A novel interoperability solution to integrate the benefits of all major blockchains
While legacy blockchains are well-known for delivering benefits like transparency, decentralized storage of value, automation, and/or privacy, novel enterprise-focused blockchains seek to leverage DLTs to offer interoperability in cross-company interactions.
Ironically, interoperability is yet to materialize within the Crypto space itself.
Different established blockchains offer varying solutions. The Bitcoin blockchain is recognized as the most robust in terms of security, subsequently, the network’s cryptocurrency has gained recognition as a likely alternative to gold as a store of value.
Both Ethereum and EOS are recognized as key solutions for enabling smart cities of the future. Various privacy chains, like Zcash, deliver the complete privacy and anonymity factors that are missing in other blockchains.
Different blockchains have paved their own market purpose but a novel solution in the digital asset sector aims to ensure the benefits of all these blockchains can be benefited from simultaneously. Interoperability holds the key to ensuring a single solution that enjoins the benefits of each network.
ChainX is an interoperability layer. Applications that integrate different cryptocurrencies can be built upon ChainX. Users are able to deposit the cryptocurrencies of different blockchains in trustless, decentralized escrows which subsequently emit a representation of that specific asset that is native to ChainX. This allows anyone, irrespective of which Crypto they hold, to access the applications without the need to convert back-and-forth between different digit assets.
The digital assets deposited on ChainX lead to subsequent native representations which are protected, mapped, and verified by network nodes. ChainX uses a unique proof of stake consensus to ensure that the network maintain byzantine fault tolerance. The voting power allocated to each node is dependent on the amount of virtual PCX they possess.
Virtual PCX is acquired by depositing digital assets. Thus, those who deposit the most have the most interested in protecting the network; thus, these individuals are given more virtual PCX as they have the greatest vested interest in ensuring the viability of the network as they are motivated by the personal interest of protecting the deposits they’ve made. Access to virtual PCX enables mining rights which allow nodes to allocate resources to the network to acquire block rewards in the form of real PCX.
– Trust Nodes: The 15 nodes with the highest vote accumulation host the user inter-chain assets. To acquire such a high concentration of votes, a node is likely to have made substantial deposits and thus has a natural interest in protecting the network.
– Validator Nodes: The top one thousand nodes collectively process network transactions. Naturally, these nodes play an important role in ensuring double-spending and other network attacks are thwarted.
– Sync Nodes: A standard node will allow users of ChainX to make transactions.
By enabling users to take deposit various cryptocurrencies and then take advantage of their collective benefits, ChainX acts as a layer that allows blockchains to achieve interoperability. Rather than users being forced to opt for particular digital assets for the sake of their unique benefits, ChainX gives them the advantage of benefitting from the value-adds of the cryptocurrencies of all major networks.
Published at Sat, 10 Aug 2019 19:53:03 +0000
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By Crypto360 on 2017-02-17 02:48:19
