GXChain cryptocurrency guide advises where to buy and how to buy GXChain. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about GXChain as well its status in the world of cryptocurrencies.
GXChain, Sunday, 2021-04-11
- 1 What Is GXChain?
- 2 Beginner's Guide to GXChain
- 3 Where and How to Buy GXChain?
- 4 GXChain Markets
- 5 Where to Spend or Use GXChain?
- 6 How Does GXChain Work?
- 7 GXChain Regulation
- 8 Is GXChain Secure?
- 9 History of GXChain
- 10 GXChain Videos and Tutorials
- 11 See Also
What Is GXChain?
GXChain is a decentralized and open-source data exchange platform that targets to revolutionize big data processing. The platform operates without caching personal data to guarantee users extra data privacy and prevent counterfeiting and fraud.
The era of big data is here. With the fast evolution of information technology, the rate of data production has grown exponentially. This growing volume of data is a treasure that individuals and organizations can harness for social productivity and economic progress. However, it has raised the issue of monopoly where the bulk of the data and processing is in control of few corporates such as Google and Amazon.
Now, GXChain has introduced a reliable and comprehensive data exchange network that allows data to flow and circulate efficiently. It also has its native cryptocurrency referred to as the GXChain Shares (GXS) that is used for making payments on the network. The decentralized model of the GXChain is helping to liberate both individuals and businesses from the monopolies that have over the years made data circulation, cost, and safety very complex.
GXChain aims to become the largest data trading network where user privacy and copyrights are strictly adhered to. This means that it has direct usability at the personal, enterprise and even government levels. This extended use cases of GXChain has made its value to grow steadily over the years. However, its price has not followed a similar trend. Indeed, it has actually slackened between June 2017 and June 2018. Here is the complete look at this platform that everyone is referring to as the sleeping giant.
Beginner's Guide to GXChain
<!-Have you been looking forward to joining a cryptocurrency that promises very high returns? Take some moment and look at GXChain. GXChain is one of the new blockchain platforms and cryptocurrency that has won the hearts of both organizations and governments. Though its price had not made significant movements by mid-2018, blockchain experts appear in agreement that this is the project to watch. Therefore, is it the right project for you?
This guide is designed to help you understand the GXChain network and how it works. From the definition to consumer protection, everything is covered in this guide. The guide answers key questions such as what is GXChain, can GXChain grow to become a major payment network, and what happens when GXS gets lost? No matter the questions or concerns you have about GXChain, this guide is all that you need. Welcome to discover more.
Where and How to Buy GXChain?
GXChain is one of the best performing cryptocurrencies in the market. With its fast-rising popularity and huge potential for growth, it is one of the options that you should consider acquiring the native tokens, and wait to reap huge returns in the coming years. The easiest and direct method of acquiring GXS is buying them and depositing to your wallet. Here are the two main methods you can use to purchase the tokens.
- Buy the tokens from cryptocurrency exchanges: The exchanges are the primary markets for cryptocurrency tokens. They are created to operate like forex trading platforms though they deal with digital assets as opposed to fiat. Note that buying GXS from the exchanges will require you to open a trading account and verifying it with government issued or recognized information. Some of the top exchanges that list GXS include Binance and Changelly.
- Buy directly from those who already have the tokens: If you can get a person who already has some GXS and want to sell, it is possible to make a direct purchase. The best places to get such people with are the cryptocurrency clubs. The clubs are created to help people share information about cryptocurrencies. But they have emerged as top options for those who want to sell or buy tokens without going through the lengthy process of signing for accounts in the exchanges. A good example is the Cryptocurrency Club of London.
When you decide to join the GXChain or other crypto networks, one must have item is a cryptocurrency wallet. This is the location that will hold your GXS after a successful purchase or mining. Here, it is important to appreciate that though wallets are considered the location for holding GXS, the tokens do not and cannot leave the native network. What the wallet stores are a set of codes that point at the users' tokens and calls them to live when executing transactions.
- The private keys: This is a very important code in the GXChain network. It helps users to call their tokens and allow them to run transactions. Like the name suggests, this code is private and should never be shared with third parties.
- The public keys: Unlike the private keys that point at your tokens on the GXChain, the private keys point at the wallet. The code acts as the address that your payers need to use when paying you in GXS. The code is also used by miners to follow back on different user accounts and confirm they have ample tokens to spend.
- The seed phrase: This is a lengthy code that allows users to regenerate the private keys in the case of a loss. It is very important to store the seed phrase away from the main computer because it could be the only way to restore your GXS after a loss.
