GXChain and the Blockchain Data Economy
Updated: Mar 11, 2019
Imagine a new digital economy, one that allows everyday people to take full control of their personal data. Complete with a public chain for data transactions and application development, this system would foster a trustworthy, domain-wide data exchange that capitalizes on the torrent of advancements taking place through blockchain technology.
A rapidly growing enterprise known as GXChain is on a steady course toward achieving this milestone. Launched in 2017 and led by a technical team in China, the company has a value proposition that is predicated on the safe, credible, efficient and free exchange of data to maximize its use and value.
GXChain offers an effective solution for users to gain full control, manage and authorize use of their personal data. GXChain champions all levels of app development and advancements. As opposed to other public blockchains, the company supports smart contracts, blockchain as a service (BaaS) and many other unique services including ID verification, multidimensional data, KYC and rapid login.
A core element supporting this project’s aim is the GXChain decentralized exchange. This digital marketplace allows for the delivery of peer-to-peer data transmission without precipitating data, effectively protecting data privacy and copyrights, in addition to mitigating fraud and other nefarious activity.
It makes use of a decentralized model to address issues around trust and data security, while fostering a supportive system for GXChain traffic, capital, technology, platform docking and other elements that add commercial value.
“Today, people are losing control over their data,” said Yunpeng Ding, GXChain’s regional manager for North America. “Many third-party platforms gain huge profits by selling people’s data or personal information, with no compensation to the data’s real owner. Also, companies or academics need real, accurate, diversified data to conduct research. So we here at GXChain are building this data economy ecosystem to bridge the gap.”
Fueled by Graphene
GXChain’s supportive architecture capitalizes on the advantages of Graphene, an open source blockchain application built primarily with the programming language C++, which was originally developed to serve as the foundation for the decentralized exchange ecosystem Bitshares.
Possessing numerous variations, Graphene has evolved and forked many times, with the original release managed by the software development service Cryptonomex. It was created in a modular fashion that allows for adaptability to many uses.
New Projects Abound
At the time of this writing, over 3,000 projects have been applied to the GXChain, with nearly 100 more under incubation, according to the project.
Blockcity, a virtual city built by GXChain, is just one of many examples of projects launched. This ecosystem, with over a 1,860,000 users, offers a rich set of data resources for chain applications and partners.
Users can set up their own unique identity in the city that’s saved and verified on the blockchain. In the future, it will provide users with many additional features, including the ability to execute transactions, social engagement and online shopping.
This ecosystem will feature the “Blockcity” DApp, which provides personal data management and data-sharing tools, allowing for an easy and convenient way for ordinary people to make use of blockchain technology's transparency and efficiency advancements.
The broader aim of Blockcity is to incentivize users with GXS token rewards to cultivate marketable data if they choose to share information tags with the community. Users have the ability to consolidate and store their encrypted data on a distributed file system and can elect to open their data repository and profit from it.
“Blockcity is just one example of how GXChain is building a data economy ecosystem that enables our users to access a fair, secure and transparent data transaction environment,” said Ding.
Validating the Road Map Ahead
In a July report called “Global Public Blockchain Technology Assessment Index,” the third-ever such report issued by the research institute of the Ministry of Industry and Information of China (CCID), GXChain was rated fourth out of 31 public chains. It received high marks on all three factors that the index is based on: technology, applications and innovation, according to the project.
Underscoring this validating achievement, GXChain received a better “technology” score than Lisk, a better “application” score than EOS and a better “innovation” score than NEO and Stellar combined — all this despite that fact that GXChain has a modest market capitalization ranking, the GDAX team reported.
“The rating means GXChain is a valuable and powerful public blockchain, indicating that GXChain leads in technology, applicability and innovation among blockchain projects all over the world,” said Ding. “We hope to build an underlying big-data public chain ecosystem. Our vision is to build a credit society through blockchain technology so that people can live more efficient and happier lives.”
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