The GXChain Foundation is launching a proposal on December 2nd to revolutionize its brand, its economic model, token distribution and ecosystem cooperation.
“Since the mainnet went live in 2017, GXChain has been working on building a value-added network from trustworthy data. In order to take over the revolutionary changes that DeFi brought with it, GXChain decided to follow the trend and revolutionize itself to GXChain 2.0. “
GXChain 2.0 will continue its efforts towards “a free, lightweight and development friendly public blockchain”. The GXChain 2.0 test network has currently been in stable operation for more than half a year. Today the GXChain Foundation presents a proposal for a “comprehensive revolution” in the following aspects:
The “Comprehensive Revolution” proposal published by GXChain Official shows that GXChain 2.0 is being renamed REI Network to better match the technologically innovative GXChain 2.0 (hereinafter GXChain2.0 is collectively referred to as REI Network).
REI is derived from the first three initials of the words Rapid, Economical and Innovative, which correspond to the three main characteristics of the REI network.
The biggest improvement of REI Network compared to GXChain 1.0 is that it has been restructured from the underlying architecture to a brand new blockchain structure, based on a lighter code construction compatible with EVM and Ethereum RPC, on top of the Ethereum applications can be seamlessly migrated, allowing more applications developed on GXChain and Ethereum, including DeFi, to be more quickly and directly connected to each other’s ecology.
At the same time, users of the REI network can get free on-chain transfers and calling contracts and other trading fee resources under the premise of staking. This enables REI Network to meet the requirements of compatible EVM while solving the problems of high cost and low processing speed.
As the proposal shows, the Foundation’s unlocked GXC account for 25% of the total. Considering that the updated REI network has to bridge different systems and that the native asset REI is used in different application scenarios like governance, collateral and binding and the key to the mutual circulation of assets and data between the ecologies is that REI network will completely reform the economic model.
1.Tokens are split in equal parts
The mainnet’s native tokens will be converted from GXC to REI on a 1:10 apportionment rule, and the maximum supply to REI will be 1 billion.
2. The activated part of the team will be upgraded to an “ecological fund”.
The team used all 25 million that were unlocked as green funds, of which 5 million went to node rewards, 5 million to marketing, and 15 million to incentives for developers and the ecosystem.
3. Overview of the REI token distribution after the distribution
Total number of tokens after the split: 1 billion
- 750 million: Already in circulation
- 250 million: developer ecology
- 150 million for motivating developers
- 50 million for marketing funding
- 50 million for node awards
In the “Comprehensive Revolution Proposal”, GXChain officially proposed a radical incentive method for ecological cooperation in the hope of being able to use it all unlocked 250 million REI (the amount after splitting GXC) to incentivize environmental contributors and developers in the REI network. The methods include, among other things, rewards for outstanding developers, investments in high quality projects, user rewards for those who have made important contributions to the ecology, etc. The number of tokens held by the team has also changed from 25% to 0%.
The ecology fund will be released gradually as ecology develops and will not circulate directly on the market for a long time. In the short term, it does not lead to an increase in market circulation, but instead turns into incentives for ecological building in the same way.
In this proposal, the GXChain Foundation suggests adding a new on-chain governance module. The new governance function will differ from the existing voting model by the board of directors and the Node members and will become the “direct democracy” voting model that is available to every coin holder.
On-chain changes in the REI network or community suggestions can be posted to the community through suggestions, and users can vote with REI to achieve the goal of “Everyone can control the public chain” and to increase the governance value of REI raise.
The “Comprehensive Revolution Proposal” for converting GXChain to REI Network will be the first proposal for on-chain governance. Once the proposals in the Comprehensive Revolution Proposal are implemented, this will be the biggest change for GXChain since 2017. It is reported that the GXChain community has already started voting on this proposal.