We are glad to meet you here Miss. Kristen Shen (CMO)
Basic Information about ChainX :-
ChainX’s PoS Consensus pioneers the asset mining model One
Asset One Vote, which measures the mining power based on
the market value of BTC, ETH, EOS and other assets from
user’s inter-chain deposits, and uses Bitcoin’s model to gradually halve the output to distribute PCX fairly.
Users can connect all kinds of digital assets they hold with ChainX. DApp within-the system exchange can meet the trading needs of these assets on the one hand, and also generate fair value for mining market.
James CF Team :- Okay Kristen, we have some Questions for you from our side.
Kristen Shen :- Thank you, and I would like to answer all the questions.
Question 1:- Can tell us about your background please? How did you get involved in cryptocurrency and join ChainX?
Kristen Shen :- I get involved in cryptocurrency because I wanna try something new and advancing. I join ChainX, because it is promising.
Question 2:- Can you tell a bit about ChainX team? What’s your roadmap for 2020?
Kristen Shen :- ChainX funder team now are totally focusing on development ,and the community is operating by the parliament in decentralized way and in 2020
1 :- ChainX will relay to polkadot when it goes online.
2 :- the Smart contract of ChainX will goes online officially at the same time 3 Bridge the Fil to ChainX.
Question 3:- How does ChainX successfully carry out a Transfer bridge conversion that enables me to transfer tokens across two different blockchains?? What mechanisms do you utilize??
Kristen Shen :- Asset crossing chains is a process in which a user locks the asset in the original chain, maps asset onto the target chain where withdrawal is available, and finally unlocks the asset in the original chain. Assets do not disappear in the original chain, but instead are transferred to the decentralized trust of Light Node Protocol, or to a centralized trust managed by an individual or individuals. ChainX successfully implemented the inter-chain of Bitcoin for the first time using a light-client inters-chain approach.
Question 4:- I’m curious to know more about #bitcoin smart contracts could you explain bit more about it & what are the benefits of choosing #bitcoin smart contracts compared with #Ethereum smart contracts?
Kristen Shen :- Compared to Ethereum’s smart contracts, we know that Bitcoin is the first successful application of the blockchain and the strongest consensus community in the world. Bitcoin’s market value exceeds the sum of all other digital currencies, and Bitcoin is also the only legal digital asset that has been recognized by most governments. Therefore, the value symbols represented by Bitcoin and Ethereum are completely different, but Ethereum has things that Bitcoin does not have, and the blockchain is a value island. Therefore, we must take the good things of Ethereum Come and use it on Bitcoin. At present, the division of labor between chains is becoming more and more clear. Libra can enter other chain platforms to play the role of transaction medium. Zec can help other chains to enhance privacy functions. Ethereum provides smart contracts. There can be division of labor between chains. Specialization and verticalization. However, as the value of the local currency passes through the exchange when it flows to other chains, it will always bring various troubles. Therefore, if smart contracts are directly assigned to Bitcoin, the process of intermediate value conversion is skipped. From a business perspective, Bitcoin still has the greatest commercial inertia. It is still irreplaceable in terms of market value, liquidity value, business value, and user base in the crypto ecosystem. The ChainX-based Bitcoin smart platform has many advantages, including high-latitude decentralization, low-cost use, and the use of a more secure contract language. Therefore, it has the advantages of other similar Bitcoin auxiliary projects. We make the following outlook, the birth of BTC smart contracts will generate new value anchors, and further expand the asset attributes of Bitcoin. Based on BTC smart contracts, BTC’s Defi will be born, which will greatly prosper the Defi ecosystem and even bring the Defi protocol to new qualitative changes.
For example, the introduction of 30 million BTC users worldwide, equivalent to US $ 200 billion in assets, has greatly increased the current size of defi. Compared with erc20 assets, BTC has a weaker correlation with ETH, and the DeFi ecosystem with BTC is more robust. Therefore, the birth of BTC smart contracts generates new value anchors, produces more and more prosperous business models, and brings new qualitative changes to the Defi protocol. This is the huge advantage of Bitcoin smart contracts.
Question 5:- How does ChainX transform cross-chain assets into a single standard? Can any chain have interoperability with all other chains as long as it connects with ChainX?
Kristen Shen :- One of the central ideas in blockchain intercommunication is the role of bridges.
ChainX successfully implemented the inter-chain of Bitcoin for the first time using a light-client inters-chain approach. At present, Inter-chain technical solutions mainly include three types: hash lock, notary and relaychain.Hash-lock originates from the Bitcoin Lightning Network and relies heavily on users to perform specific operations within a specific time, otherwise transaction failure will even lead to loss of user assets. Currently, it is mainly used in atomic transactions and cannot be promoted on a large scale. Hash-lock realizes the exchange of inter-chain assets, but it cannot realize the transfer of cross-chain assets, and it cannot support inter-chain contracts, so its application scenarios are relatively limited. The notary mechanism is a third party that both parties to the transaction can trust as the notary as an intermediary, so the two parties in the transaction can indirectly trust each other. This solution is very simple, but it conflicts with the concept of decentralization. The security of the notary public mechanism is not only determined by the blockchain itself, but by the notary public itself and its mortgaged assets. There may be security issues. In the future ,after relaying to Polkadot as the parachain,ChianX will evolve into the Polkadot Network as a secondary relay chain eventually.Any chain have interoperability with all other chains as long as it connects with ChainX.
Question 6:- On your website it appears that there will be 3 types of node, among which the most striking are the Validator and Trust Node. How will the Validator and Trust Node be decided? Will the rewards be different?