The only wallet supported by GXChain is the GXChain wallet. Though the development team has indicated it will consider supporting other wallets, the current design is considered a great option, especially for security management.
Where to Buy GXChain with Credit Card?
One of the top payment methods today is the use of credit cards. The cards are preferred by many buyers because they are accepted in many stores; both online and conventional. The cards are also preferred because they are easy to recharge, track operational history, and even access credit. Now, users can also use credit cards to buy cryptocurrencies such as GXS directly at Changelly.
If you want to buy GXS from other cryptocurrency-only platforms, the process will involve two stages. First, you have to start by purchasing alternative coin such as BTC or ETH from another platform such as LocalBitcoins.com. Then, use the coins to buy GXS from the exchanges such as Binance or Gate.io.
Where to Buy GXChain with PayPal?
There is no method that can be used to buy GXS directly using PayPal. PayPal sees cryptocurrency networks as direct competitors and, therefore, blocks all associated payments. However, they have indicated that the policy will be reviewed to facilitate such payment in the coming months. What this implies is that those with cash in PayPal accounts can only buy GXS by first withdrawing to a bank account or credit cards.
How to Buy GXChain with Wire Transfer?
Some of the most trusted organizations in the globe today are banks. Their strict adherence to laws and professionalism makes them ideal points for sourcing financial advice, processing salaries, and even sourcing credit. Now, you can also use banks wire transfer to buy GXS using the following process.
- Start by acquiring a GXChain wallet. This is the ultimate place where the GXS will be held.
- Buy an alternative coin, preferably, Bitcoin from a different platform such as LocalBitcoins.com. This is the coin you will use to exchange for GXS at an exchange such as Binance or Gate.io.
- Select the preferred exchange that lists GXS and open an account. You will also be required to confirm the account using government-issued details such as telephone number and proof of location.
- Go to the section for purchasing digital assets and select the quantity of GXS that you want to buy. Then select pay with Bitcoins and complete the transaction. Once the process is completed, the acquired GXS will go to the trading account.
- To get better control and safety for the coins, you will need to transfer them to the wallet you acquired in the first step of this process. This is important because most exchanges have become an easy target for hackers.
Where to Sell and Trade GXChain?
If you have some GXChain tokens, you can opt to hold them waiting for the price to go up and enjoy resultant ROI. However, experts recommend selling and trading on different platforms. These are platforms designed to bring together buyers and sellers so that the price of the respective assets are driven by forces of demand and supply. Some of the top trading and selling platforms include Binance and ShapeShift.
As you set out selecting the trading and selling platform, it is important to appreciate that they are the soft underbellies of the blockchain niche. Take a sample of the biggest hacks in the blockchain sector and the chances are they took place in the exchanges. For example, Coincheck was attacked in January 2018 and millions of traders' coins siphoned away. A month earlier, another exchange referred to as Youbit was hacked in South Korea and millions of users’ coins stolen. Youbit was forced to file for bankruptcy.
With these numerous risks coming from all corners, here are some useful tips that can be used to pick safe platforms.
- Only select the platforms with total commitment to users’ information and assets security. Some features to consider include 2-factor authentication and use of cold storage.
- The selected platform should have a long list of tradable assets that users can pair with GXS. This will provide them with a profitable pair to shift to if the current one becomes less desirable.
- A good platform should have reliable customer support so that users can get assistance if they get stuck.
- If you want to trade GXS, look for the platform that provides advanced trading metrics that can help to make the right decisions. Even if you are new to cryptocurrency trading, having the right metrics will help you to operate like a pro.
- Go for the platform that low transaction fees. If the fee is very high, your profits will be eaten away. To know the platform with more affordable rates, make sure to compare different exchanges that list GXS.
How Much Are the Transaction Fees of GXChain?
The GXChain whitepaper does not provide a clear outline of the transaction charges on the network. The transaction fee at GXChain is partly based on Proof-of-Credit Share (PoCS) for data consensus. PoCS is a consensus algorithm designed to help to solve the imbalance of data exchange between major and small users. The algorithm allocates scores to members based on the time they finished exchanging data and frequency. Members with a higher score will pay less in transaction fee compared to those with lower scores.
Cryptocurrency markets have been growing at a very fast rate to keep pace with the growing list of cryptocurrencies and demand. Though GXChain was one of the youngest cryptocurrencies in the industry, a lot of markets have agreed to list it in their platforms.
Binance is a Hong Kong-based cryptocurrency market started in mid-2017 by Changpeng Zhao. Zhao was concerned that the exchanges that operated around mid-2017 were largely driven by the ensuing profits and had little commitment to taking the blockchain technology to the next level. With his experience in forex and cryptocurrency trading, Zhao created Binance to help make trading easy, affordable, and secure.
