Thanks a lot for actively participating in the GXChain AMA held on 21st March 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with GXChain

We have with us

Dani Bain ( The Overseas Operation Director of GXChain )

Thank you!! Namaste! Good evening everyone! My name is Dani Bian, the operation director of GXChain. I joined GXChain in 2019 and is responsible for the global growth of GXChain. It is worth mentioning that in the expansion of GXChain's global community, the Indian community has been very active. This section is also very grateful to the GXChain fans in India for their recognition and love, and we are also very happy to take this opportunity today to share with you the new progress of GXChain in India and globally!

Suhas Hegde (Head, GXChain India)

I am Suhas Hegde, more popular as @migoesprandos in the cryptosphere. I am the Head of GXChain India. I got us covered for all things GXChain in the Indian subcontinent.

I am a computer science engineer who is involved in Blockchain and crypto since late 2014.I was one of the earliest blockchain evangelists in India.I have worked with many reputed blockchains in the past from some of the oldest UTXO blockchains like Digibyte to some of the highly funded projects like Waves which raised over 30,000 Bitcoin.I am also a fintech influencer and member of Cryptor Trust which is a bitcoin blockchain tech oriented global think tank, one of the largest in the world.I also worked on worked on protecting Cyber Security Data without losing forensic detail using Blockchain at NASDAQ ( the world's biggest stock exchange by marketcap ) as senior software engineer.

I am also the head of BEAM India one of the most popular MimbleWimble projects.I have extensive experience in designing Blockchain architecture and protocol design. I was an early miner of  Ethereum, Decred and Digibyte in their earlier days.I also mined ZCash on the first day of it's genesis. I have experience in Digital asset management and also run several mining operations across the globe.

 

What is GXChain

GXChain is a fundamental blockchain for the global data economy, designed to build a trusted data internet of value.  GXChain has evolved rapidly since its inception, which started from a decentralized data marketplace (commercialized on September 2017), to a fundamental blockchain ecosystem. The ecosystem is currently serving millions of users and software developers.

We aim to be the trusted Data Internet of Value

GXChain is a forward thinking fundamental blockchain directed to solving the issues of the data economy, based on decentralization, cryptography, and smart token design, GXChain provides a leading solution for the data economy.

Frankly speaking, we've achieved a great progress in China and other countries in last 3 years. Currently we have 2 million real name verified users in our DApp - BlockCity, which is one of the biggest entries in the blockchain world. Actually, we are a mature project, what we are impacting on the oversea marketing and expanding the population of our community, more investors in second market and more developers.

 

Q1. Recently Supreme Court lifted the RBI's banking ban on cryptocurrencies.  What impact does this have on the development of GXChain in India? What are your plans for India?

Dani - Certainly! GXChain team always attach the improtance to India which is very attractive enough to GXChain. The plan in India of GXChain is first interact with local Indians developers and investors through well-known local communities, and getting listed on other well-known local exchanges in India , such as Bitbns and WazirX (BTW, GXC is already listed on Binance, welcome for trading!!).

Suhas - Interesting question during interesting times indeed. We are pleased that the much awaited Supreme Court verdict is finally out after a long wait of 2 years. GXChain is excited to make it's presence felt here in India because we understand that India has quality blockchain talent we even have the world's highest number of blockchain  developers. GXChain is a development centric project

We have exciting stuff planned for India as Dani mentioned. We will even be coming to all metro cities in India

Join @gxchainindia to follow our progress in India!

India is going to be the world's most data rich country. And that perfectly fits the vision for GXChain as well.

Dani -  #IndiaWantsCrypto The Supreme Court of India lifted the Indian central bank's ban on cryptocurrencies earlier this month. At present, local exchanges in India have gradually begun to support the deposit and withdrawal of fiat currencies. GXChain's focus on the Indian market started earlier and has a fairly active community base.

In addition, Zebpay, one of India's largest cryptocurrency exchanges, will return to the market. I believe next, GXChain in India can definitely look forward to it.

 

Q2. I saw great DAPPS being integrated into GXChain like BLOCKCITY and BLOCK PIRATE. now, Do you anticipate MORE and more DAPPS will build upon the GXChain? Is Gaming industry your Target?

Good question. GXChain is always open for business! @BiansDani131 would you want to address this a little more in detail?

BlockCity is a huge hit in China! We have 2 Million+ active and verified users.

The oracle machine reliably inputs off-chain data to GXChain, providing great computation convenience for smart contracts and DApps. The oracle machine is realised by the combination of built-in smart contracts and GXChain TrustNodes. Moreover, GXChain has a reward and punishment mechanism to encourage TrustNodes to provide authentic data feed services. This helps quality projects to get onboard

Dani -

The game is a very important part. In addition to block pirates and last trips, we recently added the GXChain version of NeoWorld because we realized that the game is very helpful for increasing user activity.

