Hotbit AMA🎉： HOTBIT Polkadot 7th丨ChainX: A true pioneer in the development of Bitcoin Cross-DeFi

AMA content review

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💗Host:Sara

💗Guest: Alexander Vogels

Sara: Let’s welcome Alexander Vogels @Exxibition to introduce 【ChainX: A true pioneer in the development of Bitcoin Cross-DeFi】 to us in AMA. Thank you for being with us today. Let’s begin! Could you tell us a little more about yourself and what is ChainX project?

Alexander Vogels: Hi Everyone! Happy to be here. Of course! My name is Alexander and I’m both a Councilor for ChainX and part of the X-Association, the foundation guiding the project in its day to day operations

ChainX is a bridging platform that brings BTC into Polkadot and allows it to be used on any Polkadot Project. For example, using XBTC as collateral for an aUSD loan on Acala.

Sara: Thanks for the introduction. Let’s start my questions.

What mechanism will ChainX use to attract investors? What factors enable later investors to actively join in and believe in a long-term project?

Alexander Vogels: PCX in its essence is a utility token. The long-term value will come from using the technology it represents. Users staking PCX to secure the network, voting in governance with PCX and using XBTC on the larger Polkadot Ecology will give the token its value. Whether that is today or tomorrow or next year. If you believe in the viability of Cryptocurrencies, BTC as a store of value and Polkadot as a means of interoperability then you already have the same long term vision we have.

Sara: What are you major goals to achieve in the next 3–4 years? And what are your plans to expand and gain more adoption?

Alexander Vogels: We’re currently improving our XBTC bridge technology to use the full potential of XCLAIM and make the user part of the bridging system. Users will hold a piece of the private key of their BTC deposit and therefore retain complete control of their XBTC and deposited BTC alike. Polkadot and all its Parachain Projects grow in unison. Together we make the Polkadot Ecology and by growing and perfecting each of our strengths, we’re creating a sort of ‘super blockchain network’. This will be the foundation for growth and adoption of Cryptocurrencies in the grand scheme of things.

Sara: What is the most practical problem that ChainX addresses?

Alexander Vogels: Unlocking BTC from its innate core that is its own system. BTC doesn’t have smart contracts or other Turing complete properties. By bridging BTC into Polkadot, we allow it to be used in any project with any function, giving it endless possibilities beyond a store of value. If you wanted to use it to pay for a loan, you can. If you wanted to use it to borrow it to other people and receive interest, you can. If you’re looking to cheaply swap BTC for any other Polkadot token, you can with almost no transaction fees.

Sara: I want to know the strategies for future and what is main point to use Chainx means overall it’s working process and which chain they are using.

Alexander Vogels: ChainX is the first Substrate based blockchain project to go into mainnet and successfully bridge BTC onto it. After Polkadot launches its slot auctions and ChainX connects successfully, anyone can use XBTC anywhere on the Polkadot ecology because it is all working on the same Substrate technology.

In the longer term we’re planning on implementing a similar system to what Polkadot uses for the Relay chain, making our network more capable of handling a large amount of transactions and make things happen simultaneously instead of sequentially.

This would allow us also to create new bridges in the form of a new blockchain. Imagine having a blockchain dedicated to handling bridging transactions, which in turn communicates with the main chain, whilst the main chain handles other duties at the same time. Which THEN communicates with the rest of the Polkadot Ecology through Polkadot’s Relay Chain. All at the same time!

This means we can create a bridge to BCH, ZEC, LTC and many others by simply deploying a new bridge chain and connect it to the main chain without a fork or interrupting the blockchain’s operations.

Sara: Thanks! Now, let’s proceed to the next session public Q&A, Now let’s invite @Exxibition to pick 5 good questions to answer.

@daniyel100: For the success of a project, investors, community and developers play a major role. What is your strategy to get them involved?

Alexander Vogels: We have an on-chain Treasury where developers, marketers, creators and community members alike can request funding for a project they’d like to complete. Alternatively they can request a tip from ChainX for the work they already have done. If you for example wanted to make some artwork for ChainX, you could request a tip or a grant, all on the blockchain

@harmoniya1224: Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Alexander Vogels: I like to take this question from Polkadot’s perspective. The Polkadot ecology, that means, Polkadot and all its parachains, allow multiple blockchains to work at the same time, but stay connected too. This massively increases the transaction throughput of the entire network compared to traditional blockchains such as Ethereum.

This gives every Polkadot Project the freedom to focus on what they are best at, and collectively make a super strong and robust cryptocurrency network

@arashmika1: I’m a developer, and I’m interested in contributing to your project alongside earning, do you have any Bug Bounty to check for vulnerabilities?

Alexander Vogels: As mentioned before, there’s the possibility to request a grant for your work on chain. All you have to do is put the application forth and send us what exactly you plan to do. If the council approves you get paid in stages of your completion

@groupcoinfeee: What is the team’s orientation and development plan for 2021 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?

Alexander Vogels: Eventually, whatever we call the ‘financial world’ today has a place in the cryptocurrency world of tomorrow. Just like we advanced from giving money to each other in person, to sending money digitally, so will we evolve to use crypto currencies without the need for larger banks to actually do the transaction for us. ChainX will play a central role in making that possible through connecting all the different currencies together in the Polkadot Ecology.

@spongeboblu: Many things can make a project strong like the community, the quality of the project, its investors. What make ChainX strong? What will you do to make it stronger?

Alexander Vogels: I love this question because it’s about something I have a deep appreciation for: Our community.

We are very proud to be able to say that we have a mostly self-governing community. Not just on-chain, but also in our telegram. The room is filled with very talented and knowledgeable individuals who are very eager to help any and all who have a question or a problem. I truly am amazed and impressed by the ChainX Community and enjoy opening my telegram after a night’s sleep to find both questions, and answers!

Sara: Thanks for joining us today. If you want to know more about ChainX or have more questions about ChainX, please check

ChainX’s website and community links can be found here.

Official website：https://www.chainx.org/en/

Twitter: https://twitter.com/chainx_org

Telegram: https://t.me/chainx_org

Alexander Vogels: Thank you for guiding the AMA and thank you Hotbit Community for having me on behalf of ChainX.