What is DxChain Token?
DX is the native token of DxChain, which is an all-in-one platform for Web 3.0 applications. It combines DeFi, GameFi, and NFTs into one place. Initially, DxChain was a data trading network that aimed to solve the problem of storage shortages and was a great tool for data scientists who had to work with massive amounts of data. However, with its 3rd version, DxCahin evolved into an extensive Web 3.0 platform that focuses on providing developers with an environment for building cross-chain decentralized applications (dApps).
Care to see the live DX price? Check out the DxChain price chart above.
The DxChain network is comprised of the following layers – core layer, consensus layer, service application layer, and interface layer. Besides, DxChain is fully compatible with EVM. This means that users can easily migrate smart contracts and dApps built on the Ethereum network to the DxChain. However, DxChain aims to be a cross-chain platform, which means that it's compatible with more chains than Ethereum.
Who Founded DxChain?
The masterminds behind this platform have several years of combined experience in the field of blockchain and cyber security. James Li is the co-founder and CEO of this platform along with Allan Zhang who is considered the individual to go to for any queries related to the blockchain.
In the past, James Li worked on such projects as Lucent Technologies, nCircle Network Security, and Trustlook AI Cybersecurity. Allan Zhang, on the other hand, is the one who developed Trustlook AI Cybersecurity. Zhang has a degree in information management. Prior to founding DxChain and Trustlook AI Cybersecurity, he also worked on such projects as Palo Alto Networks and TELUS Security Solution.
Use Cases of DX Tokens
DX is the backbone of DxChain as it's crucial for maintaining the smooth functioning of the network. Essentially, it's used for staking and rewarding DPoS validators. In order to become a validator, a user has to stake a certain amount of DX tokens. Validators ensure the stability and security of the network and are responsible for producing and verifying new blocks. By doing that, they receive block rewards paid in DX tokens.
Tokenomics of DxChain
The initial total supply of DxChain coins is 100 billion. Though there's no max supply set. 25% of the initial supply was sold during the token sale. More than half of the supply (45%) was dedicated to the ecosystem, mining, and community. The remaining portion was split between the team, foundation, and advisors, as well as set aside for marketing and BD.
Planning to buy DxChain tokens? Before doing that, make sure to take a look at the DxChain price chart. It features both – the current and the previous DX price.