At the same time, our Blockcity is also very suitable as this carrier, which is good for users and developers.

In the end, I want to say that GXChain essentially serves the data economy and has its own advantages in data exchange, privacy protection, and decentralized storage.

In a word, games are not only a means of active on-chain transactions, but also a different way for users to experience the blockchain. In the future, more games will enter GXChain.

Q3. What is the next route? Can you explain the details? How will GXUniverse and GXChain evolve?

Very interesting question! It's obvious that the industry looks very bright especially considering how the Hype phase is finally over for Blockchain Now it's the real projects who are putting their heads down and working hard that will survive and go on to become behemoths!

As far as evolution of GXChain is considered, @BiansDani131 you could perhaps tell the community what we have planned for the coming days and evolution of the GXUniverse!

We just introduced our staking handbook. You can learn more about it here : https://medium.com/@GXS/breaking-all-you-want-to-know-about-the-rules-gxchain-staking-are-here-17a4d7e286ad

Yes, just as Suhas said, we are planning to launch staking next week,  We will implement community-based governance, and community members can vote to become the members of GXChain Foundation and participate in the governance of the GXChain, Such as voting for your trust node and earn your staking reward, which includs the decision-making, technical discussions, global promotion and commercialization and expansion, of course, there are GXC awards paid by the Foundation. I think this transparent and open approach may be clearly find out what you can do for GXChain.

 

Q4. Can you tell more about your trusted computing plan? Your main goals in this year (take advantage of blockchain to develop Ecosystem, or Apps, DApps, etc, to bring fairness for users , grow up the community)

How about GXchain’s staking

Suhas - The trusted data exchange emphasizes protecting privacy during data transfer and storage, while trust data computing emphasizes safety during data usage and processing. Off-chain computing, data desensitization, MPC, and HE are essential techniques for trusted data computing.

Dani - Trusted computing is that can realize the calculation of big data while protecting data privacy. At present, many companies with data leaking user privacy have been punished or restricted, which is inherently constrained, but excessive constraints make data can't play its due role, social efficiency will be declined. How keep balance between protecting data privacy and promote the social efficiency. Obviously Trusted Computing this is a very balanced solution. it solves the problems of government regulation, enterprise data usage, and personal privacy data confirmation in one solution.

This we will keeping ourself in commercialization and globalization, and the team is giving their all for it! At the level of the public chain, we will continue to promote global and community-based governance. For example, the new staking voting mechanism and the governance model of public trust nodes will be a good start. We also hope that interested local nodes in India will participate in our chain governance.

For community expansion, our global community members and pioneers will continue to host local Meetup, to build the consensus with the local ppl and blockchain resources.

At last, in terms of commercialization, we will continue to promote the implementation of trusted computing. The current product demo has been formed, and will continue to advance in the market to form a good business closed loop, because we believe that blockchain-based trusted computing has its value. It is able to solve the problems of government regulation, enterprise data usage, and personal privacy data confirmation in one solution.

Suhas -

Trusted Execution Environment (TEE) is a more feasible option, providing three features according to our team:

1. Security, TEE is an isolated environment, unauthorized devices and operating systems cannot operate on it.

2. Privacy, programs running at TEE will be encrypted, unauthorized devices and operating systems cannot them.

3. Verifiable, under encryption, codes running at TEE could receive verification from outside environments.

We think so because MPC and HE, in theory, are feasible. However, MPC requires a large amount of interaction, HE requires large computation, limiting their performance and efficacy and preventing large scale adoption. Hence, we are enterprise ready!

 

Q5. At the current price of the token, may be it is not economically profitable to have a node. Many nodes can be stopped and this will damage decentralization. What will you do to prevent this from happening?

I think the situation you said will not happen. First of all, based on the original node block reward, the reward we give to the node is a total of 500,000 gxc, which can basically cover the cost.

From the current perspective, we will also provide another 500,000 gxc as a voting reward for nodes and users. Relatively speaking, this reward is already quite high. Nodes can profit, users will participate in voting more actively, and the number of votes is high Nodes, getting rewards will be considerable!

And the number of people in our community and the strength of consensus will well support our vision!


Q6. GXchain is based on the DPOS consensus mechanism" Is this already an enough factor Why dapp developers will choose GXchain? I am a dapp developer, What are the other Features of GXchain that make me satisfy on choosing you?

Several reasons to chose us! Optimized technical and system structure of GXChain and the addition of smart contracts 2.0, cross chain technology, oracle machines, and trusted data modules. We also give examples of the applications of a trusted data internet and our technical strategies, thereby setting guidelines for developers. It makes it easier. We have several data modules for developers.


Q7. What are the challenges facing GXChain today? Does GXChain think the challenge will be an opportunity for a better project?