To achieve his objectives, Zhao also released a native token referred to as BNB. Though the token can be used like others in the market, it is primarily aimed to help power the Binance platform. It is used to motivate traders to join and use the platform.
Binance has made a name for being the cheapest platform in the cryptocurrency industry. To trade in the platform, you are only required to pay 0.1%. But the exchange goes further than that. If you pay the transaction fee in BNB, a discount of 50% is given. This means that you will only pay 0.05%. Note that this is applied to all trades without giving restrictions based on traded volume.
To help traders operate more profitably, Binance lists a lot of digital assets. Whether you want to trade the top digital assets such as BTC and ETH or newer options such as Loopring, be sure of getting them at Binance. The exchange also lists new tokens released through ICOs to help traders pick great investment opportunities before such assets’ value starts growing.
The biggest challenge of using Binance is that it is a crypto-to-crypto only platform. This implies that if you have cash in a credit card or bank account, it is impossible to buy GXS or other assets. Such users will have to start from another exchange such as CEX.io or Changelly.
Changelly is a Czech based cryptocurrency exchange that was started in 2013. The exchange’s greatest selling point is that it supports deposits and withdrawals using fiat currencies. You can opt to use direct bank wire transfers or credit cards when making deposits. This has made the exchange a sort of a gateway for people who want to join the industry but only have fiat currencies.
To make trading easy and profitable, Changelly lists many digital assets. It also utilizes advanced trading bots that integrate it with the world’s largest platforms such as Poloniex, Bittrex, and Binance. What this implies is that users have access to more advanced data to help them understand the emerging trends. Even if you are new to cryptocurrency trading, the metrics will help you make the moves like a pro.
The transaction fee at Changelly is 0.5%. This makes it one of the most expensive markets in the cryptocurrency industry. Though the management of the exchange indicates that it is within range, many traders have been calling for a downward review to the level of other exchanges such as Binance.
The biggest challenge of using Changelly is that its API has been a target for major phishing scams. Other drawbacks include lack of leverage and limits on transactions that one can use with credit cards after joining the network.
Gate.io is a cryptocurrency exchange started and run by Gate Technology Inc. The market was started in 2017 to help simplify cryptocurrency trading. The founders were especially concerned that trading was becoming very risky with most hacks since 2009 being perpetrated at the exchanges.
To guarantee users of optimal security, Gate.io utilizes Super Secured SSL link and 2-factor authentication. Besides, most users’ assets are kept in secure cold storage to ensure that the loss that can happen in the case of an inevitable attack is very small. Even though the fee is relatively higher compared to other exchanges such as Binance and KuCoin; more people appear to prefer Gate.io to enjoy the high level of security.
Many people coming to Gate.io are sure of accessing many digital assets to pair with GXS. They can opt to trade the GXChain tokens with top coins such as OmiseGo and Bitcoin or newer options that have huge potential for growth. Besides, Gate.io also provides advanced metrics that help users to follow the performance of specific tokens ion the market. This implies that even new traders can easily follow these metrics to make the right moves and trade like pros.
The transaction fee in the exchange is 0.2%. This makes it significantly expensive compared to other top exchanges in the market such as Binance and KuCoin that charge even less than 0.1%. Note that the cost does not stop there. Traders are also charged an additional fee for withdrawing GXChain tokens from the platform.
The main issue of using Gate.io is that it is a cryptocurrency only platform. This implies that only those with cryptocurrencies can be allowed to operate in the platform. If you have cash in a bank account or credit card, there is no method that can be used to deposit on the platform. Instead, you will be required to start on a different platform such as LocalBitcoins.com.
Value of GXChain
The value of GXChain has grown steadily between launch and mid-2018 to thrust it to the top 100 cryptocurrencies based on market capitalization. By the close of July 2018, the market capitalization of GXChain was $164,379,600 at a price of $2.74. This puts the cryptocurrency well ahead of other top cryptocurrencies such as Nebulas with a market cap of $142.1 million and Emercoin with $134.1 million.
Is It Profitable to Invest in GXChain?
Since GXChain inception, its price has been on a negative trend. This is not good news for those people who have been targeting high ROI (return on investment). For example, the price of GXS in June 2017 was well above the $5 mark. A year later, around June 2018, the value had gone down to less than $3. This means that those who had invested in the coins are experiencing negative ROI. However, this does not mean that investing in GXChain is not profitable. As more people continue discovering the huge potential in GXChain, the demand is likely to go up and raise the price. This will ultimately drive up ROI.
