Intro:
BlockX is a decentralised blockchain-based payment system. It is similar to Ethereum, but it works as a layer on top of Ethereum to allow for faster and cheaper transactions. Unlike other cryptocurrencies, BlockX uses proof-of-stake voting for its security model. This allows for more scalability and lower transaction fees than the traditional Proof-of-Work (PoW) consensus model that other cryptocurrencies use. Here, I am going talk about details about this project.
Aims of the BlockX:
BlockX aims to be a low cost network for global payments. The network is primarily based on the use of smart contracts and offers instant settlement of transactions without high fees or delays, as well as a built in escrow service that ensures both parties are meeting their contractual obligations before funds are released. The platform also supports both Bitcoin and Ethereum as transaction currencies.
BlockX is built on the Binance Smart Chain network and will be compatible with the Ethereum Virtual Machine, allowing it to be used in conjunction with existing smart contracts and applications. BlockX also provides an additional layer of security for its users by providing a built-in arbitration service that allows disputes to be solved through a process of voting, so long as both parties agree to this. No funds are held by BlockX directly, but instead held by the smart contract system in which the funds are held, and then released according to agreed upon conditions.
How Does It Work?
BlockX works in much the same way as other cryptocurrencies like Bitcoin or Ethereum do. The platform uses a block chain to record transactions, and a cryptocurrency called BlockX Tokens (BXT) is used to pay for those transactions.
BlockX Tokens can be purchased in exchange for Ethereum or Bitcoin, and then sent to the BlockX payment address. Once there, they are used to pay for the transaction. The platform does not use mining or Proof-of-Work (PoW) consensus like other cryptocurrencies do. Instead it uses a proof-of-stake voting system, which allows for a more secure model and lower transaction fees than PoW.
To ensure that both parties are meeting their obligations before funds are released, BlockX has created an escrow service that allows both parties to deposit funds into a smart contract with conditions that are set by both parties. The smart contract will then release the funds to the other party once those conditions have been met.
The BlockX Token:
BlockX will issue a token called BCX token. It is a BSC based utility token which can be used as a medium of exchange for all BlockX services. The BCX token is also used to pay transaction fees and as a reward for voting in the platform's dispute resolution system.
BlockX will operate on the Binance Chain, but will also support smart contracts based on Ethereum Virtual Machine (EVM) which can be integrated with existing Ethereum-based smart contracts. This allows BlockX to provide instant transactions (without high fees or delays) and escrow services that are compatible with existing Ethereum-based applications.
BlockX will initially support Bitcoin and Ethereum as transaction currencies, but may add additional currencies in the future.
How Can I Buy?
BCX tokens can be purchased on their website at https://ico.blockxnet.com/. BCX tokens will be available for purchase at a price of $0.01 with a hard cap of $20 million. The BlockX team is holding a private presale in which only accredited investors will be able to participate. The ICO is scheduled to end within next month.
Conclusion:
BlockX has created a platform that allows users to create their own cryptocurrency, and use it as a payment method. It will also provide dispute resolution services using smart contracts, and escrow services that are compatible with existing Ethereum-based applications.
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Company details:
Website: https://www.blockxnet.com/
Whitepaper: https://drive.google.com/file/d/1xVamLpnMmqFF-2-Bya3UuHMKVsHno7w-/view
Telegram: https://t.me/blockxnetwork
Discord: https://discord.com/invite/b4GZURPMYw
Reddit: https://www.reddit.com/r/BlockX/
Twitter: https://twitter.com/BlockXnet
LinkedIn: https://www.linkedin.com/company/blockxnetwork/
Medium: https://medium.com/blockxnet
Facebook: https://www.facebook.com/blockxnet
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