ChainX: Filecoin may become the infrastructure for all blockchain projects

Recently, we learned that the Polkadot ecosystem project ChainX will soon be connected to the Filecoin network, and will be open source when Polkadot goes online. For this reason, we interviewed Qing Huan, the core developer of ChainX, to learn more information.

1

Why does ChainX want to connect to the Filecoin network? Will the connection be helpful to the Polkadot ecosystem?

ChainX: As an asset cross-chain gateway, ChainX's mission is to connect any valuable assets to the blockchain network, thereby building a Web3.0 ecosystem where all chains are interconnected and value is freely transferred. Filecoin may become the infrastructure of all blockchain projects. With the help of IPFS technology and the Filecoin network, storage problems can be solved. This is why ChainX connects to Filecoin.

The IPFS technology used by Filecoin uses sharding to divide the user's files into N parts, which are encrypted and stored in certain nodes of the network. We all know that the smaller the file, the faster it can be downloaded. Therefore, using Filecoin for cloud storage means that these nodes store different parts of the file fragments at the same time, and it only takes 1/n of the time to complete the storage.

As we all know, although BTC and ETH have small block capacity and small on-chain data, due to the huge transaction volume, the current "ledger" is already several terabytes in size, and the amount of data for individual nodes is also huge. Therefore, in order to solve this problem, we hope to use the Filecoin storage network to store all blockchain data in it, so that it can be called at any time when needed.

For the Polkadot ecosystem, as a blockchain infrastructure, the IPFS ecosystem has a very large group of miners, users, and communities; connecting to Filecoin can, on the one hand, attract the user groups of the Filecoin community to the Polkadot ecosystem, and the combination of the two will form a huge superposition of network effects, greatly expanding the user groups of the Polkadot community. On the other hand, through the Filecoin transfer bridge, future parachains and Dapps can store data on the Filecoin network.

2

After ChainX is open source, what can developers or Polkadot ecosystem teams do based on ChainX?

ChainX: Open source code is standard for cryptocurrency, which allows anyone to see how these systems operate at the code level, making the system more credible. Open source also greatly shortens the innovation cycle, and developers do not need to reinvent the wheel, they can continue to develop based on previous work.

As promised by the development team, ChainX will be open source after the Polkadot mainnet is launched. The ChainX open source code includes: underlying chain, web wallet, BTC bridge, front-end interface library, etc.

ChainX was once at the forefront of the market in the field of decentralized asset cross-chain. Technically, XBTC uses a solution that combines a highly decentralized light node sidechain relay and witnesses.

ChainX uses Wasm technology on the chain to implement Bitcoin light nodes for the first time, supporting PoW verification of Bitcoin block headers and complete transaction proof verification, making the cross-chain from Bitcoin to ChainX fully decentralized and Bitcoin-style secure. User XBTC assets are fully managed and verified by Bitcoin light nodes. The locking-issuance process is fully automated and secure.

ChainX's Bitcoin intelligent platform has many advantages, including high-dimensional decentralization, low-cost use, and a more secure contract language, so it has advantages that other similar Bitcoin auxiliary projects do not have.

As the ecological portal of Bitcoin, ChainX will give Bitcoin the wings of smart contracts. Bitcoin with smart contract functions will bring new value anchoring and further amplify the asset attributes of Bitcoin, making it the world's largest Bitcoin second-layer network.

ChainX's series of technologies are at the forefront of the crypto market. With the open source of the ChainX project, we will bring a series of technological breakthroughs and solutions to the crypto community in the fields of cross-chain assets, light node transfer bridges, and smart contracts. Developers can refer to ChainX's open source solutions to achieve more exciting applications and technological innovations, thereby promoting the development of blockchain technology.

ChainX is the first chain in the domestic Polkadot ecosystem and the first to support smart contracts. It will provide reference and significance for other chains in the Polkadot ecosystem.

Open source also means decentralization and handing over power to the community. ChainX will accept community code review and development progress review. Open source means a more decentralized and open governance system.

ChainX will belong to the entire crypto community and build a larger developer community. Any developer can participate in the construction of the ChainX ecosystem, jointly build a broader blockchain cross-chain ecosystem, and continue to work towards Web3.0.

3

Why choose to open source ChainX at this time when Polkadot is launched?

ChainX: The launch of Polkadot is not only an important milestone for the Polkadot ecosystem, but also has great significance for the entire crypto community. It marks the arrival of the new Web 3.0 ecosystem where thousands of chains are interconnected, assets are cross-chain, and value flows freely.

For ChainX, we will serve as a cross-chain asset hub and connect to the Polkadot ecological network as a parallel chain, bringing cross-chain assets such as BTC and FIL to the entire ecosystem. ChainX, as the world's largest Bitcoin second-layer network and Bitcoin smart contract portal, will connect the BTC community and the Polkadot community and promote the full implementation of BTC smart contracts.

Choosing this time point is also an important milestone for ChainX since its independent network launch. ChainX will work together with global developers, Polkadot ecological community, Bitcoin community, and Filecoin community to achieve prosperity.

Secondly, from a technical perspective, ChainX was launched one year earlier than Polkadot, and since Polkadot was in its early stages of development, it was also accompanied by bug fixes, implementation of new features, and version iterations. The current underlying version of ChainX is an old version of substrate. After Polkadot is launched, we will upgrade to the latest version and open source it for community audit.

4

What is the specific method for accessing Filecoin? What are the main steps?

ChainX: Accessing Filecoin will be divided into four steps:

(1) Implementing the IPFS rust library

(2) Implementing the Rust client of filecoin

(3) Filecoin Storage Pool

(4) Integrate the first three modules into the substrate as a parachain.

5

What milestones have been achieved in connecting to Filecoin?