Where to Spend or Use GXChain?
If you have some of GXChain tokens, they are the primary method of payment for using the GXChain network. You can also use it to pay for transaction fee when trading in the exchanges. Though the platform is targeting to make itself a major coin for conventional payment, there is no doubt that a lot needs to be done to make more stores accept direct payment using GXS.
Can GXChain Grow to Become a Major Payment Network?
Yes, GXChain has a huge potential of becoming a great payment network. To achieve this objective, the development team ensured that GXChain is highly scalable. Its optimal transaction capacity of 100,000 transactions per second implies it can handle more than industry leaders such as VISA and even Bitcoin.
The development team has been working extra hard to draw more people into its system. Most of its partners such as China Unionpay, CashBus, and PP Money coming to use the network will directly or indirectly add new clients to the GXChain system.
The growing popularity of GXChain is drawing more people into the network. The low transaction charges are likely to make people use the network for value transfer and even payment for services.
Note that the capacity of the network to emerge as a major payment network will also depend on other factors such as competition and the looming regulations.
How Does GXChain Work?
GXChain operates using a model designed by its development team; CBD. ‘C’ stand for customers, ‘B’ for business, and ‘D’ for developers. The ecosystem seeks to link the three on a peer2peer basis for easier flow of data at reduced costs compared to the standard centralized operators. Here are the key components of this ecosystem.
- The blockcity
- This is a mobile application based on GXChain that targets helping users with data management and sharing. Using the app, users are able to take full control of their data without caching it. This guarantees users of utmost privacy.
- The blockcity is used for real name verification and further consolidation of a user data via third-party platform authorization. The GXChain also uses the app to enable users to purchase data from the marketplace. The app is the main tool that customers can use to profit from their data usage.
- Decentralized marketplace
- This feature provides an alternative to the traditional marketplace where a middleman was required to complete transactions. The GXChain decentralized marketplace provided users with many advanced features including copyright protection, fraud prevention, data uncached, and mutual anonymity. The data marketplace has become an attraction to banks, governments, logistics, healthcare, and even insurance organizations.
- The GXChain blockchain
This is a permissionless blockchain that supports many types of application development. The platform supports smart contracts, ID verification, blockchain as a service (BaaS), swift-login, and multi-dimensional data. The main goal of the network is to ensure it can support as many organizations as possible.
Does GXChain Use Blockchain Technology?
Yes, GXChain utilizes blockchain technology. The platform is a public blockchain that is designed to facilitate data exchange and, further supports apps development to help with big data in various fields. The blockchain also uses the native token as a unit of transferring value. To achieve the blockchain goals, the GXChain employs two consensus algorithms;
- Delegated Proof-of-Stake (DPoS): This method requires GXS holders to select delegates who are involved in validating and maintaining the blocks.
- Proof of Credit Share (PoCS): This algorithm was developed to help solve imbalance of data exchange between small and big enterprises. It allocates scores based on users’ transaction frequency. Members with higher score enjoy lower transaction fee.
Other key features of the GXChain network include processing power and expandability, real-time parameter adjustment, multiple industrial support, GXChain development kit, Client API, and Blockchain explorer API.
GXChain platform utilizes Delegated Proof-of-Stake (DPoS) consensus model that requires all coin holders to select delegates who will help to verify transactions and add new blocks to the public ledger. To mine the network, you can do it in two ways.
- If you have a small stake, you can lend it to those with a higher stake in order to get part of the reward they receive after adding new blocks.
- You can also increase your stake and become active in the network to get selected as a delegate. In such a case, you will be directly involved in confirming transactions on the network.
What Are the Advantages of GXChain?
GXChain has been referred to as the sleeping giant that will revolutionize the blockchain network, especially the data handling niche. By creating a more reliable and secure way of processing and transferring data, here are the main benefits that people should anticipate from the network.
- GXChain has come at a time when many organizations including governments have been struggling with the issue of big data. This is one of the reasons why its popularity has been growing across all stakeholders at a very steady rate.
- GXChain is designed to ensure that organizations and individuals can process and exchange their data without compromising privacy. This makes it a better option compared to the current giant companies. Using the platform, you are assured of enjoying greater anonymity with low risk of fraud and counterfeiting.
- Because big data has become a big issue for both government and big companies, GXChain is attracting huge support for the platform. This could also help to shape the looming regulations as administrations start noticing the positive aspects of cryptocurrencies.
