What is GXShares (GXS)?
Future of GXS Cryptocurrency and know how to buy GXS

1. What is GXShares?

GXShares (GXS): The basics

  1. GXShares (GXS) is the native cryptocurrency of the Gongxinbao (GXB) blockchain platform. It is a utility token that is needed for transactional purposes on the various applications built on platform’s own blockchain, called the “GXChain.”
  2. GXS also acts as a medium for raising capital for development and other purposes. GXShares are issued by GXS Foundation Ltd, which is located in Singapore; however, the entire platform is governed by China based Hangzhou Credit Data Technology Co., Ltd.

GXB Platform

  1. GXB is a commercialized data marketplace based on the blockchain. The platform is meant to offer a secure and decentralized marketplace for the commercial exchange and protection of data online.
  2. GXB aims to use blockchain technology for creating an easy and cost-efficient ecosystem for frictionless data flow. The blockchain will facilitate direct communication between the buyer and seller of data; thus enabling a low cost and faster data flow mechanism.

Development

  1. Hangzhou Credit Data Technology Co., Ltd. was founded in July 2016 by Minqiang Huang with cofounder Guojun Tu. Both Minqiang and Guojun are serving in the company as its CEO and the Vice president respectively, while Cheng Wang is serving as the CTO.
  2. The Foundation has pre-mined a total of 100 million GXS tokens. 51% of the total amount is frozen by the Foundation for business development, marketing and other uses. These frozen token will be made available gradually, with 6 million tokens unfrozen in the first year, followed by 5 million tokens every year.

 

2. What are the benefits of GXShares?

GXS Technology

GBX platform has used blockchain technology to create a CBD model. The model represents three integral elements in the GBX ecosystem, “C” is for the customers, “B” represents businesses, and “D” stands for the developers.

  1. For Customers (C) — Blockcity: Blockcity is a decentralized application that is built on GXChain. It acts like a virtual city, allowing users to manage and share their data with other individuals using the app. Blockcity creates a unique G-ID belonging to each user on GXChain after verifying their authenticity through external identities. The development team behind the app claims that Blockcity does not store or cache users’ data. As of July 2018, Blockcity has over 1.6 million verified users.
  2. For Businesses (B) — Decentralized Marketplace: GXS’s decentralized data marketplace is a peer-to-peer data trading platform. In addition, it provides other features such as data protection, copyright protection, privacy protection, fraud prevention, etc. Initially a B2B platform, it has now expanded into a B2B, B2C, C2B, and C2C data transfer platform. It can be used by various organisations from different sectors like banks, healthcare, insurance, logistics, and governments. Since its commercial launch in September 2018, the marketplace has been able to generate more than 7 million USD as data revenue.
  3. For Developers (D) — GXChain: GXChain is perhaps the most critical part of “CBD” ecosystem. It is a permissionless, public blockchain, which provides many unique services in addition to smart contracts and Blockchain as a Service (BaaS). GXChain aims to facilitate the development of decentralized applications by providing the necessary building blocks to developers. As of July 2018, GXChain is able to process up to 100,000 transactions per second with a block time of just 3 seconds.

Consensus Mechanism: GXChain operates on Delegated Proof-of-Stake consensus mechanism, in addition to a Proof-of-Credit Share consensus algorithm. DPoS is used for the maintenance and governance of blockchain, while PoCS supports the data exchange consensus.

  1. Delegated Proof-of-Stake consensus is originated from the Graphene blockchain. It requires GXS token holders to lock their tokens to vote on the delegates selection process. The selected delegates are then responsible for maintaining blockchain security and validating transactions across the GXS network.
  2. Proof-of-Credit Share consensus algorithm is developed by GXS development team with the goal to maintain a balance of data exchange between big–small companies. Each entity that is exchanging data is granted a PoCS score, which is derived from the transactions frequency. PoCS score determines the transaction fee that is to be levied on the data-exchanging parties. A higher PoCS score will require a low transaction fee or vice-versa.

 

3. How to buy & store GXShares?

How to Buy GXShares?

