GXChain one of the biggest gainers in the whole cryptocurrency market. The cryptocurrency has been operating below a price level of $1 for most of 2021. The bullish momentum of the bull run fell short for the token and apart from a minor upward climb, the token has been stable below $1. However, the token shook the market as it reached towards a 52-week high of $5.64 – gaining more than 500% in a single day. The weekly performance shows a growth of more than 600%. At the time of writing, the cryptocurrency stands at a price level of $5.01. The daily trading volume has also surged by more than 1,000%. GXC token stands at a market rank of #179 in terms of capitalization and is climbing up the ranks fast.
What is GXChain?
GXChain is a blockchain designed for the global data economy and aims to build a trusted data internet of value. It is an industrial-level permissionless blockchain empowering users through their data. In the increasingly integrated world of internet, privacy and data-related issues have been rampant and as the internet grows with new advancements, data is expected to become the currency. The infrastructure of the platform is designed to address concerns related to data ownership, integrity, and security. One of the major products of GXChain is Blockcity which is a mobile-based decentralized application that consolidates user’s data into an encrypted file which can be used to earn the native token, GXC.
Rebranding of the network
The recent surge of the GXC token can be attributed towards the rebranding of the GXChain. The development team initially intended on updating the network to 2.0; however, they quickly realized that the upgrade may limit the network in achieving its goals. Hence, in order to stay true to its original mission of creating a trusted data internet of value, the platform is undergoing some major changes along with the rebranding. The acronym of REI Network is Rapid, Economical and Innovative which will serve as a testament to the commitment of the network towards its original goal.
The updated network will be compatible will Ethereum Virtual Machine. It will also introduce a slashing module along with the creation of a free development platform. The Rei Network does not equal to the GXChain 2.0 but rather builds on it, improving various aspects. It is not a newer iteration but rather a new architecture of how the team aims on fulfilling the goal of the creation of the data internet of value.
