GXChain Foundation initiates a proposal to revolutionize its brand, economic model, token distribution, and ecosystem cooperation on Dec. 2.
"Since the mainnet was live in 2017, GXChain has been working on creating a value network of trusted data. To embrace the revolutionary changes brought by DeFi, GXChain decided to follow the trend and revolutionize itself to GXChain 2.0."
GXChain 2.0 will continue its efforts in the direction of "being a free, lightweight and development-friendly public blockchain". At present, the GXChain 2.0 testnet has been in stable operation for more than half a year. Today GXChain Foundation puts forward a "Comprehensive Revolution" proposal in the following aspects:
Rebrand: from GXChain 2.0 to REI Network
The "Comprehensive Revolution" proposal released by GXChain Official shows that to better fit technological innovated GXChain 2.0, GXChain 2.0 will be renamed REI Network (hereinafter GXChain2.0 is collectively referred to as REI Network).
R.E.I is derived from the first three initials of the words Rapid, Economical, and Innovative, which correspond to the three key features of the REI Network.
A new technical architecture: an EVM- compatible, high-speed, low-cost blockchain
The biggest improvement of REI Network compared to GXChain 1.0 is that it restructured from the underlying architecture to a brand new blockchain structure, based on a lighter code construction, compatible with EVM and Ethereum RPC, to which Ethereum applications can be seamlessly migrated, which allows more applications developed on GXChain and Ethereum, including DeFi can be more quickly and directly connected to each other's ecology.
At the same time, REI Network users can obtain free on-chain transfers and calling contracts and other trading fee resources under the premise of staking. This allows REI Network to meet the requirements of compatible EVM while simultaneously solving the problems of high cost and low processing speed.
New economic model & new token distribution
As the Proposal shows, the Foundation's unlocked GXC accounting for 25% of the total. Considering that the upgraded REI Network will have to bridge different systems and that the native asset REI will be used in different application scenarios such as governance, collateralization, and binding, and is the key to the mutual circulation of assets and data between the ecologies, the REI Network will reform the economic model completely.
1.Tokens are split equally
The conversion of the mainnet's native tokens from GXC to REI will follow a 1:10 split rule, and the maximum supply of REI will be 1 billion.
2. The unlocked part of the team is upgraded to "Ecology Fund"
The team used all the 25 million unlocked as an ecology fund, of which 5 million was used for node rewards, 5 million was used for marketing, and 15 million was used to incentivize developers and the ecosystem.
3. Overview of REI token distribution after the split
Total number of tokens after the split: 1 billion
750 million: Already in circulation
250 million: Developer ecology
150 million for motivate developers
50 million for marketing promotion
50 million for node rewards
An enterprising way of ecological cooperation incentives
In the “Comprehensive Revolution Proposal", GXChain officially proposed a radical ecological cooperation incentive method, hoping to use all the unlocked 250 million REI (the amount after spliting GXC) to incentivize ecological contributors and developers in the REI Network. The methods includes but not limited to rewards for outstanding developers, investment in high-quality projects, user rewards for those who have made major contributions to the ecology, etc. The number of tokens held by the team has also changed from 25% to 0%.
Ecology Fund will be gradually released with the development of the ecology, and will not circulate directly in the market for a considerable period of time. In the short term, it will not cause an increase in market circulation, while equivalently converting into incentives for ecological construction.
New governance function
In this proposal, GXChain Foundation proposes to add a new on-chain governance module. The new governance function will be different from the existing model of voting by the board of directors and node members and will become the "Direct Democracy" model of voting available to every coin holder.
On-chain Changes on the REI Network or community suggestions can be publicized in the community through proposals, and users can vote with REI to achieve the goal of "everyone can govern the public chain" and increase the governance value of REI.
The “Comprehensive Revolution Proposal" for the transformation of GXChain to REI Network will be the first proposal for on-chain governance. Once the proposals in the “Comprehensive Revolution Proposal" are implemented, it will be the greatest change for GXChain since 2017. It is reported that the GXChain community has already started voting on this proposal.