GXS Foundation has reserved 5 million GXS tokens from its total supply for the GXS mining pool; enabling users to obtain GXS through mining. Of course, users can also acquire GXShares via trading.

  1. GXS cryptocurrency is available for trade on numerous cryptocurrency exchanges such as Binance, Bit-Z, Gate.io, QBTC, etc. GXS can be exchanged with BTC, ETH, USDT, and CNY.
  2. The ideal way to buy GXS on any cryptocurrency is using CoinSwitch, the largest cryptocurrency trading platform. CoinSwitch allows users to exchange more than 300 cryptocurrencies at one place. Users can compare GXS rates in real-time across all leading exchanges and trade at the best available rate.
  3. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your GXS cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

How to Store GXShares?

GXS development team provides an official GXS Wallet for storing the GXShares token. The wallet is available on multiple platforms and can be downloaded from the official website or GXChain’s Github profile.

  • GXS desktop wallet is available for Windows (32 & 64 bit), Linux, and MacOS.
  • GXS mobile wallet is available for Android and iOS.
  • GXS web wallet is available on all major browsers.

 

4. What is the future of GXShares?

Trend So Far

  1. As of July 2018, the GXS cryptocurrency holds the 60th position on the global cryptocurrency market, with its market cap of over $191 million. 60 million GXS tokens are circulating in the market out of the total supply of 100 million tokens.
  2. Since its launch in 2017, GXShares has been highly volatile in the cryptocurrency market. The cryptocurrency reached its all-time high price of $10.38 in January 2018, followed by an immediate decline in its price.
  3. After witnessing its all-time high, price fluctuations led its price to fall to as low as $2.67 in March 2018. As of July 2018. GXS’s price seems to be recovering and trends near $3.1.

Also Read: Complete Analysis of GXShares | Live GXShares (GXS) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 21, 2018

3.10

3.28

3.07

3.15

11,547,200

186,121,000

Apr 01, 2018

2.70

2.90

2.47

2.58

1,211,250

162,176,000

Feb 01, 2018

4.97

5.27

4.18

4.33

5,463,210

297,978,000

Dec 01, 2017

2.81

3.01

2.69

2.97

11,403,300

113,994,000

Sep 01, 2017

3.56

3.62

3.50

3.50

5,953,820

139,010,000

Jun 25, 2017

5.89

6.45

5.41

5.79

19,932,900

-

 

 

5. How is GXShares different from other cryptocurrencies?

  1. Unlike most cryptocurrencies that are meant to facilitate peer-to-peer transactions, GXShares is an integral part of a complex ecosystem. GXShares is not just a payment system, it is a decentralized marketplace and a blockchain platform.
  2. GXChain is able to process 10,000-100,000 transactions per second. This speed can be further increased in the future with blockchain expansion.
  3. GXChain uses Proof-of-Credit Shares algorithm. The algorithm is specifically designed to support the data exchange consensus. PoCS is essentially used for maintaining transparency in the transaction fee.
  4. Unlike Proof-of-Work consensus, used in Bitcoin and Ehereum, GXChain uses Delegated Proof-of-Stake as its consensus mechanism. DPoS requires GXS token holders (witnesses) to select delegates for maintaining the blockchain.

 

6. Should you invest in GXShares?

  1. In light of the recent massive data breaches that affected large parts of the world, from individuals to industries, GXS is providing a much needed solution by leveraging blockchain technology. The data industry seems to be growing further, in future. With it, GXChain also has the potential to grow as a platform.
  2. GXShares has been backed by many investors such as Nirvana Capital, 8Decimal, ZhenFund, Fission, LINKVC, Stars Capital, and others.
  3. In addition, the platform’s app Blockcity already has a massive user base of over 1.6 million users.
  4. GXS’ market performance has been relatively well, considering the fluctuations the cryptocurrency has exhibited. As of July 2018, GXS is trending on 60th amongst the top 100 cryptocurrencies by market capitalisation. It seems to be a lucrative investment for the long-term.
  5. However, these predictions are subject to the volatility present in the cryptocurrency market. Users should always do their own research before investing.
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