vote on delegates; 1 GXS coin is one vote. A total of 101 votes can be cast. Thus, only 101 delegates (supernodes) can exist in the ecosystem. GXS coin is also used as a reward for participation in data trading; when individuals make their data tradeable, they are reciprocated with GXS coin.
How can GXS coin appreciate in value?
The price and value of GXS coin are affected by the forces of demand and supply. With a limited supply of tokens available, GXS coin’s value can increase if demand for the coin outweighs the supply. If companies and individuals are willing to upload their information and exchange it using GXChain, it is likely that GXS coin’s price will increase. Using services on the network may also require the burning of GXS coin as payment which will further limit its supply.
What are the differences between GXChain’s and its competitors?
Civic is a platform that also gives users control of their personal data, so it can be considered GXChain’s main competitor. Unlike GXChain, Civic has a large fanbase and key influencers supporting it. The founder of Civic is Vinny Lingham, a prominent entrepreneur and an important personality on the entrepreneurial show Shark Tank South Africa. His connections and partnerships have proven invaluable for the development of Civic. Civic is simply further along from a business perspective than GXChain is.
