summary: ChainX is the native token of the decentralized storage network.
content: ChainX (PCX) is the native token of the decentralized storage network - ChainX network and can be used as a miners fee, exchange medium, and collateral in the ChainX ecosystem. ChainX ChainX is an inter-chain central blockchain for digital assets. ChainX eradicates barriers between assets in different chains and creates a multi-currency integration ecosystem. ChainX aims at facilitating asset interoperability with other blockchains. ChainX measures users' mining power based on the market value of BTC, DOT, ETH, ERC20, EOS, and other assets that are deposited in an inter-chain bridge. Chainx existed as an independent chain before the Mainnet Polka launched. The first project was to integrate digital assets into chains, heating the Polkadot ecosystem. Summarily, ChainX is reportedly the largest Layer-2 network of Bitcoin, and one of the first blockchains built on Substrate, a framework that makes it easy to build upgradable and efficient blockchains. ChainX will evolve into the Polkadot Network as a secondary relay chain eventually. Economic System The ChainX' (PCX) ecosystem has a total supply of PCX cryptocurrency issued by ChainX as 21 million, which is halved every two years. About 20% of the first two years' circulation of (PCX) Token, is owned by the founding team for its ongoing development funding. After two years, the chain will be totally owned by the community, so the founding team will only own 10% of the total. The assets (BTC, ETH, etc.) in ChainX that user deposit in through the inter-chain bridge will automatically convert to its PCX value according to the daily average price, then ChainX will issue new PCX according to the total market value of users' assets. The PCX that the user mined can be used to pay for miner's fee and validator's deposit, vote for validators, and act as intermediate currency for trading some minority assets. Tokenomics ChainX (PCX) is the native token of the ChainX network with the PCX as its ticker symbol. ChainX (PCX) has a total supply of 21,000,000 PCX and a circulating supply of 6.8 Million PCX coins. Currently, the active cryptocurrency exchange trading PCX is Hotbit. PCX Token Usage The PCX token is used for the following as: The Miner's Fee: This cryptocurrency is similar to BTC and can be used to pay for "miners". Market value unit: PCX token can also be used as conversion unit in asset market. All assets are converted to the price of PCX, similar to ETH / ERC-20. A Collateral: The PCX token is used as collateral for trust and consensus “nodes”. The more collateral, that "node" gets the more votes from users. A Standard: The PCX token is used in the PoS algorithm i.e the greater the number of votes, the greater the responsibility for creating new blocks and collaterals. In addition, PCX is also used as collateral similar to EOS. An Exchange Medium: The PCX token is also used for payment exchange on the ChainX network and exchange DApp, similar to BNB Earning PCX The ChainX (PCX) project does not sell Initial Coin Offering (ICOs) or Pre-mining. So users who want to own PCX, can only dig or staking. Users can dig by "locking" a certain amount of BTC. In addition, users can also own PCX Token by buying directly from supported exchanges. PCX supporting Exchange The ChainX (PCX) listed cryptocurrencies exchange include: Hotbit, MXC Exchange, BigONE. Wallets Users can store acquired PCX on personal wallets (e.g Mathwallet, Ledger Nano S, etc.). Although the ChainX Wallet application is currently available on PC and will soon be available on iOS and Android.