- For those who want to invest and use the network to send value, they are assured of enjoying lower transaction charges and freedom from third-party seizures. The advanced encryption used at GXChain helps users to operate anonymously so that no one can know your account balance or even unmask your identity.
- Like other decentralized networks, GXChain is a great platform that allows users to join and own the network. Using its Delegated Proof-of-Stake consensus model, users who have a stake in the platform are entitled to participate in its governance. You will be called to vote when major decisions are being made about the network.
What Are the Risks of GXChain?
While the benefits associated with joining the GXChain are indeed many it is important to look at them against the risks before joining the network. Here are the main risks to expect after joining the GXChain network.
- By venturing into the field of data storage and exchange, GXChain waded right into some of the business giant's niches. Google, Amazon, and Microsoft among other giants are likely to put up a spirited fight to protect their space.
- The danger of the looming regulations. Because of the numerous risks that governments have associated with cryptocurrencies, they have threatened to pass very harsh regulations. If they live to their threats, such regulations could easily push GXChain into recession.
- The threat of emerging competitors. Today, new cryptocurrencies are hitting the market at a very fast rate. If newer networks offering similar services join the data exchange niche, GXChain is likely to face very stiff competition. This could result in shrinking of its market share and even profitability.
- The danger of token loss through attacks. While the GXChain has been very aggressive in identifying threats and thwarting them before they strike, the danger of attack still looms. It is important that the development continues to strengthen the core code to prevent attacks and keep the network growing.
- The network is relatively new. Though the development team has done a great job to demonstrate how the GXChain works, one reality is that the platform is relatively new. This means that most of the features are yet to be considered stable. It will require about five years or more to be proven a stable network.
What Happens if GXChain Gets Lost?
Every time that you check into cryptocurrency community blogs, the chances are that you will not miss a person crying that his or her tokens have been lost. This can be really devastating especially when you had dedicated a lot of resources and time to acquire GXS. To operate safely on the GXChain network, it is important to understand what actually happens when the tokens get lost.
- Los through forgetting the private keys: In this case, the GXS will still be in the network but in an idle state. You can restore them by regenerating the private keys.
- Loss through damage to the wallet: If the wallet is damaged, it implies the store plus the tokens have disappeared. In such a case, the tokens will still be in the network but in a dormant state. You can restore them by reinstalling the wallet from a backup.
- Loss through hacking or sending to the wrong address: In such a case, the GXChain tokens are considered to have changed hands and now belong to another party. They cannot be restored.
The topic of cryptocurrency regulation is a weighty one for many countries. Many administrations feel that cryptocurrencies are out to usurp their powers. Therefore, they have committed to passing very harsh regulations to contain the wild growth. In the United States, the country does not have a legal framework. It appears torn between crafting a local approach and going global. But it is not just the US that has a problem with cryptocurrencies; the UK, the EU, Russia, South Korea, China and Australia have all expressed concerns. Here are some of the threats that these countries have been indicating.
- Cryptocurrencies do not have consumer protection.
- They pose a huge risk of total loss
- Many people hide behind the cryptocurrency anonymity to avoid paying taxes.
- Because they are peer2peer, they could displace legal and tax-paying organizations.
- The cryptocurrencies could easily become the next Swiss bank accounts.
- They are distorting the conventional investment landscape.
The interesting thing about many countries is that even though the risks are easily visible, none of them had installed a clear framework by mid-2018. But a closer scrutiny of the situation reveals that coming up with a legal framework is no walk in the park. Many countries were at the frontline supporting financial technology (fintech) with the intention of becoming global financial hubs. However, one of the resulting products of the development was cryptocurrencies such as GXChain. Now, they are finding it hard to craft regulations of limiting what they created. A good example of this is Hong Kong. The jurisdiction had even set up a Fintech Facilitation Office (FFO). Other factors hindering crafting or cryptocurrency regulations include.
- The technology is evolving too fast that a lot of administrations are forced to play catch-up.
- As decentralized applications, cryptocurrencies such as GXchain do not have a specific entity to implement policies and targeted regulations. Unless a law is global, limiting them at the local level will not hinder them from growing.
- The topic of cryptocurrencies is now turning into a hot political issue. Because cryptocurrencies have opened a new and cheaper way of doing things, administrations opposing them are seen to be going against the will of the people.
- Cryptocurrencies such as GXChain have helped address serious issues that have refused to go away for many years. One example is the issue of big data.
It is important to appreciate that though the countries lack clear legal frameworks, the commitment to pass them will finally yield results. Therefore, if you are planning to join the niche through GXChain or other networks, be prepared about the looming laws. To understand where the laws have reached in various jurisdictions, here is a closer look at individual jurisdictions.
