Recap of Kriptobi & ChainX AMA

Recap of Kriptobi & ChainX AMA

By insidetrader | Kriptobi AMA Series | 27 Nov 2020


Kriptobi, one of the most active groups in Turkey on cryptocurrencies, hosted Cao Yu from the ChainX project on October 15, 2020. In the first phase of our event, the ChainX project was introduced to our community members with group managers’ questions and our guest's answers. In the second phase, 5 questions collected via Twitter were asked to our guest, and in the third phase, the ‘live Q&A’ section was completed. In the second and third stages, our community members, whose questions were answered, were rewarded with a gift worth 15$ at the time of reward distributing. If you also want to participate in future AMA events and win while being informed, you can join the Kriptobi community.

 

Stage-1 (Questions of our group managers, answers of our guest)

*What is ChainX? Can you explain briefly?
It’s my great pleasure to see you here and on behalf of ChainX to have this AMA. First of all, please let me make a brief self introduction. I am Cao Yu, the founder of XiaMiPool,an early evangelist of ChainX in China. We are a member of ChainX's council and this week we are the Chairman. We are a Validator node of ChainX and Polkadot. We have built strong communities in China to promote ChainX. If anyone of you are interested to communicate ChainX investors in WeChat, I am glad to invite you to be a member of us.
As the first domestic Substrate chain, ChainX is the first BTC bridge above Polkadot, and has been making efforts for the new ecosystem of Bitcoin. ChainX’s positioning is Bitcoin’s ecological portal. As a cross-chain asset gateway, ChainX will inevitably become the first successful application platform for Bitcoin, which will bring Bitcoin to Ethereum-like functions, including DeFi, stablecoin, DApp, and other applications.
ChainX will use the development experience in the Substrate field to graft a new smart contract to Bitcoin to realize the new functions of Bitcoin. With the development of the BTC smart contract ecosystem, we will build a web 3.0 era where the underlying digital gold, the upper value Internet, and the value flow freely from chain to chain through the asset gateway.

*Why should people invest in PCX Token? What are your most important features that distinguish you from other projects?
PCX is the native token of ChainX, with a total of 21 million. There is no pre-mining, no private and public offerings. Holding PCX allows a user to participate in the project governance and staking.  At present, 100 PCX can obtain about 0.134 PCX from staking every day, and more than 77% of PCX is staked. The reward is quite high and is still 7 months away from the first halving lf the reward.
In addition, the Kusama pioneer network of ChainX will be released soon, and new tokens will be airdropped to PCX holders in a 1:1 ratio. Any wallet with PCX will receive the new token.

*Why is ChainX not connected to the ETH network?
The current version of ETH1.0 is still based on the PoW consensus, which is a challenge for asset cross-chain. What we expect that ETH can be better bridged in the future, so we have been looking forward to the upgrade of ETH to 2.0. If this time is very long, we may adjust the development plan to connect Ethereum 1.0 instead.

*As is known, ChainX's current development focus is the 2.0 upgrade. Could you give us information on this subject?
ChainX 2.0 is already being tested and will be officially launched at the end of November. 2.0 includes some important function upgrades, such as the expansion of the number of verification nodes to 50 in total, the adjustment of block generation time from 2 seconds to 6 seconds to align with Polkadot, the launch of smart contract modules and governance modules, and some other minor improvements to user experience. These functions will allow ChainX to become even better.

*What are the advantages of using ChainX's cross chain? What are ChainX's competitive advantages over other projects?
At present, cross-chain technical solutions mainly include three types: hash lock, notary and relaychain.
Hash-lock originates from the Bitcoin Lightning Network and relies heavily on users to perform specific operations within a specific time, otherwise transaction failure will even lead to loss of user assets. Currently, it is mainly used in atomic transactions and cannot be promoted on a large scale. Hash-lock realizes the exchange of cross-chain assets, but it cannot realize the transfer of cross-chain assets, and it can not support cross-chain contracts, so its application scenarios are relatively limited.
The notary mechanism is a third party that both parties to the transaction can trust as the notary as an intermediary, so the two parties in the transaction can indirectly trust each other. This solution is very simple, but it conflicts with the concept of decentralization. The security of the notary public mechanism is not only determined by the blockchain itself, but by the notary public itself and its mortgaged assets. There may be security issues.
ChainX uses a light node approach to Inter-chain.
Relying on the relaychain scheme of light nodes can achieve inter-chain operations between different blockchains. Relaychain in light node can be split into main and side chain mechanisms. The main chain does not need to know the existence of the side chain, and the side chain must know the existence of the main chain. Its goal is to use a multi-signature mechanism to lock the main chain assets, anchor and execute on the side chain, increase the value and function of the blockchain network, and have higher security.