We have been committed to the protection of data privacy since GXChain’s inception, but we are working a more advanced filed, some people have mistakenly thought that we are selling data, or even making rumors. This is the challenges, to make people know what we are doing. We let everyone know what we are trying to achieve by open-source the code. It turns out that what we are doing is right, and many projects are beginning to learn that we are doing and achieved. From now on GXChain has been the pioneer in Data economy + Blockchain indeed!!

There are always oppotunities in blockchain. I think the next stage must be how to make blockchain better to support business and personal rights, so that the value and influence of blockchain technology can have actual commercial value. For this reason, the GXChain team released the trusted computing protocol to realize big data computing while protecting privacy, which can not only help enterprises to give full play to the data value, but also protect the rights and interests of personal privacy. GXChain is a pioneer in the global blockchain project in this field, with sufficient technical reserves and a strong understanding of business needs. I believe GXChain will be the winner.


Q8. When it comes to e-commerce , many titles such as advertising, marketing, supply , payment methods , logistics come to mind. How will GXChain , which aims to provide Ebay's Model on blockchain, handle e-commerce? Will all components be on blockchain?

For any e-commerce platform Identity management is a must! I think our GX-Id will help simplify identity management.  GXChain improves this design and introduces digital identity. Namely, every account in GXChain has a unique corresponding digital identity (G-ID).


Q9. GXChain has very interesting projects.I am sure that many people from all over the world want to get involved in the development of GXChain, but there are difficulties with language barriers.When will GXChain add multilingual projects?

Yes, the language problem is a very big obstacle, which is mainly reflected in BlockCity at present. We will focus more on developing decentralized functions and synchronizing the Chinese and English versions. Stay tuned GXChainers!

 

The development is on move, our idea is gradually open source for community developers, let BlockCity become the best entry for the world-wide users.

Q10. Can you provide some numbers for your community? What growth strategies you implemented to get there? Why are you focusing on the growth of crypto in India?

Sure! We have offices all around the clobe from China to the United states. We are a truly global project. Our Main Telegram group has more than 7,000 members! And our India community has 600+ members and we only have just begun exploring Indian markets. We are ever expanding and open to all collaborations.

India being home to the largest number of developers across the world, we want to make sure we have our presence felt in the world's largest democracy. moreover India stack is really interesting, we will explore how we can leverage our Baas Model and provide services! I have a detailed plan for this in the coming months!

Q11. What was the encouragement that Motivates to continue this GXChains Project ? And Also What was the difficult Obstacle that came while starting this GXChain Project?

Our strong community and the move towards a more global world where data is the new gold. We believe we are in the right time and the right place. Our team had this vision and started way back in 2017.


Q12. Do you have any plans to attract non-crypto investors to GXchain ,and how? What are the actions to increase awareness around GXchain in non-crypto space?

Good question. The case of GXChain is worth talking about: GXChain's current acceptance and popularity in China is quite good, not only thanks to excellent technology and proper market strategy, but most importantly, In practice, users can experience the blockchain and experience the interesting side of the blockchain, not just the lines of code of the blockchain itself, or purely digital changes, which is based on this concept. We developed Brock City, a user-oriented C-end product, and the popularity and activity of Brock City proved that our idea is correct. Because of this, our community cohesion, consensus strength, and user stickiness. Much better than other similar projects.

Q13. GXChain is a fundamental blockchain for the global data economy, designed to build a trusted data internet of value. However without proper awareness and incentivization, the unique solution GXChain is offering may go unnoticed. What efforts are you making to help people have a better understanding of what you are doing and where you are going in the future?

We have presence in almost all parts of the world. We are constantly exploring new markets and businesses for potential partnerships. We have enough funds allocated to our marketing and reach out programs as well! follow our channel @gxchain_international to learn more.

 

Q14. What makes GXChain secure from 51% attacks? What are some features that GXChain offers that no one of your competitors do?

Dpos in itself makes it very hard for a 51% attack, it would turn out to be counter productive incase of a hack because the nodes would be controlled by the hacker and he would lose a lot of asset value incase he tries doing this. It is even very hard to do this with our efficient on chain and off chain governance in place. We have not been compromised so far

Q15. On GXChain, Governance includes On-Chain Governance(GXChain Commttee, GXChain Trust Nodes) and Off-chain Governamce(GXChain Foundation). So, can you let us know how will this work and which will have a major role in having final decision on Governance?

The community governance on the chain is what we are promoting at this stage, because in our understanding, the blockchain should be decentralized, global, and open, so we need to release more voice to the community. In other words, the community represented by public trust nodes will have greater power, and GXChain chose the "one vote, one vote" model, which means that our on-chain governance will be more decentralized, more transparent and It is fair and can also guarantee that in the sense of on-chain governance, the value of GXC will not be diluted. Because of this, each GXC in your hands represents each of the governance powers and can promote GXChain. The process of community governance!