Is GXChain Legal?
GXChain is legal in most countries because they do not have clear legislation. Note that most countries, even those depicting dislike for cryptocurrencies, have not crafted legal frameworks to support their stand. Here is a closer look at individual jurisdictions.
(1) The United States
The United States is one country that does not have a clear approach to cryptocurrency regulations. At the local level, different departments appear to pull in various directions. The Commodities Futures Trading Commission (CFTC) was the first to give a clarification that cryptocurrencies should be considered as commodities. However, the Securities and Exchange Commission considers the cryptocurrencies such as GXChain as securities. IRS (Internal Revenue Service) further argued that cryptocurrencies are not currencies.
Instead of taking a local approach, the US administration has opted for a global one. In January 2018, the Financial Stability Oversight Authority (FSOA) indicated that US will work with other G20 members to come up with a global approach to counter the emerging threats of cryptocurrencies. Speaking at the World Economic Forum in January 2018, the Secretary of Treasury, Steve Mnuchin warned that failure to tackle the risks risked opening a channel for new Swiss bank accounts.
To seek further international support, the Deputy Director of Treasury, Sigal Mandelker sought to rope the Asian crypto giants. He met the financial leadership of South Korea, Japan, and China and emphasized on the need for urgent regulations. Speaking to the press on Japan, Sigal commended the approach taken by the Asian countries to contain cryptocurrencies.
With the US yet to come up with a clear legal framework to guide cryptocurrencies, Individual states have lost patience and started crafting local legal arrangements to deal with cryptocurrencies. In April 2018, Arizona passed HB 1091 that allows citizens to pay taxes in cryptocurrencies. The new law has become a reference point for other states and even countries because it has opened a new viewpoint; cryptocurrencies can be used for positive gains.
(2) The EU
Like the United States, the EU does not have a clear approach to cryptocurrency regulations. The giant Union’s organs have been pulling in different directions with no clear pointer on the path to be followed. The first to fire the salvo was the EU Central Bank. The highly influential bank indicated that cryptocurrencies are very risky and users should be very careful when dealing with them. Because they lack consumer protection measures and act as ripe platforms for ponzi schemes, the bank encouraged people to stay away from them.
The EU Parliament, the laws making organ of the giant union, appeared to take a slower approach to cryptocurrencies. The parliament pointed out that though there are risks related to cryptocurrencies such as GXChain and Bitcoin, it is also important to appreciate the positives that come from them. Therefore, the parliament called for further studies to make sure that the risks are identified for mitigation and benefits expanded to all citizens.
The EU Commission, (the executive branch of the union) indicated that an urgent solution to curb cryptocurrency growth is long overdue. Speaking on behalf of the commission, the Deputy President, Mr. Valdis Dombrovskis pointed out that there are numerous liability gaps and serious danger of security failures. He called on the EU parliament to fast-track the related legislation to guarantee the citizens of total protection.
While the EU, the US and others such as China indicate the threats from cryptocurrencies, Venezuela is seeing none of them. Indeed, the country has crafted its own cryptocurrency referred as petro cryptocurrency. Despite Venezuela and its currency not amounting to much at the global front, one thing that many have been wondering about is the primary drive for the blockchain thirst.
It appears that Venezuela is being driven by something different other than love for cryptographic solutions. For years, the country has been under international focus for abuses of human rights. This has attracted numerous sanctions from the US and other jurisdictions across the globe. Because cryptocurrencies are anonymous, Venezuela has managed to beat the sanctions because it can sell its petroleum through petro cryptocurrency without raising a red flag.
The idea of addressing sanctions using cryptocurrencies turned out to effective that Venezuela is now expanding it to all departments of the country. In April 2018, Venezuela president Nicholas Manduro issues a decree that all government departments adopt the petro cryptocurrency and use it alongside the country’s currency. The decree only fell short of declaring petro cryptocurrency as a legal tender. The decree was supported by the country’s parliament.
The smooth implementation of petro cryptocurrency has attracted international attention as more countries seek to replicate similar successes back at home. For example, Russia has indicated it will send a delegation to Venezuela to learn about the petro blockchain and possibly adopt some of its components.
Switzerland is one country that has expressed deep support for cryptocurrencies. The jurisdiction, like in many instances in its history, has opted to go against the stand taken by the neighboring countries including the EU. The Swiss administration has been categorical that it will stop at nothing in ensuring that cryptocurrencies flourish in the nation. The administration has indicated that it wants to become a crypto nation.
