There are many different ways to harness the power of blockchain technology. GXShares is doing so by providing a secure, fast and traceable data transaction and credit verification system. Moreover, they want to offer this solution to everyone in the world, regardless of location or prior access to similar services.
What is GXShares Exactly?
No one will deny big data has become the new normal in the world of technology. Processing all of this information in a convenient and secure manner is a different matter altogether. GXShares positions itself as a data trading network to protect user privacy and offer copyright protection and traceability at the same time. It seems this system is connected to UnionPay as well as a few major telecommunications providers.
How Does it all Work?
With GXShares, the primary focus lies on real-time data capabilities and making them accessible to regular users as conveniently as possible. There will be multiple business application scenarios to unlock and release the actual value of the data. Whether it is insurance, online lending, consumer loans, or even banks, all of these businesses can benefit from what GXShares has to offer.
All of this will be powered by the GXChain, which is a public blockchain that supports the issuance of digital currencies and application development. Moving forward, third-party developers will gain access to this platform to build their own decentralized and distributed applications. Whenever someone uses any application built on top of GXChain, they will need to spend GXShares tokens accordingly.
As it happens, the first dApp to be built on top of GXChain has already been developed. This application focuses on blockchain-based identity solutions. Users can manage their personal information, prove the existence of data, and receive multiple incentives and rewards. It will be interesting to see how users respond to this offering, as it is not easy to strike a balance between providing privacy and letting users share more of their information in a secure manner.
The GXShares Token Explained
As mentioned before, the GXShares token is designed to access all features provided by GXChain and the dApps built on top of it. Every time someone spends GXShares on a specific feature or service, the tokens will be burnt. This will help reduce the amount of GXS in circulation over time and will bring even more value to the remaining tokens. It is an interesting concept, although there’s no guarantee of success.
What Comes Next for GXShares?
For now, it does not appear as if there is any official GXShares roadmap. That doesn’t mean the project won’t be developed further, but it is not uncommon for major blockchain-based initiatives to not post specific timelines for future improvements. We will have to wait and see what the future holds for GXShares, but the project seems to be off to a good start.