The crypto asset gateway has achieved total decentralisation to become Polkadot’s second relay chain. The native token of chain X is PCX, whose current price is $6.42 and rose by 15% in the last 24 hours.
PCX has reached an all-time high of $17.57 in the last week of March. But it fell way down in recent times. The coin is still struggling in the market with the current price of $5.04. PCX has been growing by almost 300% since the start of the year.
Chain X (PCX) is designed on a substrate to bring new mechanisms to layer 2. Layer 2 solution is a digital asset gateway powered by Bitcoin (BTC).
Chain X, along with ZEC and LTC, completed the bitcoin bridge and is set to build a unique system that connects multiple chains. The system is the interoperability platform. Chain X has also launched its government forum called Commonwealth.
The platform’s aim is like other forums on which users will discuss and map out the project for the future by the community. The community can also help by funding the project. The forum will help to build a strong community for the network. Chain X is working for on-chain governance with a common protocol to bring community governance.
Chain X is developing its network by implementing new strategies and recently started developing and modifying its existing bridge named as Filecoin bridge. It is essential because of the storage problems associated with blockchain networks. Filecoin is expected to be released soon. Filecoin bridge can solve all of these problems.
The mining model of Chain X is entirely different from other models. The Chain X mining model is based on an ‘on one asset one vote’ analogy. The model aims to give higher incentives to the miners. The total income distribution is expected to be 57% to PCX mining, 20% to the mining team, 16% to the treasury and 6% to interchain mining.