In January, the Economics Minister, Johann Schneider-Ammann told the press that they had created an ICO working group that would propose tech-neutral solutions to support cryptocurrencies. The supportive stand has seen many cryptocurrencies especially those run by independent foundations setting their bases in the country. Because of this, many towns are experiencing a huge boom with many blockchain companies. Zug, a town south of Zurich has been nicknamed the Crypto Valley. The Swiss Municipality is also offering blockchain-based companies with advisory services on how to set up their bases there and grow rapidly.
By the close of 2018, the Swiss government will craft a draft law to guide cryptocurrency operations in the country. One thing that stands out when it comes to cryptocurrencies in Switzerland is that the country will always be an oasis even if other nations go against the technology.
GXChain and Taxes
The subject of cryptocurrencies is as complex as that of their regulations. Many people coming to cryptocurrencies indicate the desire to operate in absolute anonymity. However, this anonymity has been a great driver to people looking forward to avoiding paying taxes. As a result, many administrations have indicated they will want to limit anonymity through regulations to be able to capture tax cheats.
In the United States, Credit Karma pointed out that only a handful of the people indicated their income from cryptocurrencies. But the US is not alone. In China, the country was forced to ban cryptocurrency trading and use of ICOs in 2017. Other countries grappling with similar tax-related issues include the UK, South Korea, and Australia.
Tax experts have, however, faulted people who are using GXChain and other cryptocurrencies to avoid paying taxes. They have indicated that the primary goal of blockchain technologies such as cryptocurrencies was not to help people evade paying taxes. Rather, they targeted to provide a new, easier, and more efficient way of doing things.
As cryptographic technologies keep advancing at a very fast rate, it will become easy to unmask people who have been evading paying taxes. To demonstrate this, take a look at Bitcoin. After launch in 2009, many people flocked to the Bitcoin network to enjoy total anonymity. However, this status changed a couple of years down the line. Today, Bitcoin is no longer referred to as a completely anonymous network because user details can easily be pulled out. This situation is expected to replay in other networks such as GXChain in the coming years.
Tax experts encourage people joining GXChain networks to ensure they meet all the tax dues to avoid facing cases of tax avoidance in the future. Here are some useful tips that can help you operate on the GXChain without breaking tax laws.
- Consider income generated from GXChain as taxable revenue.
- Make sure to capture trading operations in GXChain when filing returns every year.
- For traders who use GXChain, it is advisable to work with a tax expert to ensure that the balance sheets are done properly.
Does GXChain Have a Consumer Protection?
GXChain does not have consumer protection. It operates as a completely decentralized network which implies there is no central entity that has control over what happens on the system. The governance of the network is dependent on decisions made by nodes spread across the globe. The bottom line about this model of governance is that you are alone after joining the network. For example, if you send GXS to the wrong address, there is nowhere to take the complaint. To operate safely on the network, here are some useful tips.
- Never share the private keys with third parties. You should store the private keys and the seed phrase carefully and preferably away from the main computer.
- When selecting the exchanges, it is preferable to go for those with a great focus on security. Check for 2-factor authentication, use of cold wallets, and even insurance of user assets where possible.
- Consider designating a specific computer to GXChain operations only. Even if you need to use the same device for other transactions make sure to avoid visiting the risky websites.
- After trading GXS on a specific exchange, ensure to always move them to your wallet where you have absolute control.
Illegal Activities with GXChain
Many criminals have turned to cryptocurrency networks to defraud clients because they can operate anonymously. Whether they are running ponzi schemes or scams, the cover provided by blockchain networks makes them have the confidence that they will not be discovered by third-party entities such as law enforcement organizations. However, no illegal activities had been reported with GXChain by mid-2018.
Is GXChain Secure?
When GXChain was designed, one of the primary concerns was the security of user data. Therefore, the founders and the development team wanted to guarantee users that their details and funds are secure. Here are some of the things used to secure the network.
- The development team improves on the GXChain system through regular updates. They review gaps and fill them to ensure that hackers do not utilize any gap in the system to gain entry.
- The network uses Delegated Proof-of-Stake consensus that helps with even distribution of GXChain tokens. This has been very helpful in preventing 51% attack.
- The network uses advanced encryption that helps to keep user information and funds free from third parties.
Is GXChain Anonymous?
A closer look at the traditional data transactions indicates that middlemen were required to run transactions. Now, GXChain has decentralized the transactions to ensure that your data is safe and secure. One of the main methods utilized for this is privacy protection and guarantee for mutual anonymity. Besides, those who use the network to send value on the network also operate anonymously. The account details and wallets are encrypted to ensure that no one can easily pull out your details.
