GXChain Plans to Facilitate the Seamless Exchange and Monetization of Data
The project offers customers, businesses, and developers the opportunity to exchange and monetize their data while keeping full control over it.
The Internet and constantly evolving information technologies have led to a boom in data production, processing, and transfer. As a result, massive amounts of information nowadays are stored and used on the Internet. However, a number of pressing issues have emerged with regard to the use of this extremely valuable resource.
On the one hand, data is often scattered across different platforms, which makes it hard to collect and manage. On the other hand, there is the prickly issue of monopoly on data and information silos. Someone can profit from the information while the individuals who actually own it usually find it almost impossible to monetize their asset.
In order to address these issues, GXChain has introduced an innovative solution combining big data with public blockchain, creating a technology which minimizes data transfer costs and ensures the reliability and speed of the ecosystem. The team behind the project is keen on building a bridge between numerous data sources and facilitating P2P data trading and sharing.
Thus, in July 2017, GXChain launched its decentralized network for data exchange, which aims to offer users full privacy and copyright protection while also providing data usability and circulation, avoiding monopoly issues and granting access to thoroughly verified data sources only. Since this open-source project is designed as a multi-functional network, it also supports Dapps (decentralized applications) development and allows issuing new digital tokens.
In July, the research institute of the Ministry of Industry and Information of China published its Global Public Blockchain Technology Assessment Index ranking. GXChain got high scores on the three factors that the index is based - technology, applications, and innovation - and took the fourth place out of 31.
The CBD (Customer, Business, and Developer) business model developed by GXChain is based on three structural components: Blockcity, decentralized exchange, and public blockchain.
Blockcity is a mobile app that motivates users to create and share marketable data with the community. It allows ordinary people to capitalize on blockchain technology and get rewards for their input in the ecosystem development. Blockcity will enable people to exert control over their personal data and provide them with a useful tool to address data management and sharing issues.
To register with the Blockcity, all customers have to provide their real-life identification documents, which will be used for creating their digital identity (G-ID). Users can then gain access and aggregate, encrypt, and store their data on the Inter Planetary File System (IPFS), as well as share it and profit from it. A securely generated private key ensures that users have full control over their data. Besides, Blockcity does not cache their data to protect privacy and allows mining.
“Blockcity is the largest and most active blockchain community in China, and even in the whole world. We are really proud of the ecosystem we created. As of July 2018, there are more than 1.86 million registered users in Blockcity, comparing to the population of the whole crypto world, this is a really huge proportion. Not to mention 40% of them are daily active user,” says Yunpeng Ding, GXChain Regional Manager North America.
This vibrant community aims to create a virtual city of blockchain and an ecosystem of future credit society.
Besides the Blockcity component, created as a solution for personal data management and sharing problems, the project has also developed the GXChain Decentralized Exchange to address trust and circulation issues in the securities exchange industry. This decentralized data marketplace is designed for Businesses and facilitates P2P data transmission, excluding any third parties or underground data transactions.
The decentralized exchange provides data privacy and copyright protection, supports mutual anonymity, and helps to prevent fraud. The solution offers practical applications in insurance, loans and lending, fintech, healthcare, and logistics. Initially designed with B2B in mind, the marketplace now also allows B2C, C2B, and C2C data exchange, enabling every individual to become a data seller.
The third component of the ecosystem is a public blockchain that supports the development of various apps - including smart contracts and blockchain as a service (BaaS) - and ID verification, multi-dimensional data, KYC, and swift login. It offers Developers high speeds (up to 100,000 transactions per second) and allows the creation of new digital assets.
The entire GXChain ecosystem is powered by utility GXShares tokens (GXS) issued by the GXS Foundation, with the total supply numbering 100 million units. GXS is the only method of payment for using GXChain applications and services at all three levels of the network. Its utility values include fees for P2P data transactions and developer registration, among others. Developers can also profit from selling their applications on GXChain. GXS tokens can be purchased with BTC and ETH.