ChainX CMO: ChainX achieves resonance between Filecoin and Polkadot networks and builds a new infrastructure ecosystem

On July 3-4, 2020, the 2020 IPFS Ecosystem and Distributed Storage Industry Summit was grandly opened in Hangzhou, hosted by POW POWER and Interstellar Vision IPFNEWS, co-hosted by Canaan Blockchain and Diancun Technology, co-organized by Maike Storage, Computing Power Interconnection, Net Storage Technology, and Yunhu Computing Power; Mars Cloud Mining, Hengtong Cloud, TOPLOONG, Binhe Cloud Intelligence, Xianhe System, Firefly, Shensuan Mining Pool, Xingmai Storage, Xi'an Lingdong Computer, Galaxy Storage Pool, gate.io, KuCoin, Math Wallet, ChainX, Crust, arweave.org, Renren Mine, BitMart, and WBF strategic collaboration, and sponsored by the IPFS1475 exclusive dinner! Industry leaders from the fields of IPFS, blockchain, etc. met here to discuss the development path of the new track of IPFS ecology and distributed storage in the new era.

Kristen, CMO of the cross-chain star project ChainX, delivered a keynote speech titled "ChainX achieves resonance between Filcoin and Polkadot networks and builds a new infrastructure ecosystem". Selected key points are as follows:

I am Kristen from ChainX, and I am very happy to share with you today. You must have often encountered such scenes: when watching American TV series, have you ever encountered a small circle that keeps spinning and the network is very slow; or when downloading files, the files are gone, or there are many harassing calls from people selling houses every day. These are all problems caused by the centralized storage method of the traditional Internet industry. Storage is a very important infrastructure not only in the traditional Internet, but also in the blockchain field.

The emergence of IPFS will redefine the way of storage. For this reason, ChainX has been paying attention to IPFS and Filecoin for a long time. The earliest white papers were translated by our team. With the launch of Polkadot this year, we think it is time to participate in the Filecoin ecosystem, combine the Polkadot ecosystem with the Filecoin ecosystem, and jointly build a new ecosystem of infrastructure.

ChainX leverages cross-chain advantages to enter the Filecoin ecosystem!

We started to work on IPFS-related matters in the spring of this year. We are very familiar with the polkadot/substrate code system, because ChainX is the first public chain to run on the Substrate framework, and it is also the first cross-chain project to explore on polkadot. We have successfully implemented BTC light node cross-chain based on this technology, and it has been online and running stably for a full year. So we decided to start with cross-chain, which we are best at. We started to develop a FIL transfer bridge to connect to the Filecoin ecosystem.

ChainX has fully decentralized cross-chain technology

So what are the advantages of our cross-chain approach? First of all, we need to understand the nature of cross-chain. When it comes to cross-chain, we are easily confused by the literal meaning. But in fact, our cross-chain assets are not really cross-chain.

Let’s take the cross-chain transfer of BTC to Ethereum as an example. The goal of all technical solutions is not to establish an intuitive connection between Bitcoin and Ethereum to route the real BTC to Ethereum. This is impossible. Because the so-called Coin or Token is essentially a cryptographic mathematical representation and can only be attached to the current chain. Bitcoin and Ethereum are two chains with different structures. Their data structures and network contexts are different, and they cannot be directly converted without loss.

Therefore, the real cross-chain is a process of locking and mapping. First, the real assets are locked on the original chain, and then the shadow assets are mapped on the target chain; the reverse direction is to destroy the shadow assets on the target chain. Then unlock the assets on the original chain.

The mapping and destruction process is the core of cross-chain technology. Whether the role of the intermediary is completed entirely by code or guaranteed by people or institutions directly affects whether it is decentralized and secure.

Most of the current players in the market that play this role have centralized characteristics, such as individual guarantees, joint guarantees by multiple people, or guarantees by centralized systems such as exchanges. This will cause opacity and insecurity.

The advantage of ChainX is that it runs this set of codes. ChainX adopts a completely decentralized light node side chain relay method, which is completely decentralized and secure.

3. ChainX bridges Filcoin to achieve two-way decentralization

Why are there so few people implementing this in the market? One reason is that Bitcoin is not smart enough, and the other is that people do not know enough about and use light nodes.

