ChainX Mining Tutorial

1. Register a ChainX wallet

First, go to the online wallet: https://wallet.chainx.org/ and register an account. Click "Add Account" in the upper right corner of the website - "Add New Account".

Back up 12 English word mnemonics, then set a password for the account to complete the account creation.

2. Top-up

In the ChainX system, there are two ways to obtain PCX: holding cross-chain assets and participating in voting.

ChainX will calculate a "mining power" based on the market value of the cross-chain assets held by the user (market value = the daily average price generated by the free matching DEX in ChainX * the actual cross-chain assets) + the number of votes. The final user's daily PCX income = (user mining power/total network power) * the total daily issuance of 14,400 PCX. PS: ChainX issues 50 PCX every 5 minutes, and the PCX production is halved every two years.

The ChainX mainnet was officially launched on May 25. After the launch, users can conduct asset mining operations on the "Assets" page through BTC recharge or the first round of DOT mapping.

BTC Deposit

First of all, it should be noted that the so-called "recharge BTC" here is different from the common transfer operation. The funds will be jointly managed by multiple trust nodes, and the security is guaranteed. (For direct recharges on common centralized exchanges, users transfer BTC to an independent address assigned by the exchange, and the assets are unilaterally kept by the exchange. The cross-chain recharge used by ChainX is more complicated. All users recharge to the same public multi-signature custody address, and the assets are directly jointly managed by several major trust nodes.)

Click "Assets" and select BTC recharge. When recharging BTC across chains, you need to select a recharge channel. You can drop down the list and select my node " WEN " as the recommended channel.

The most important step of BTC recharge is here. Please note that you cannot directly recharge to the public multi-signature escrow address through exchanges or general BTC wallets, but must send transactions through wallets that support OP_RETURN information.

Here we recommend that you use the BitX wallet developed by ChainX. The download link for the local version of the wallet is:

https://github.com/chainx-org/BitX/releases

The BitX wallet is a common BTC wallet. You can import other wallet private keys or create a new one (make sure to keep the mnemonic phrase properly). Then copy the OP_RETURN code displayed on the webpage directly into the box. Please note that the transaction fee is recommended to use the default value and do not modify it. If it is set too low, the funds will be stuck on the network for a long time and cannot be received.

DOT Swap

Polkadot (DOT) in ChainX is not real DOT. Because Polkadot investors’ DOT on Ethereum cannot be transferred, the SDOT coins that enter the ChainX system through cross-chain mapping only have PCX mining rights. For easy distinction, ChainX named it Shadow DOT (SDOT), and will permanently convert it into "virtual voting" at a ratio of 1 SDOT: 0.1PCX to participate in recharge mining as a benefit for ChainX's first round of DOT investors.

Users who participated in the first phase of Polkadot’s ICO can map their locked DOT to SDOT at a 1:1 ratio and enjoy the benefits of permanent participation in top-up mining in ChainX.

Polkadot (DOT) cross-chain mapping requires users to use the Ethereum account at the time of ICO to send a transaction with an amount of 0, fill in their own ChainX address in the remarks (Data), and the system will automatically issue an equal amount of SDOT.

The mapping page has operation steps prompts, as shown below:

After the recharge is completed, the user can view the mining status of the assets of the entire network and his own account on the "Recharge Mining" page. When the "interest to be collected" accumulates to a certain amount, it can be collected.