Has GXChain Ever Been Hacked?
The fast-growing popularity of cryptocurrencies has made them an irresistible attraction for hackers. Most attackers see them as great conduits for siphoning huge amounts of cash because of the ready markets. However, no hacking attack had been successful at the GXChain by mid-2018. The development team has progressively strengthened the core code through progressive updates.
How Can I Restore GXChain?
If you have lost GXChain, restoration can only be possible depending on how well you were prepared before the loss. If you lost the tokens by forgetting the private keys, restoration can only be done through regeneration of the keys using the seed phrase. However, those who lose the tokens through damage to their wallets will need to re-install from a backup. This implies that you will need to carefully secure the seed phrase and backup the wallet in anticipation for a loss.
If you lost GXS through hacking or sending to the wrong address, there is no method that can be used to restore them. They are permanently lost.
Why Do People Trust GXChain?
The fast-growing list of cryptocurrencies in the market has made it an uphill task for investors to pick the most effective digital assets. Because of this, investors are forced to cast their eyes further in order to get the best networks. They want to get the cryptocurrency that can be trusted. Here are the main reasons why GXChain has won huge trust not just in the Far East, but the entire globe.
- By venturing into data exchange and guaranteeing extra privacy, speed, and affordability, even government agencies are now finding meaning in the GXChain network. This will help the GXChain value to grow steadily over time.
- The GXChain network is led by a highly enthusiastic team. The two founders have huge experience in the blockchain, financial, and data management considerations. Besides, the development team also comprises of highly qualified members who are believed to help steer the platform to the next level.
- GXChain has attracted a lot of interest from the corporate world. Many people believe that if a platform has structures that make corporates interested, then it is strong enough to be trusted. Some of the companies that have come forward to forge partnerships with GXChain include China Unionpay, CashBus, PP Money, and Rong360.com.
- The GXChain value and popularity have been growing steadily since inception. This growth has made people agree with the experts' view that the future is very promising. If the development team keeps strengthening the platform and securing it from attacks, its value is likely to grow even further.
- The platform is marketed as the better platform. Whether you want to send value or transfer data, GXChain is marketed as the better option. From the cost to transaction speed, it is better than Bitcoin, Ethereum, Google, and other competitors in the market.
History of GXChain
The history of GXChain can be traced back to early 2017 when the founders decided to craft a cryptocurrency that addressed some of the main issues that were limiting cryptocurrency growth by then. Here are other events that have mapped GXChain history.
- The GXChain was launched early in 2017 with its ICO following immediately in February. A total of 39 million tokens of the total 100,000,000 were sold during the ICO. Another 10 million tokens are held in private equity while 51 million are held under the GXB foundation. Six million tokens were released during the first year while an additional five million tokens will be released every year until the foundation supply is exhausted.
- On September 2017, GXChain commercialized its Decentralized Marketplace. This opened the doors for adoption by more organizations such as banks, insurance, and even governments.
- In December 2017, the first GXS buyback was initiated. The buyback targets to mop 10% of the total GXS tokens and destroy them. This buyback is done every three months after December 2017. The data exchange fee generated at the platform is used to buy back the tokens.
- The price history of GXChain reveals a downward shift between launch and mid-2018. By the close of June, the value of GXChain coin was $5.66. It took a downward shift in the subsequent 15 days to hit $1.75 on July 15th before gaining marginally to $3.35 on 20th July 2018. Then, it fell to $0.9 by September 19th and remained within that range until mid-December. In the subsequent one month, GSX grew steadily to hit $10.38 on Jan 13th, 2018. This was the highest mark in its history. Immediately after the peak, GXS took a sharp decline to $3.27 by March 8th, 2018. The price remained within that range up to mid-2018.
Who Created GXChain?
GXChain was created by Minqiang Huang and Guojun Tu. Huang has more than 10 years in the blockchain niche especially data exchange and financial cryptography. His interest in cryptocurrency started in 2012 when he started following the application of Bitcoin and blockchain related projects of the time. Since them, Huang has been in other projects such as the Hakim Unique Internet Co Ltd where he served as CTO.
Guojun Tu, the Vice President of the project, holds a bachelor degree in Computer Science from Hunan University. His experience in fields such as information security and financial transactions was very instrumental in the early development of GXChain.
Other members of the GXChain who made a huge contribution to the platform's early development include Cheng Wang who is the current CTO and Xiaopeng Xu who is serving as the operations director. The team has put a lot of efforts especially in securing the network from the ever molting cyber threats.
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