GXChain (GXS) is currently trading at $3.28 USD per coin, representing a total 16% increase in the last 24 hours. This is an incredible increase considering the overall bearish state the market is currently in. The total daily traded volume has doubled in the last three days from $8 million USD to over $18 million USD as at time of press. The coin is currently ranked 71 on the Coinmarketcap rankings in terms of market capitalization. A total of 60 million pre mined GXS coins are in circulation. The market capitalization stands at$196,922,400 USD worth of GXS. The coin’s recent climb is a testament of better days to come as it aims for a $10 value by the end of 2018.
Prophet starts testing on GXChain
The company announced on Thursday that Prophet, a dApp based on the GXChain has started testing its product on the blockchain. Prophet is a decentralized prediction application that works in two parts. One is a mobile predicting platform that allows users to create prediction markets and bet on them, the other is enterprise and corporate based prediction platform.
“GXChain (Public Message Chain) is a data exchange public block chain created by the KPX team. It is the underlying chain of the KPX data exchange. It not only supports the high-frequency data exchange of the KPX data exchange, but also supports developers to develop applications.”
Prophet is set to increase the number of GXChain users by a million in number. The dApp is a Chinese based company that aims to transform the overall prediction market is currently in test phase with the product expected to be released fully in the coming months.
This is one of apps created on the GXChain blockchain with more to join soon. The platform offers fast, secure and reliable transfer of data with speeds of up to 100,000 transactions per second. This allows a highly scalable platform with low transaction costs. The platform uses a proof of stake consensus mechanism whereby the coins used in development of the platform are burned. This theoretically increases the value of the remaining coins in circulation.
The blockchain was built by the KPX development team to allow users, developers and corporations secure a fast and traceable data network system. The network in general offers a public marketplace to trade data and process information. GXShares positions itself as a data trading network to protect user privacy and offer copyright protection and traceability at the same time.
GXChain CEO offers talk at Alibaba
Earlier this month, the CEO of GXChain team, Vincent Huang was invited at the Alibaba headquarters in China to explain the overall economic models of cryptocurrencies and blockchains. The sharing session dubbed “The design logic of public chain, application and cryptocurrency economic model” was an opening for the overall market to look at the possibilities blockchains offer.
During the talk no promises were made of future partnerships with their hosts but strong hints of the future of public blockchain technology in the data industry. The CEO stressed on the importance of individuals to control their personal data over the control of governments, corporation and enterprises.