ChainX Whitepaper

At present, blockchain assets are trapped in their own systems without inter-chain division of work and collaboration.

BTC has established the most widely accepted consensus, but its transaction efficiency is low; ZEC has enabled privacy protection, but smart contract is not incorporated; ETH has smart contract, but it cannot migrate to the PoS system; ChainX can transfer all assets across chains in a decentralized way. Chains that have connected with ChainX can enjoy asset connectivity with all chains.

The PoW algorithm issuing new cryptocurrencies based on the mining power is considered to be a relatively decentralized and fair distribution model, but it is still prone to be monopolized by big miners, leaving ordinary users no choice but to buy mining machine at high prices. The PoS chain generally has a large private offering or setting up a fund to issue cryptocurrencies. After the launch, it only issues additional tokens to users with voting power, resulting in new users resorting to the secondary market.

The measure of PoW’s mining power is computing power, One CPU One Vote. The traditional PoS mining power is measured by the amount of coins. One Coin One Vote, where Coin refers to the stock after the initial release of Coin. PoW’s CPU can continue to flood into the mining, but PoS’s Coin is not generated in a consistent and fair manner, thus too many centralized factors can affect the process.

EOS is the new representative of the PoS chain. It does not adopt the one-time pre-mining method in a private offering; instead, a public ICO that lasts for one year will be launched before the chain goes live. The EOS is generated based on the value of ETH, but when the chain is actually live, the additional issuance of new coins has been monopolized by the nodes elected by the deposit coins, thus the new ones to counterbalance the old cannot flow in, and the concept of decentralization is not achieved.

There is still a bumpy road ahead before reaching decentralization and a one-year public offering is far from enough to set record straight.

Bitcoin promotes free and fair competition that lasts for hundreds of years. Only by adopting that can we see a promising future.

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ChainX Whitepaper

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