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ChainX

ChainX

ChainX is an inter-chain crypto-asset financial blockchain in Web3-Polkadot ecology

Trusted and Scalable BTCLayer2Network

Chain X is the community-run layer 2 network of bitcoin, and your portal into the world of Bitcoin ecosystem.

Custodial Mode -1

V1.0 Light node + multi-signature custody scheme

We assembled Bitcoin light nodes for the first time with Wasm technology, which supports transaction proof verification and POW verification of Bitcoin block headers, with detrusted relay chain as the bridge for notification.

The implementation of light nodes on ChainX adopts the same consensus verification algorithm as the Bitcoin chain in verifying all block headers of the original chain, and ensuring data security through transaction roots and transaction signatures.

Custodial Mode -2

V2.0 Threshold Signature Custody Scheme

What remains the same with version 1.0 is that BTC withdrawal requires multiple signatures of the custodians to complete the asset transfer. What differs is that in 2.0, the threshold multi-signature technology is deployed through Taproot to replace traditional multi-signature method.

The Schnorr signature algorithm can aggregate multiple signatures into one digital signature and store it on the blockchain network. The Mast contract can achieve N/M signatures while hiding complex conditions, which greatly improves privacy protection.

Non-custodial Mode

X- Lighting

The Lightning Network is a new protocol layer built on top of Bitcoin. It uses cutting-edge smart contracts to enable faster transaction speeds and greater throughput than Visa, while retaining the peer-to-peer nature of the Bitcoin protocol.

ChainX will implement its own version of the Lightning Network protocol(X- Lighting), by offering faster and cheaper bitcoin transactions, we will open the door to a new world of bitcoin transactions, many of which are not possible with traditional financial systems.

Timeline

Further Resources

Title
Author
Link
Type
Date

ChainX (PCX) is a 100x opportunity, key infrastructure of Web3 and bridge interoperability

Web

October 17, 2020

References

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