GXChain - Shitcoin Review
on Oct 01, 2018
Oh man...been one heck of a weekend.
Sunday, we literally had the worst hangovers we’ve ever experienced.
But, that was because Saturday night was OFF THE CHAIN…
Was that another cringey pun segue?
You betcha….it’s Monday, give us a break.
Today’s review is of GXChain.
Let’s dig in….
GXChain (ticker: GXS)
Wtf is this shit?
Fortunately, today’s coin can be explained without diving balls deep into crazy new technology. At the time of this writing, they are ranked #78 on Coinmarketcap. Outside of their whitepaper, some of the explanations online are a bit vague...some digging is required to really visualize what it is they are going for.
In some ways it is similar to Civic - they are providing a solution for users to take control of their identity. Unlike Civic, GXChain (company known as GXB) is a bit broader. They want users to upload real IDs as well as fake usernames that may be used in video games, websites, etc. In the end, they offer a decentralized data exchange where companies can trade information and users are compensated for allowing them to do so.
The G-ID is your ‘real’ ID which is verified and uploaded to the blockchain, and then you can tag other identities and upsides along with it. As users update and authenticate their data, they are rewarded with coin. The user can then choose to have their data be open for exchange and receive compensation for allowing their data to be public….monetizing your data is the name of the game. ‘Proof of Data’ is the work incentive for continually authenticating your data and being rewarded in return.
Developers can also take advantage of the system as it is smart contract ready. Applications and tools can be built on GXB which businesses can take advantage of.
They also use a DPoS system...and aim to be high-throughput...10,000 transactions per second. Token holders can vote on delegates and a total of 101 votes is cast.
Lastly, they introduce Proof of Credit Share (PoCS). Many small companies cannot take part in the lucrative data space that large companies (e.g. Facebook) can. In this ecosystem, each digital asset has a price and companies can choose to essentially pool their data together and make it exchangeable to other companies. The data is exchanged on a shard credit exchange for hundreds or thousands of companies to pool together. This solves what they name to be an imbalance between enterprises and small companies when it comes to sharing data.
We will admit, this is a brief review, but you should get the picture. They allow users to monetize their data and companies to access and share it. They do have some other functionality to stop fraud, data breaches, and identify people as ‘bad’, but it is not the core of their efforts. Feel free to check them out.
Who tf is behind this shit?
They have two co-founders: MQ Huang and Andy Tu. MQ is the founder and CEO. Judging by his LinkedIn there is limited information, but he has a background as CTO at two companies. Andy’s LinkedIn only shows a work history with GXChain, but graduated university in 1995….weird.
All in all, mid-tier shitcoin by current market conditions. We find their marketing and explanations online to be kind of weak. If they want to really penetrate the market they have to step up how they articulate their company’s efforts.
Hope you learned some shit.
- Mike and Aaron