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A dominant Chinese blockchain player, GXChain, released its newest whitepaper 3.0: A Trusted Data Internet of Value on Wednesday, Oct. 10, 2018, which describes the development in TrustNodes election, earnings and business models of the GXChain Data Economy Ecosystem.
The influential blockchain company GXChain from China released the newest whitepaper 3.0: A Trusted Data Internet of Value. The whitepaper details the recent updates of the GXChain project in governance, technical structure, application scenarios and business models, helping related organizations and millions of users to better participate in the GXChain ecosystem, and facilitating the transformation of the project to more closely resemble a decentralized autonomous organization.
The revolutionized governance and consensus of GXChain would be the core of updates in the public blockchain ecosystem. According to the whitepaper, GXChain combines “On-Chain” and “Off-Chain” governance, simultaneously putting people and computational code into the governance system, realizing decentralization, robustness, and efficiency.
GXChain “On-Chain” governance is comprised of the Committee and TrustNodes. The committee constitutes 11 members, who can propose to vote for the modification of global parameters of GXChain. The TrustNodes constitute 21 members, who are in charge of the transaction verification, production, and broadcast of blocks.
Through “Off-Chain”, GXChain has established GXChain Foundation, which is a nonprofit organization registered in Singapore to take the responsibility of decision making, research & development, global marketing, fund management, and other operations.
The white paper also dictates the qualifications, election, and dismissal of the Committee, TrustNodes and GXChain Foundation in detail. Additionally, it reveals the technical and economic structures of GXChain in multiple layers. GXChain can be applied in many fields because of its full-scale advantages, including high performance and scalability, massive data support, developer friendly, dynamic global parameter adjustment.
The whitepaper illustrates a technical upgrade from app-chain to the infrastructure blockchain, including a revolutionized governance and consensus. GXChain will use the vision that blockchain technology could rebuild a credible world, armed with democratic, transparent, and decentralized governance, as well as more extensive community participation, to develop a trusted data internet of value. For more information about the GXChain Data Economy Ecosystem and check the entire GXChain Whitepaper 3.0, please visit https://gxs.gxb.io/en/.