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 frequently asked questions such as what is ChainX, what it offers, what is PCX, what it does and how to get it. As Kriptokoin.com, we have compiled it for you. Let’s examine together this decentralized exchange (DEX) linked to Bitcoin and the Polkadot network.
What is ChainX?
Allowing cross-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 any credentials 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 traditional finance.
That’s why the team has made the platform user-friendly and accessible to everyone. ChainX also has strong community support, essential for any successful cryptocurrency project. This support comes from Bitcoin. Besides using Polkadot’s Substrate framework, ChainX is a layer-2 solution for Bitcoin. In other words, it allows the Bitcoin network to operate faster and more scalably. The platform currently aims to achieve a structure that also supports Ethereum smart contracts.
What does ChainX offer?
ChainX manages decentralized and democratically. The platform is currently working on a decentralized autonomous organization called Bitcoin DAO. Within the Exchange, users can directly participate in the management 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 and transfer the assets they receive in a decentralized way.
ChainX serves as a bridge connecting different Blockchain networks. That is, it supports cross-chain communication. This means users can exchange data between different Blockchains without having to trust a third party. However, the platform uses a Proof-of-Stake consensus mechanism. This means that the platform supports staking and various DeFi features. ChainX’s PoS model allows for extremely fast transactions as well as low fees.
What is PCX? What does it do?
PCX is the native cryptocurrency of the ChainX decentralized exchange. This cryptocurrency runs on the Polkadot network. The asset offers some basic use cases within most ChainX platforms. The PCX token is used for staking and payment of transaction fees. It also enables various operations such as on-chain governance and cross-chain mining rewards sharing. The token can also be used to support BTC derivatives. It also serves as the base currency for system-integrated decentralized application transactions.
What is ChainX? How to take PCX?
ChainX is currently traded on a number of cryptocurrency exchanges. These include MEXC, KuCoin, and Gate.io. Investors who want to buy the token can sign up for one of these exchanges and place a purchase order for PCX by depositing money in their wallets.
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