GXChain, one of the rapidly growing public chains in the world has created the CBD economic data ecosystem on its namesake blockchain — GXChain to address the trust and circulation issues in the data security exchange industry. Realizing the commercial value of data, GXChain has created the Dapp “Blockcity” to provide rich data resources for chain applications and partners docking on GXChain.
Blockcity — a mobile app, seeks to incentivize users to cultivate marketable data for GXS tokens. As of July 2018, there were more than 1.86 million registered users on Blockcity, with 40% of them being daily active users.
Its main aim is to create an easy and convenient way for ordinary people to take advantage of the blockchain’s technical advances and have full control over their personal data. Additionally, it facilitates equal data exchange between enterprises, digital assets ownership authentication and effectively curbs data fabrication.
The Best Interests for Data Source
At present, “data precipitation” is seen in most data trading platforms available in the market. Data precipitation means data trading platforms offer data service via an API interface and sell the data obtained from other data sources under agency agreement in the absence of their own data.
Each datum is cached once it is sold, thus gradually generating a cached database of grand scale. Then in the future, data trading platforms read and sell the data out of their local cached database, without having to request for the same data from the data source.
GXChain’s technical team based in China, designed a decentralized peer-to-peer data exchange and incorporated asymmetric encryption for transactional data, eliminating third parties in the exchange, other than the buyer from accessing the data. As a result, the best interests for the data source are guaranteed as well as the transaction privacy of both parties are kept anonymous by GXB Data Exchange.
Scoring High on Three Key Factors
Yunpeng Ding, GXChain Regional Manager North America says, “Blockcity is the largest and most active blockchain community in China, and even in the whole world”.
In July 2018, the research institute of the Ministry of Industry and Information of China (CCID) released its most recent Global Public Blockchain Technology Assessment Index ranking. While it is the first time GXChain has been included in the index, it ranks fourth, scoring high on three key factors: technology, applications, and innovation.
Credibility Is the Cornerstone of the Survival of the Entire Ecosystem
Blockcity users create a universal digital identity G-ID upon entering the app. The users are thereby required to provide their government-issued identification documents. Blockcity then links both online and offline credibility of the user, while safeguarding all their information.
All the users’ activities on Blockcity platform are recorded within the system. GXChain’s development team at Blockcity strongly believes that credibility is the cornerstone of the survival of the entire ecosystem. Moreover, this enables Blockcity to become the ideal ecosystem for credit compliance, linking all social behaviors to credit and the quality of credit will determine the social status of residents.
Blockcity’s built-in incentive mechanism encourages users to enrich their data dimensions. Moreover, Blockcity does not cache data but protects user privacy. Provided the user’s authorization, these data is cultivated for different applications. Similarly, GXB Data Exchange ensures that data is not cached or precipitated from the data source while ensuring similar, if not better levels of privacy and security. It also guarantees that the data is up-to-date, and accurate to a great extent.
The platform’s vision is to create a virtual city of blockchain and a microcosm of a future credit society. Currently, the P2P lending and consumer finance industry have no choice but to perform credit rating by relying on the “small data set” offered by the credit investigation service providers (credit investigation companies, big data companies, and credit rating companies). These data are mostly not updated, and it is hard to ensure their authenticity.
Performance Advantages
The reason why GXChain remains the people’s choice is based on its eight key characteristics: High performance and scalability; Dynamic adjustment of the parameters; DES data exchange service; BaaS sidechain storage service; Massive traffic resources; VM smart contract virtual machine; Digital asset issuance; and Open source code.
GXChain has the performance advantages of the underlying Graphene architecture based on the DPoS consensus mechanism and, meanwhile, offers the supporting functions of G-ID, GVM, BaaS, and other chains to facilitate various application development.
GXChain is currently one of the fastest-growing public chains in the world. By performance, it ranks 63rd on Coinmarketcap as of 17 July, 2018. In the face of the bear market in 2018, GXS tokens rank top 7th in drop resistant among the small market capitalization (50-100) and rank 28th among top 100 cryptocurrencies.
Moreover, the number of projects adopting GXChain has exceeded 3,000. GXChain Data Exchange for enterprise services has been launched and currently serves over 100 companies. Some of the representative projects include Blockcity, CoinGet, Unitopia, Prophet, WanLiMa, LendChain, DAMO, among others.
Learn more about GXChain at – https://gxs.gxb.io/en/