For more specific content, I suggest you read our GXChain 3.0 white paper https://www.gxchain.org/en/foundation/

Q15. a. Can you tell us about the GXChain foundation established on November 2017 in Singapore. What led to it establishment and the roles it will be playing in the GXChain ecosystem?

b. Who are the members that make up the policy committee of the GXChain foundation, what's their qualifications and responsibilities?

The foundation is a nonprofit organization registered in Singapore. It is mainly comprised of the Policy Committee, Advisor Committee, Execution Committee, Ecosystem panel, Code evaluation panel, Marketing panel, and Administration panel. It is Responsible for decision making, research & development, global marketing, fund management, and other operations.


Q16. Who is the current competitor of GXCHAIN ? What is GXCHAIN planning to compete with them?

Regarding our competitors, it can be understood from some levels as the current mature public chains, such as Ethereum, Vechain and Qtum. But neither is a direct competitor, because GXChain focuses on a more vertical field-the data economy.

For competitive advantage, in addition to the basic public chain functions, we also have many unique data protocols, such as trusted data exchange, trusted data storage, and trusted computing protocols. These protocols are not only written in white papers , And written in real code, has been used by enterprises, developers, and good performance. We have also done a lot of commercial experiments, which will be a strong support for the future development of GXChain.

 

Q17. Talking about STAKING !! There are issues about it what we called attacks!! So how does your team handle and overcome this one? Also market is dumping! Stakers earn tokens but price is low so what is your back up plans on this?

We have allocated healthy funds for the staking rewards. Our priority is for the nodes to be profitable so they can reliably offer security to the network. Do go through our staking handbook to get a better understanding.

Q18. Technology is the core point of any projects, so what will GXChain do to upgrade your technology in 2020 for whole blockchain industry?

We are always updating! Follow our GitHub here : https://github.com/gxchain

Our last Github update was made yesterday!

Q19. What are your plans for the project with regards to the most anticipated event of 2020, the Bitcoin halving? In your opinion, how do you think this will affect the project and, more broadly, on the crypto industry?

Interesting question! We are excited for Bitcoin ecosystem to grow further as it is complimentary for us. We will continue to serve the blockchain ecosystem and push for more adoption. More than seeing it as an issue, we see it as an exciting opportunity to #build with the ecosystem

Q20. Fungibility is the only properties of sound money that is missing from GXChain. Now that the scaling debate is behind us, the next battlegrounds will be on fungibility and privacy. Can you expand a little bit on this thought and tell us how GXChain plans to deal with these issues?

GXchain is very much fungi-able. Our transaction fee's are well throughout. Calling a smart contract requires burning a small amount of miner fee, the fee is comprised of 3 parts:

1. Basic fee (fixed amount),

2. Ram fee (calculated by ram usage),

3. CPU fee (calculated by CPU running time).

Hence fungibility is very important. And privacy is a feature. Check out GX-ID

Q21. Why did GXchain decide to have partnership with China Unionpay? Whats the role of this partnership to GXchain Ecosystem?

Congrats of having partnership with 70% to the top 100 fintech companies in China

What are the positive effect of this to GXchain?

We have corporation with China Unionpay （the larget payment compay in China), China Unionpay，Sichuan telecom and many other fintech companies in China. Actually, 70% to the Top 100 fintech companies are our clients.

They are one of our largest data providers.


Q22. Recently ISC lifted the RBI's banking ban on cryptocurrencies.  What impact does this have on the development of GXChain in India? What are your plans for India?

Our globalization is underway, and GXChain is embracing global blockchain enthusiasts including India. The global community of GXChain continues to grow. What we can see is that we have established our own communities in nearly 20 countries around the world. The launch of our exchanges is also global and diversified. Exchanges also have globally well-known or local exchanges like Binance and Bithumb. It can be said that we are cooperating with partners around the world in an efficient manner and with a sincere attitude! And you in the Indian market are an essential part of it!

Q23. Have you met all your goals in the #GXCHAIN roadmap  till now? And were there any difficulties that you didn't expect and were not prepared for?

Yes we are on track with our road map you can check it out

Because we strive to be a global company, not limited to any one country, but global. In fact, we are already in the process of completion. We are different from other projects. We do not rely on early financing. In fact, we have started to make a profit, and this profit is quite considerable! From the existing experience, we do see the process of our products being gradually accepted. We believe that we will occupy a considerable market share and become an integral part of this industry.

 

I think we have covered quite a lot questions! If you have further questions do join us at @gxchain_international and @gxchainindia

@game_admin Thanks so much for hosting us! It was a pleasure to have joined @gameofbitcoins for the AMA.