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?

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?

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?

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

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.

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.

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Hotbit.io is one of the professional digital asset exchange platforms that provide trading services among major digital currencies like Bitcoin and Ethereum.

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Hotbit.io is one of the professional digital asset exchange platforms that provide trading services among major digital currencies like Bitcoin and Ethereum.