Satoshi Nakamoto designed the light node protocol in the Bitcoin white paper. If the light node of the original chain is integrated on the target chain, the cross-chain assets can be guaranteed to be secure by the consensus algorithm of the original chain instead of the centralized system. Therefore, cross-chain using light nodes is very safe and decentralized.

ChainX spent a year integrating Bitcoin's light node for the first time in the world, mapping X-BTC on the ChainX chain in a completely decentralized manner in a 1:1 full reserve model.

Anyone can submit a Bitcoin block header, and ChainX will verify it based on its PoW difficulty to obtain the longest Bitcoin chain.

All transactions occurring on Bitcoin can be verified using Merkel proofs, making ChainX a new Bitcoin sidechain.

This achievement made ChainX a leader in the cross-chain field of decentralized assets. In a very short period of time, more than 10 million US dollars of Bitcoin were mapped to the ChainX mainnet. The number of cross-chain BTC quickly surpassed the Lightning Network, with the highest period of locked positions approaching 20,000 Bitcoins. This makes ChainX the de facto largest sidechain and second-layer network of Bitcoin.

ChainX has promoted the widespread support of OP_RETURN by many mainstream BTC wallets in the market. OP_RETURN is a note function and a prerequisite for Bitcoin's decentralized cross-chain. This lays a solid foundation for Bitcoin's more extensive decentralized cross-chain in the future.

The transfer time of cross-chain BTC on ChainX mainnet is 2 seconds, the handling fee is less than 0.1 cents, and the throughput reaches 1000TPS. Cross-chain BTC will be sent to the Polkadot network in the future. With the help of Polkadot's multi-chain structure, it can achieve greater throughput and application scenarios.

This is the progress that ChainX has made in cross-chain. These experiences can be shared.

ChainX will completely adopt the cross-chain method of Bitcoin when bridging Fil, and it will be one step ahead of Bitcoin. Because Bitcoin does not have smart contracts, it cannot rely on the code to run itself in the process of crossing back to the original chain, and still needs multi-signature custody, sacrificing some decentralization. However, Filcoin will also launch smart contracts in the future, so ChainX can realize the two-way decentralized cross-chain operation of Filcoin and ChainX main network.

ChainX links with the Filcoin community are progressing steadily

Our cross-chain work has been progressing for some time and is mainly divided into four stages

1. Implement IPFS rust library

2. Implement the Rust client of filecoin

3. Filecoin Storage Pool

4. Integrate the first three modules into substrate as parachain.

The team is currently in the third phase

We will first complete the cross-chain from FIL to ChainX, and FIL can circulate freely on the ChainX mainnet. The reverse direction needs to wait until the Filecoin smart contract is officially launched. But before that, we can temporarily complete the step of crossing the assets back using the multi-signature method according to the Bitcoin processing method.

ChainX enables Filecoin storage incentive mechanism

What can be done after completing the cross-chain of FIL? First of all, for Fil coin holders and miners, they can participate in asset mining and earn interest by holding coins.

There are two types of assets on the ChainX chain, one is the native asset and the other is the cross-chain asset. All cross-chain assets bridged by ChainX can participate in mining. The reason why the asset mining model is designed is that for the POS system, it is easy to cause the phenomenon of token centralization. Cross-chain asset mining allows ordinary coin holders to obtain pcx mining income at any time and obtain fair mining rights. It is conducive to the decentralized distribution of tokens. In addition, based on the cross-chain attribute of ChainX, we need cross-chain assets to flow on the chain. Generate value. Therefore, cross-chain assets are a mutually beneficial process.

After ChainX completes the Filecoin bridge, FIL will enjoy the same rights and interests as cross-chain BTC and participate in asset mining. If you are a FIL holder, you can recharge Fil to the ChainX chain to obtain PCX income. Especially for Filecoin miners, not only can they obtain storage incentive FIL tokens, but also PCX income. This is an incentive on top of an incentive. Empowering Filecoin's storage incentive mechanism.

ChainX promotes the FIL ecosystem

Secondly: After the FIL bridge is completed, ChainX can also enrich the FIL ecosystem.

ChainX has launched a smart contract platform that can incubate a series of derivatives.