Kristen Shen :- First of all，you have to be a Node, who can recieve the vodes and get 10% of the voter’s revenue. If the amount of vodes you received ranks in top 30,you could be a validator,who can get 10% of transaction fee of packaging. Trust nodes is the Bitcoin custody. When you deposite BTC to ChainX , it is totally automatic. While withdrawing it, you need the trust nodes to sign due to the limitaion of bitcoin system. Now ChainX have 6 turst nodes.
ChainX has a long-term trust nodes recruitment plan.
To be a trust nodes, the credit backgroud, the striking techonical ability tec. are essential.ChainX trust node adopts the concession system. you can submit your application in github,Once the Old trust nodes resign or ChainX have to expand the number of trust nodes , the first applications would be taken into priority list.
Question 7:- Can you please explain the single, Duo and Multi-chain system mentioned in the website and how it is helping the PCX Network?
Kristen Shen :- They are three period of ChainX
Firstly. it is the lanuch of ChainX network. ChainX mainnet went online on 25th May 2019, It has been operating as an independent chain and issue PCX, meanwhile build the transfer bridges with the current mainstream chains, and integrate inter-chain assets on chains of BTC.
make it more extensive, so that more users can participate in asset mining.
Seconly. Relay to Polkadot as a parachain. Here are four things that ChainX has planed to follow after the Polkadot mainnet goes live.
The first is, to cooperate with Polkadot to develop ChainX’s parachain on Polkadot. In the future, all inter-chain assets on the ChainX main network can be inter-chained to the Polkadot network and circulated in the Polkadot ecosystem.
Second, All code of ChainX will be open-source when Polkadot goes online.
ChainX is the first Chain of substrate ,which was substrate 1.0 ,and ChainX has been going on very well with it. However the substrate has been updated to 2.0. After the code is open source, a series of adaptations will be made to be compatible with substrate 2.0.
Third, with the development of the BTC smart contract ecology, we are committed to promoting the development and implementation of Bitcoin applications.
After more than four months of public testing, the smart contract platform test network of ChainX will be officially deployed to the main network of ChainX when Polkadot goes online. At present, we provide corresponding browsers, APIs, wallets, etc. In addition, the ChainX version of metamask has also been developed and will be tested in the community soon.
ChainX aims to be the eco-portal of Bitcoin. At present, we are continuously striving for this goal including development of underlying protocols, intruducing Dapp developers, being more developer friendly.
In the near future, we will be able to see the products developed through bitcoin smart contract platform, including games, guessing, Defi, DEX, payment, lending and pledge, which will realize the free transfer of assets and the free transfer of value.
The Fourth is that ChainX will plan to access more inter-chain assets, Ethereum, EOS, ADA, etc., and with the Filecoin mainnet launch of the IPFS incentive layer, we plan to access FIL first.
In the third period: ChainX will evolve into a multi-chain architecture and operate as the second-layer relay network of Polkadot.
Question 8:- Why did ChainX adopts a one-cast-one-vote model so what is the special benefit of that?, In spite of the limitations of PoS, so Why did ChainX use PoS? Is ChainX have any plan of changing the POS consensus algorithm later in the future?
Kristen Shen :- Although there are still a lot of dispute about PoW or PoS, we believe PoS is the future. No need to compare these two in details, the facts speak for themselves. Gavin Wood, the most distinguished and experinced blockchain architect and industry leader in the world, chooses to use PoS consensus for Polkadot. Ethereum is actively evolving into Eth2.0 which uses PoS too. It’s obvious that PoW is no longer the mainstream.
Question 9:- I am new on chainX platform
What is the requirement to stake Pcx?
Is there any special app or program to stake?
Question 10:- It seems Cosmos is your competitor due to they also want to connect all cryptocurrencies, so what make ChainX become more highlights?
Kristen Shen :- ChainX wont connect all the crptocurrencies, we only bridge promising ones. for example FIL. ChainX aimes to be the protal of Bitcoin ecosysterm. that’s the difference.
Question 11:- What are the base problems that ChainX with its blockchain running on Polkadot solve? Why are you running on top of Polkadot?
Kristen Shen :- We know that Polkadot relay chain does not support smart contracts, so DApp developers participating in the polkadot ecosystem need to choose a parachain that supports smart contracts. ChainX, as the first chain of polkadot ecosysten in China, has taken the lead in supporting smart contracts, which will bring reference and reference to other chains of polkadot ececosystem. After it goes Live, we will access the Polkadot network through a parallel chain, build a broader blockchain cross-chain ecosystem, and work hard to move towards Web 3.0.
Question 12:- What is the relevant of FIL to the ChainX network? And, what is the roles of FileCoin to Polkadot Ecosytem?
Kristen Shen :- Everyone knows that although BTC and ETH have small block capacity and small on-chain data, due to the huge transaction volume, the “ledger” is currently several T in size, and the amount of data for individual nodes is also huge. Therefore, in order to solve this problem, ChianX hope that with the help of IPFS storage, all blockchain data will be stored in it, and it can be called at any time when needed.
For the Polkadot ecosystem, as a blockchain infrastructure, IPFS has a very large group of miners, users, and communities. On the one hand, access to FIL can attract the user community of the FileCoin community to the Polkadot ecosystem, and the combination of strong and strong forms a huge The superposition of network effects has greatly expanded the user group of the Polkadot community. On the other hand, through the FileCoin bridge, future parachains and Dapps can store data on the FileCoin network.
Great AMA session !! ❤️
It was a pleasure to conduct AMA with ChainX.
Thank you Miss. Kristen Shen (CMO) Mam to giving us your time from your busy schedule for this AMA!! 😊
We wish you & ChainX team good luck for future !!❤️🔥
🔗 Helpful Links 🔗
Websiste :- https://chainx.org/
Telegram :- https://t.me/chainx_org
Twitter :- https://twitter.com/chainx_org