What is GXChain?
GXChain’s goal is to create a blockchain-based “data economy ecosystem” which empowers its users with control over data submitted for any purpose. It describes itself as “an industrial level permissionless blockchain with millions of real ID verified users,” aimed at creating a system of data storage, retrieval and sales in a secured digital environment. To accomplish this, they provide a bridge between different types of data, in addition to their own data storage service, which all interact through a permissionless, decentralized blockchain, thereby providing an ideal data exchange. GXChain’s system native token is named GXS, which is required as payment for the use of applications in the GXChain ecosystem.
History of GXChain
Established in 2016, GXChain was developed by Hangzhou Credit Data Technology Co., Ltd., a China-based company who also oversees its continued maintenance and operations. Its core team come from a variety of professions, such as software development, internet finance and blockchain technology who had already been working together on similar projects for years prior. The company is also dedicated to the development of “leading edge” financial technology software, also specializing in other blockchain and “big data” projects. After the conclusion of a largely successful ICO, GXS was listed on cryptocurrency exchanges in June 2017, briefly surpassing a market capitalization of $600 million in January 2018.
How GXChain Works
The GXChain blockchain was developed specifically with decentralized data exchange in mind, using its own bride to connect data sources on different platform. Through doing so, they can enable the prospect of peer-to-peer data trading and sharing between differing kinds of organizations and agencies. It accomplishes this by ensuring that only the two parties involved in an exchange are granted access to the data being exchanged, protecting the anonymity of both parties until after the exchange has occurred. The GXChain data marketplace also has security measures in place to facilitate the authentication of digital asset ownership and to prevent the possibility of data fabrication in an exchange. Some use case scenarios for GXChain include peer to peer lending, automobile finance, consumer finance and banks as industries whose exchange of data can benefit from GXChain’s model of financial agreement.
In addition to being built around an entirely new model of blockchain which is developed to be faster, more secure and more scalable than most pre-existing cryptocurrencies, GXChain offers the following components in its platform:
Decentralized data exchange. Allows for the secure and rapid exchange of data among two vendors, crosslinking their data through their proprietary data platform bridge.
Authorized data crawler. A “data crawler” is a financial technology product that was developed to capture and secure user data upon authorization of its owner. GXChain’s own data crawler was designed specifically to capture data of businesses involved with e-commerce, social networking and banks, as well as consumer and automobile finance.
Advance Know Your Customer verification system. In order to protect and assure the integrity of data, its owners and participants involved in a data exchange, GXChain uses an advanced system of customer identification, specifically designed for customers involved with internet finance and banking.