*Finally, what awaits ChainX in the future and what are your future plans?
More cross-chain assets, more developers, richer DAPP applications, and larger exchanges!😁😁

 

After this response, the first phase of our AMA event was completed. And immediately after that, questions sent via Twitter will be answered. And the second phase has begun.

 

Stage-2 (Twitter users' questions, our guest's answers)

*Twitter Question 1 (from @Musaploto)
On your website it appears that there will be 3 types of node, among which the most striking are the Validator and Trust Node. How will the Validator and Trust Node be decided? Will the rewards be different?

A trust node must be a verification node, trustee is another identity besides the verification node. The current trust nodes are mainly held by large institutions and wallet operators. The trust node is responsible for the cross-chain of Bitcoin and the custody of multi-signed accounts on the Bitcoin chain. For ordinary users, voting for verification nodes and trust nodes, the benefits are the same. The profit of the node lies in the health of the node, whether the block is dropped or not, regardless of the type of the node.

*Twitter Question 2 (from @lathanh17091993)
A project that wants to travel long distances needs a specific and long-term plan. ChainX please share with us your strategy and vision to 2022?

In 2022, ChainX will have more cross-chain assets that can be provided to other parachains. We will upgrade our substrate version to 2.0, which contains smart contracts and governance modules, which can help developers develop dapps on ChainX more conveniently, and even Ethereum smart contracts can be directly deployed on ChainX. In addition, we will support DOT Dual Mining on ChainX in the future to obtain both Dot and PCX.

*Twitter Question 3 (from @waybesuricata)
What are the contributions of the collaboration with AcalaNetwork and ZenlinkPro?

Acala and Zenlink are both excellent projects and our partners. As a Polkadot cross-chain asset gateway, Chainx's most important mission is to introduce BTC and other assets into excellent DeFi projects. This means using X-BTC as collateral on Acala and as a trading pair on Zenlink. Later, we will continue to optimize the current btc cross-chain model and introduce other high-quality assets to help Acala and Zenlink enrich Polkadot DeFi.

*Twitter Question 4 (from @Okannattess)
ChainX successfully implemented the inter-chain of Bitcoin for the first time using a light-node inter-chain approach. What are the advantages of this and other inter-chain approaches?

ChainX uses a light node approach to Inter-chain.
Relying on the relaychain scheme of light nodes can achieve inter-chain operations between different blockchains. Relaychain in light node can be split into main and side chain mechanisms. The main chain does not need to know the existence of the side chain, and the side chain must know the existence of the main chain. Its goal is to use a multi-signature mechanism to lock the main chain assets, anchor and execute on the side chain, increase the value and function of the blockchain network, and have higher security.

*Twitter Question 5 (from @AhmetSalihDuma1)
What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?

We and other Polkadot Parachains have been conducting roadshows in China. We have been to Chengdu, Qingdao, Shanghai, and many other Chinese cities before. In overseas communities, we will cooperate with some well-known KOLs to promote our projects. Now we have a lot of Polkadot fans supporting us. Perhaps in the future, after the epidemic is over, we will meet with you in a roadshow overseas.

 

After that answer, our event’s 2nd the phase was terminated and the ‘live Q&A’ section started. 5 questions answered by our guest within 5 minutes were shaped as follows.

 

Stage-3 (Live questions of community members, our guest's answers)

*What kind of work do you have for the future to take the ChainX project further?
I am responsible for part of the work of the chainx council, including the design of some products. We are currently optimizing the BTC bridge. I am work for this

*The PCX staking rewards are impressive, can this be reduced?
PCX produces 14,400 per day, the number of PCX participating in staking is more, the rate of return will be reduced.

*As far as I know, you are distributing a new token with an airdrop called $KCX. Can you give information about this subject?
We have been discussing KCX in the parliament for a long time, and actual opportunities are forming, which will be officially announced soon

*Kristen had told us about the KSM airdrop for PCX holders. When it happens will it be airdropped to exchange holders as well?
You'd better save PCX in your official wallet. It is still uncertain whether the exchange supports airdrops.

After this answer, we came to the end of the 3rd stage and the whole event. We thank Cao Yu for not breaking our kind offer and for joining our community. Don't forget to follow us on Twitter to become instantly aware of other activities in the Kriptobi community…

 

 


insidetrader
insidetrader

Freelance crypto writer & translator


Kriptobi AMA Series
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