The term ‘data’ has gained significant recognition over the past few years. But did you know what any meaningful information can be termed as ‘data’? It is required by conglomerates, governments and industries for their daily operations. Fields like Data Science and Machine Learning are the hottest professions today due to their research and development on the processing and handling of data.
With the usage of data increasing rapidly, there is a severe need for a platform that can help users and organizations protect their data. GXChain intends to resolve this dilemma.
What is GXChain?
GXChain is a data exchange with its own Blockchain in which data can be traded. Data can be exchanged in high frequencies on the platform. Developers can also create applications here. In fact, developers cannot only utilize the features provided by GXChain’s Blockchain but they can also work with the provision of data by various sectors, thus creating useful applications for common people.
A mechanism known as Delegated Proof of Stake is used in GXChain. This mechanism helps every person with a GXS (GXChain’s token) to vote, concluding with 101 votes. These 101 votes can also be referred to as super nodes in the network. DPOS is similar to modern-day democracies’ parliamentary systems.
Like the parliament, those who are elected and are unable to perform their responsibilities will be removed. The GXChain’s network will then choose new super nodes as replacements.
Proof of Credit Shares (PoCS) is another mechanism used by GXchain for agreements in the network. This mechanism is used for the technical creation of the public trust chain. PoCS aims at resolving the exchange of high amounts of data between business entities.
Features of GXChain
Some important features of GXChain are as follows:
Blockchain as a Service
Cryptocurrencies’ have introduced a certain model known as Blockchain as a Service (BaaS) to simplify and strengthen the adoption of Blockchain technology. GXChain’s public trust chain also uses BaaS to store and verify data.
Scalability and Performance
GXChain’s public letter chain possesses an extremely powerful capacity for processing. Six million transactions can be easily handled and processed per minute by the chain. In the case of future business developments, the chain also has the capability to keep up with horizontal expansion and increase the process capabilities of transactions.
GXChain’s public trust chain is not proprietary. It is open source and available on Github which means anyone can look at the entire source code and analyze it as well contribute to it.
GXChain’s exchange helps in the data transactions between various entities.
For common users, a wallet is provided by GXChain team that can store digital assets received from the chain. This wallet supports PC (Windows, MacOSX and Linux) and mobile (Android, iOS). There is also an online web version as well as a command line version. The command line version is more suited to developers as it is more complex than other versions.
The wallet can be downloaded from this web address https://gxs.gxb.io/#downLoad.
GXChain’s team has delivered a data exchange that works on decentralization. This data exchange will protect the privacy of its users and will not save any data for caching purposes. Moreover, two anonymous transactions are supported by the data exchange. The target industries for this exchange are finance, healthcare organization, consumer, banking and government. Though, there are still some core issues, as this is the beginning phase of the Blockchain industry, but with time GXChain’s decentralized data exchange offers the best solution for management and security of data.
GXChain has provided programmers and developers with a number of Application Programming Interfaces (APIs) so they can design and code applications on GXChain’s platform easily. Some of these APIs are Baas API, Data Transaction API, Statistical Analysis API, Block Browser API and Native APIs.
Data management, security and storage are subjects that have put a lot of organization in trouble. Recently tech giant, Facebook’s founder Mark Zuckerberg was criticized heavily for his failure to secure the data of his users. Therefore, any platform that can solve this conundrum can rise to the top quickly. We believe that GXChain has shown considerable promise and it can be seen as one of the players to watch out for future in the data industry.