GXChain Foundation initiates a proposal to revolutionize its brand, economic model, token distribution, and ecosystem cooperation on Dec. 2.
“Since the mainnet was live in 2017, GXChain is always aiming to create a value network of trusted data. As a dominative public chain in the data field, GXChain 1.0 has been recognized by the global markets, and several phenomenal applications have been born on GXChain 1.0, which has successfully completed its historical mission. The revolutionary changes of DeFi in 2020 brought unprecedented changes to the blockchain industry, GXChain also decided to follow the historical trend, embrace the changes and revolutionize itself to GXChain 2.0.”
Said GXChain team, GXChain 2.0 is to continue its efforts in the direction of “being a free, lightweight and development-friendly public chain”. At present, the GXChain 2.0 testnet has been in stable operation for more than half a year. GXChain Foundation hopes that GXChain 2.0 will not be limited to technical updates, but also to adapt to the changes in the crypto era, so the Foundation puts forward a “Comprehensive Revolution” proposal in the following aspects:
The “Comprehensive Revolution” proposal released by GXChain Official shows that in order to better fit technological innovated GXChain 2.0, and to better allow the market and original users to accept the new image that has changed in a short period of time, GXChain 2.0 will be renamed REI Network (hereinafter GXChain2.0 is collectively referred to as REI Network).
R.E.I is derived from the first three initials of the words Rapid, Economical, and Innovative, which correspond to the three key features of the REI Network.
The biggest improvement of REI Network compared to GXChain 1.0 is that it restructured from the underlying architecture to a brand new blockchain structure, based on a lighter code construction, compatible with EVM and Ethereum RPC, to which Ethereum applications can be seamlessly migrated, which allows more applications developed on GXChain and Ethereum, including DeFi can be more quickly and directly connected to each other’s ecology.
At the same time, REI Network users can obtain free on-chain transfers and calling contracts and other trading fee resources under the premise of staking. This allows REI Network to meet the requirements of compatible EVM while simultaneously solving the problems of high cost and low processing speed.
As the proposal shows, the REI Network has the following characteristics in technical aspect:
Lightweight: Built on lightweight code from open source projects such as LibP2P, EVM, Express, GRPC, etc. for fast cross-platform installation and use
Efficient: Low power consumption and second block confirmation
Free: Free computing resources through staking
Compatible: Compatible with EVM and Ethereum RPC, seamless migration of Ethereum applications
Dynamic: Built-in governance module with dynamically adjustable on-chain parameters
Soft fork: System contracts can be upgraded through governance
Cross-chaining: Built-in cross-chaining bridge for easy cross-chaining with homogeneous heterogeneous chains
Chain building: Simple configuration to implement your own EVM-compatible blockchain with pluggable modules for different consensus mechanisms, governance modules and built-in cross-chain functionality
As the Proposal shows, the Foundation’s unlocked GXC accounting for 25% of the total. Considering that the upgraded REI Network will have to bridge different systems and that the native asset REI will be used in different application scenarios such as governance, collateralization, and binding, and is the key to the mutual circulation of assets and data between the ecologies, the REI Network will reform the economic model completely.
1.Tokens are split equally
The conversion of the mainnet’s native tokens from GXC to REI will follow a 1:10 split rule, and the maximum supply of REI will be 1 billion.
2. The unlocked part of the team is upgraded to “Ecology Fund”
The team used all the 25 million unlocked as an ecology fund, of which 5 million was used for node rewards, 5 million was used for marketing, and 15 million was used to incentivize developers and the ecosystem.
3. Overview of REI token distribution after the split
Total number of tokens after the split: 1 billion
- 750 million: Already in circulation
- 250 million: Developer ecology
- 150 million for motivate developers
- 50 million for marketing promotion
- 50 million for node rewards
In the “Comprehensive Revolution Proposal”, GXChain officially proposed a radical ecological cooperation incentive method, hoping to use all the unlocked 250 million REI (the amount after spliting GXC) to incentivize ecological contributors and developers in the REI Network. The methods includes but not limited to rewards for outstanding developers, investment in high-quality projects, user rewards for those who have made major contributions to the ecology, etc. The number of tokens held by the team has also changed from 25% to 0%.
Ecology Fund will be gradually released with the development of the ecology, and will not circulate directly in the market for a considerable period of time. In the short term, it will not cause an increase in market circulation, while equivalently converting into incentives for ecological construction. This part of the incentives for developers will attract a large number of developers, and the ecology of REI Network will also become more prosperous, and then form an efficient and virtuous circle between the ecology and the REI main chain.
In this proposal, GXChain Foundation proposes to add a new on-chain governance module. The new governance function will be different from the existing model of voting by the board of directors and node members and will become the “Direct Democracy” model of voting available to every coin holder.
On-chain Changes on the REI Network or community suggestions can be publicized in the community through proposals, and users can vote with REI to achieve the goal of “everyone can govern the public chain” and increase the governance value of REI.
The “Comprehensive Revolution Proposal” for the transformation of GXChain to REI Network will be the first proposal for on-chain governance. This revolution is a decision made by GXChain in response to the ever-changing blockchain trend. The official team of GXChain said it hopes to hear more from the community in the future, and explore with users how to break the logjam for public chains under the new circumstances.
Once the proposals in the “Comprehensive Revolution Proposal” are implemented, it will be the greatest change for GXChain since 2017. It is reported that the GXChain community has already started voting on this proposal.