ChainX has already incubated a series of products based on Bitcoin, including games, guessing, pawnshops, etc. Some DEFI products are under development. In this direction, ChainX will create a Bitcoin ecological portal.

The Bitcoin smart platform based on ChainX is very developer-friendly and has many advantages, including high-dimensional decentralization, low-cost use, and safer contract language, so it has advantages that other similar projects do not have.

At the same time, ChainX also has a special fund to encourage development. Therefore, after bridging Fil, the smart contract platform will gradually incubate a series of DApp applications, including games, guessing, Defi, Dex, payment lending, pledge, etc.

7. ChainX will use IPFS to store on-chain data

After bridging FIL, ChainX will selectively connect to more cross-chain assets, including Ethereum, Zcash, Binance Chain, Libra, etc. Around these cross-chain assets, ChainX will incubate a series of DApp applications.

As the number of applications and transactions increases, the chain ledger will inevitably become larger and larger. Storage issues have to be faced. This is also a problem that all blockchain networks need to face.

ChainX plans to use IPFS to solve this problem

The IPFS technology used by Filecoin can use sharding to divide the user's files into N parts and store them encrypted in different nodes. We all know that the smaller the file, the faster it downloads. Therefore, using IPFS for cloud storage only takes 1/n of the time in the past to complete the storage.

ChainX hopes to use Filecoin storage to store all on-chain data so that it can be called up at any time when needed.

ChainX will enable interoperability between Polkadot and Filecoin assets

We also want to connect Filecoin and Polkadot networks, but the interoperability between Filecoin and Polkadot depends on the completion of the two networks, FIL and DOT. Only when these two star projects are implemented at the same time can we establish the real implementation of parachain. Therefore, the most important control point of the development progress at this point is Dot and Fil.

However, the two projects can now be interconnected through ChainX.

Polkadot's goal is to enable arbitrary message communication between chains without involving any user applications. However, most of the data currently transmitted on the blockchain is still assets. ChainX plays the role of an asset gateway between Polkadot and the periphery, linking mainstream external assets such as BTC and FIL into the Polkadot ecosystem. Therefore, FIL can flow freely in the Polkadot ecosystem through ChainX.

In addition, X-BTC on ChainX can also be used as a means of payment for filcoin storage.

9. ChainX forms a new Web3 ecosystem with thousands of chains interconnected!

In this way, ChainX can link the Bitcoin community, Polkadot ecosystem and IPFS&FILCOIN ecosystem together. As the infrastructure of blockchain, they all have very large miners, users and community groups. After they are connected with ChainX, they will form a strong combination to form a huge network superposition effect and jointly build a new Web 3.0 ecosystem with thousands of chains interconnected and value flowing freely.

10. Grant series greatly accelerates Web3 progress

The prosperity and development of blockchain cannot be separated from the community. The construction of a strong ecosystem requires more people to participate. Therefore, the ChainX Council has launched a series of Grants to encourage developers, community operators and marketers to participate in the construction of the ecosystem. Grants can be applied for multiple times, and a project can apply for a maximum of 100,000 US dollars. There are roughly the following directions.

ChainX Wallet: Chain'X currently does not have a mobile wallet, but there are many mobile wallets in the ecosystem that support ChainX transfers, interest withdrawals, etc. So you can also choose to develop wallet peripherals or mobile wallets.

ChainX Smart Contract Platform

You can migrate the ecosystem implemented on EOS/ETH, or you can create an original and better DApp application! We welcome both.

Relay bridge - Relay bridge is a core idea of ​​cross-chain blockchain.

ChainX's code is fully open source, and the code for Bitcoin bridging can be shared, but ChainX also hopes to bridge more valuable assets. Community developers are welcome to participate. This is also the focus of ChainX funding.

Defi —ChainX combines Bitcoin and smart contract platform. Therefore, Defi on Bitcoin is our main focus.

Community, Market

ChainX is now completely decentralized and operated by the community. If you have a good marketing and community operation plan, you can also participate.

ChainX uses the advantages of cross-chain to link valuable assets such as filecoin, Polkadot, and Bitcoin, which will help the development of blockchain storage and accelerate the arrival of Web3. We hope that everyone will participate in this construction.

Carrying the high expectations of many people, our summit has set sail.