What is ChainX? ChainX (PCX) is a decentralized cryptocurrency exchange and Bitcoin layer-2 network based on the Polkadot network. In this article, you can find answers to questions such as what ChainX is, what it offers, what is PCX, what it does and how to get it. Koindeks.com we have compiled for you. Let’s examine together this decentralized exchange (DEX), which is in contact with Bitcoin and the Polkadot network.
What is ChainX?
Allowing mid-chain trading of cryptocurrencies, ChainX is the first exchange to use Polkadot’s Substrate framework. The project is also notable for the absence of KYC requirements. Accordingly, users are not required to provide a random credential to trade cryptocurrencies on the platform. This makes it an attractive option for those who value privacy and security. The team behind ChainX is experienced in both the Blockchain industry and classical finance.
That’s why the group has made the platform user-friendly and accessible to everyone. ChainX also has a strong community base, which is essential for any successful cryptocurrency project. This reinforcement comes from Bitcoin. ChainX is a layer-2 solution for Bitcoin as well as using Polkadot’s Substrate framework. In other words, it allows the Bitcoin network to work faster and more scalable. The platform currently aims to achieve a structure that also supports Ethereum smart contracts.
What does ChainX offer?
ChainX manages in a decentralized and democratic way. The platform is currently working on a decentralized autonomous scheme called Bitcoin DAO. Within the Exchange, users can directly participate in the administration of the platform through voting. However, within the exchange, they can trade digital assets with the power of Bitcoin and Polkadot networks. In other words, they can receive cryptocurrencies in a decentralized form and transfer the assets they receive.
ChainX serves as a bridge connecting different Blockchain networks. In other words, the middle of the chains support the connection. This means that users can exchange data between different blockchains without having to rely on a third party. However, the platform uses a Proof-of-Stake consensus system. This means that the platform supports staking and various DeFi features. ChainX’s PoS model allows very fast processes as well as low prices.
What is PCX? What’s the use?
PCX is the native cryptocurrency of the ChainX decentralized exchange. This cryptocurrency runs on the Polkadot network. The asset offers some key use cases within many ChainX platforms. The PCX token is used for staking and paying process prices. It also enables various processes such as on-chain governance and sharing of mid-chain mining rewards. The token can also be used to support BTC derivatives. At the same time, it serves as the base currency in system-integrated decentralized application processes.
What is ChainX? How to take PCX?
ChainX is currently trading on a number of cryptocurrency exchanges. In the middle of these are MEXC, KuCoin and Gate.io. Investors who want to buy the token can subscribe to one of these exchanges and deposit money into their wallets and place a purchase order for PCX.