ChainX: The team is currently developing the Rust version of the client and the Filecoin storage pool. The overall framework has been built. After these two steps are completed, they will be integrated into Substrate as a parachain.

6

What is the difference between the ChainX bridge and the Polkadot bridge?

ChainX: ChainX-Bitcoin bridge adopts a one-way light node relay mode. The user's funds are jointly managed by multiple trust nodes. There are two multi-signature addresses, hot and cold, which are public addresses. All operations are transparent and traceable.

What Polkadot actually provides is the communication capability between parallel chains, but if the chain under Polkadot wants to communicate with the chain outside the Polkadot ecosystem, it must use a bridge. One or more bridges can be implemented on the parallel chain, and a variety of technologies can be used.

But because Polkadot provides communication between parachains, a bridge implemented on a parachain can not only serve itself, but also other parachains, thus forming a network effect.

Polkadot's parachain is also a complete main chain, and the main chain can provide secondary slots like Polkadot, thus realizing the parachain on the parachain, that is, the secondary realy. Since Polkadot has limited slots, parachains may be expensive, and the secondary parachain can solve this problem.

It can be predicted that as the number of bridges connected to the Polkadot ecosystem increases, there will definitely be a situation where the first-level parallel chains are not enough. At this time, some people will choose to develop bridges on the second-level relay chain.

After Polkadot goes online, ChainX will add a new bridge link to Polkadot to provide trading services for Polkadot coins and other parachain assets on the relay chain. Therefore, the advantage of our chain is that it has assets on the entire network and can give full play to the advantages of all currencies.

For example, after submitting the BTC block header hash, we will have the most secure random number in the entire network. Through our smart contracts, we can develop various asset games, and use BTC for betting.

We will also develop stablecoin contracts collateralized by BTC and a privacy trading system based on ZEC. The community can also provide users with more risk-resistant tools, including futures, options, indexes, funds, lending, insurance and other advanced financial services.

ChainX v3 will be launched after Polkadot releases v2 next year. ChainX will also be divided into a multi-chain framework to improve throughput, and will serve as Polkadot's second-level relay network as a whole.

7

After connecting to the Filecoin network, can I also lock or pledge FIL to mine PCX?

ChainX: Yes, we will develop a FIL transfer bridge. Filecoin community users can mine PCX by pledging FIL and participate in the construction and governance of the ChainX ecosystem.

8

As the first project to distribute tokens through lock-up airdrops, what do you think are the pros and cons of ChainX at present?

ChainX: ChainX distributes tokens through locked-up airdrop tokens for the sake of security and community governance.

Satoshi Nakamoto designed BTC, distributing 21 million BTC over a long period of years, so that anyone at any point in time can come in and obtain BTC, thus making the coin holders sufficiently dispersed.

PoS now has a pain point of concentrated coin holders, because early coins are concentrated in the hands of early investors. This will result in the PoS chain always being a matter for early investors, and it will be difficult for later people to participate.

At the same time, the BTC transferred across the chain is of great use, because it reduces the BTC block time from 10 minutes to 2 seconds, increases the TPS from 7 to thousands, and reduces the transaction fee from tens of yuan to a few cents.

This allows BTC to be truly scalable and can flow to any Polkadot parallel chain for Dapp incentives, such as Ethereum's ETH. The decentralized exchange on the ChainX chain is the first BTC Dapp.

To sum up, on the one hand, the issuance of tokens in the locked-up airdrop mode realizes the fairness and great decentralization of token distribution, so that anyone can participate in the construction of the ecosystem, and at the same time the coin holders are sufficiently dispersed.

On the other hand, the lock-up airdrop method allows users of other ecosystems such as BTC and FIL to participate in the ChainX ecosystem, bringing a larger community and user group to the ChainX ecosystem. With the further construction of the ChainX ecological network, more valuable assets will be introduced to build an asset hub and Web3.0 new ecosystem with asset interconnection and free value circulation.

At present, no better token distribution model has been found, and the community is welcome to propose new solutions.

9

If the ChainX BTC bridge is developed, you can hold BTC to mine PCX. If the Filecoin bridge is developed, you can hold FIL to mine PCX. Will this model of holding new chain coins to mine PCX continue in the future? As more chains are connected, what changes will there be in the difficulty and yield of PCX mining?

ChainX: After Filecoin completes the bridge, it will also participate in PCX mining. In the near future, ChainX will adjust the computing power. All assets on the chain have the same mining power as PCX. Other assets are airdrop benefits, and the proportion of this part will be greatly reduced.

This is firstly to ensure the basic interests of PCX users, and secondly to encourage the transfer of cross-chain assets to ChainX, while controlling the airdrop ratio to control the no-cost selling. When Fil is connected, it will be able to circulate freely on the ChainX chain like X-BTC, and there will be corresponding applications. Therefore, FIL and X-BTC will participate in the mining of PCX.

How much mining power FIL can occupy still needs to be calculated specifically. The computing power of all cross-chain assets X-token is converted into equivalent PCX computing power through a certain function.

Now the computing power ratio of X-BTC to PCX is fixed at 400:1.

This function is designed to ensure that if cross-chain assets are lost, there will be enough PCX to hedge the risk. Therefore, after FIL completes the bridge, the parliament will adjust the algorithm based on factors such as the specific PCX price and risk-bearing capacity. As more cross-chain assets are connected, the X-Token and PCX ratio function will be dynamically adjusted according to the currency price and security factors at the time.

This will not have much impact on the difficulty of PCX mining, and the rate of return will change, but the parliament will also take the interests of PCX holders as an important reference factor to adjust the function.

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Source: PolkaWorld

Editor: Interstellar Vision IPFSNEWS Gege

This article is compiled by Interstellar Vision. Please indicate the source when reprinting.