ChainX: Cross-Chain Mining and POS Voting Dapp

ChainX: Cross-Chain Mining and POS Voting Dapp

By tipplenurkey | Proven Passive | 29 Jul 2020


   This is quickly becoming one of my favorite earning methods and the first dapp I use consistently.  There are two basic ways to earn, both of which pay PCX: cross-chain mining and POS voting.  When I first started using ChainX, it was a little confusing.  I think that was mostly because I have been relying on Google Translate and the resulting translations aren't 100% accurate.  So, I'm going to take a little time to explain the system in English.

 

   PCX can be deposited from outside the dapp or purchased with BTC from within their own exchange.  In order to get started using the ChainX dapp, you will need some PCX acquired elsewhere (I got mine from hotbit.io).  You will also need a wallet capable of OP_RETURN (I use MathWallet).  Finally, you will need to set up an account on ChainX Signer, either using the browser extension or the executable.  Once you have all of these things in place, you can start earning PCX.  It is important to remember that nearly every action on ChainX, including claiming profits, has a fee.  They are comparatively very low fees, but they are everywhere, so you will need to keep a certain amount of PCX available to cover these fees.  I did not do this at first and had to go outside ChainX to buy more so I could operate within the dapp.

   We will start with POS voting, because you will have to do this in order to mine later.  The process is fairly simple.  You go to the Voting tab, choose a node to vote on, assign a certain amount of PCX to that vote and submit.  That PCX is not gone, just "frozen" as a vote on the node you chose.  Depending on the amount of PCX you staked and the size of the reward pool, your vote will earn PCX over time.  Voting interest can be claimed any time, but obviously you want to wait as long as possible because of the fees.  You can change your vote without unfreezing as well, resulting in fewer transactions, so fewer fees.  There is a 3-day lockup period when you claim your PCX back from voting freeze.

   Now for cross-chain mining.  This is effectively another form of staking, and there are three ways you can do it: 

First, you can use OP_RETURN to send at least 0.001 BTC to your account in the dapp as interchain Bitcoin (X-BTC) by clicking "recharge" and pasting the provided OP_RETURN hex code into the corresponding section in the wallet from which you are sending.  A list of wallets that support OP_RETURN is provided at the bottom of the recharge instructions.  X-BTC can be sent from or to any Bitcoin address beginning with 1 or 3.  That is important to remember.  Whenever you perform a BTC transaction, make sure the sending wallet starts with 1 or 3.  You will receive cross-chain mining power in the X-BTC reward pool for whatever X-BTC you hold on your account.  Mining power does not have to be purchased.

Second, you can use OP_RETURN to send at least 0.01 BTC to any 1 or 3 wallet address using the "lock up" link.  Paste the wallet address you are sending to in the field provided and you will receive an OP_RETURN hex code to paste into the sending wallet.  This amount will be reflected in the dapp as lockup Bitcoin (L-BTC).  L-BTC stays in whatever wallet you sent the BTC to, so any transaction made from that wallet may use the lockup amount and reduce your mining speed.  For this reason, I recommend using a cold wallet for lockups so your assets are safe while they earn.  Like X-BTC, L-BTC mining power is allotted in the L-BTC reward pool based on the L-BTC you hold.  It does not have to be purchased.

Finally, you can use your PCX to purchase Shadow DOT (SDOT) in the dapp exchange.  Once purchased, holding SDOT will get you allotted mining power in the SDOT reward pool.  SDOT can be exchanged back into PCX in the exchange, and PCX to BTC and vice versa.

   In all three cases, mined PCX can be claimed once per week.  In order to claim mined PCX, you must have at least ten times the amount you wish to claim in voting freeze.  You must also have enough PCX left to cover the transaction fee.

   I want to say a little about the transaction fees.  Yes, they occur at every single transaction and that may seem excessive at first, but hear me out.  PCX transaction fees are adjustable from 1-10x, where higher fees mean faster transactions.  I have never paid more than the minimum fee for a transaction and they have all still been basically immediate.  The minimum fee ranges from 0.0002 to just over 0.001 PCX which is, as I said, very low.

   So, what we get from the ChainX dapp, found at dapps.chainx.org, is a platform that allows users to earn PCX in a few ways, none of which cost anything more than a small transaction fee.  If you've been looking for a way to get into passive crypto income without having to risk your money on cloud mining or other possible scams, ChainX is the dapp for you.  Get some PCX, put it in the dapp, stake a vote on your favorite node and you're all set to earn through voting and mining.


tipplenurkey
tipplenurkey

Disabled veteran, father of 7 and crypto investor with a natural talent for research and a God-given gift with numbers.


Proven Passive
Proven Passive

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