GXChain The Foundation launched a proposal to revolutionize branding, economic models, token distribution, and ecosystem cooperation.
Rebranding Points
“Since mainnet in 2017, GXChain is always aiming to create a value network of trusted data. As the dominant public chain in the data field, GXChain 1.0 has been recognized by the global market and a number of applications have been born on GXChain 1.0, successfully fulfilling its historic mission. DeFi’s revolutionary changes in 2020 brought unprecedented changes to the blockchain, project also decided to follow the historical trend, embrace the changes and revolutionize with GXChain 2.0.”
GXChain 2.0 will continue its efforts in the direction of “being a free, lightweight and development-friendly public blockchain”. At present, the GXChain 2.0 testnet has been in stable operation for more than half a year. Today, GXChain Foundation puts forward a “Comprehensive Revolution” proposal.
The updated network will be compatible will Ethereum Virtual Machine. It will also introduce a slashing module along with the creation of a free development platform. The Rei Network does not equal to the GXChain 2.0 but rather builds on it, improving various aspects. It is not a newer iteration but rather a new architecture of how the team aims on fulfilling the goal of the creation of the data internet of value.
New Model And Token Distribution Explained
- Tokens are split equally – so 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.
- 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.
- 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
