World's First Decentralized Data Marketplace --- Commercialization achieved
GXS Projects Progress Report Dec 5th - Dec 14th, 2018GXS Projects Progress Report Nov 26th - Dec 6th, 2018GXS Projects Progress Report Nov 18th - Nov 24th, 2018GXS Projects Progress Report Nov 10th - Nov 16th, 2018GXS Projects Progress Report Nov 2nd - Nov 9th, 2018GXS Projects Progress Report Oct 25th - Nov 1st, 2018GXChain Whitepaper 3.0GXS Projects Progress Report Oct 11th - Oct 23rd, 2018GXS Projects Progress Report Sept 29th - Oct 10th, 2018GXS Projects Progress Report Sept 18th - 27th, 2018GXS Projects Progress Report Sept 11th - 17th, 2018GXS Projects Progress Report Sept 4th - 10th, 2018GXS Projects Progress Report Aug 27th - Sept 3rd, 2018GXS Projects Progress Report Aug 21st - 27th, 2018GXS Projects Progress Report Aug 14th - 20th, 2018GXS Projects Progress Report Aug 7th - 13th, 2018GXS Projects Progress Report July 31th - Aug 6th, 2018GXS Projects Progress Report July 24th - 30th, 2018GXS Projects Progress Report July 17th - 23rd, 2018GXS Projects Progress Report July 10th - 16th, 2018GXS Projects Progress Report July 2nd - 9th, 2018GXS Projects Progress Report June 26th - July 2nd, 2018GXS Projects Progress Report June 19th - 25th, 2018GXS Projects Progress Report June 12th - 18th, 2018GXS Projects Progress Report June 5th -11th, 2018GXS Projects Progress Report May 29th - June 4th, 2018GXS Projects Progress Report May 22ed - 28th, 2018GXS Projects Progress Report May 15th - 21st, 2018GXS Projects Progress Report May 8th - 14th, 2018GXS Projects Progress Report May 1st - 7th, 2018GXS Projects Progress Report Apr. 24th - 30th, 2018GXS Projects Progress Report Apr. 17th - 23rd, 2018GXS Projects Progress Report Apr. 10th - 16th, 2018GXS Projects Progress Report Apr. 3rd - 9th, 2018GXS Projects Progress Report Mar. 27th - Apr. 2ed, 2018GXS Projects Progress Report Mar. 20th - Mar. 26th, 2018GXS Projects Progress Report Mar. 12th - Mar. 19th, 2018GXS Projects Progress Report Mar. 06th - Mar. 12th, 2018Progress Report Feb. 27th - Mar. 05th, 2018Progress Report Feb. 19th - Feb. 26th, 2018Progress Report Jan. 15th - 21st, 2018Progress Report Jan. 8th - 12th, 2018Progress Report Jan 1st - 5th, 2018Progress Report Dec. 26th - 30th, 2017Progress Report Dec. 19th - 25th, 2017Progress Report Dec. 12th - 18th, 2017Progress Report Dec. 5th - 11th, 2017Progress Report Nov. 28th - Dec. 4th, 2017Progress Report Nov. 21st - 27th, 2017Progress Report Nov. 14th - 20th, 2017Progress Report Nov. 6th - 13th, 2017Progress Report Oct. 31st - Nov. 6th, 2017Progress Report Oct. 24th - 30th, 2017Progress Report Oct. 17th - 23rd, 2017Progress Report Oct. 10th - 16th, 2017Introduction
GXChain is a blockchain-based decentralized data exchange designed to set up a bridge between data sources released on different platforms and realize peer-to-peer data trading and sharing between all kinds of organizations or agencies.
An ideal data exchange shall enable both parties to a transaction store, transfer and exchange data with minimum risks and costs. We have redefined a new product named GXChain, which is built upon the idea of decentralization and blockchain technology, to bring about the ideal data exchange. In the first place, Data Exchange breaks the deadlock to get rid of data precipitation existing in traditional data exchanges. No any third party other than the transacting parties are able to access the data. In the meantime, in order to safeguard the identity privacy, both parties are kept anonymous. In addition, the marketplace enables the equal exchange between enterprises with a wide gap in their data volume, facilitates authentication of digital assets ownership and effectively curbs data fabrication in data exchange.
GXChain Data Exchange, a universal data exchange platform and an alliance chain based on the blockchain (public chain) technology, is applicable to data exchange in all walks of life. Its typical customers range from internet financial enterprises to government organizations, banks and insurance companies with data exchange demands (“Merchants”). In order to better demonstrate its applications and more promptly access to the market, we first opt to set P2P lending, automobile finance, consumer finance and banks as the target group and the data generated by these organizations and agencies on performance of financial agreements as the prime assets for data exchange.
Industry Background
Flourishing Development of Internet Finance
Economically speaking, investment, consumption, and export are often compared to three carriages spurring the GDP growth. While in contrast to the current decline in investment growth rate and insufficient exporting impetus, consumption grows rapidly, leading to a new round of economic development.
As indicated by relevant data released by iResearch, China’s consumer credit scale reached RMB 13 trillion in 2013, RMB 15.4 trillion in 2014, RMB 19 trillion in 2015, and is estimated to climb up to RMB 41 trillion in 2019. In future, the importance of consumption will be further enhanced, and its growth rate is expected to remain robust in the next few years.
The continuous growth of consumption ’s contribution to economic growth means that, following the rapid industrial development, the economic growth is more reflected in resident welfare and achievement sharing. It also indicates that consumption will hold greater significance in the future. The blue ocean has formed.
In Q1 2016, the People's Bank of China and China Banking Regulatory Commission jointly issued the Guiding Opinions on Enhancing Financial Support to New Consumption Sectors, which put forward detailed financial support policies and measures for new consumption sectors to enhance financial support to the key fields. Meanwhile, ban on the access to the consumer finance market was to be lifted as determined at the executive meeting of the State Council on June 10, 2016. The pilot programs carried out in the designated consumer finance companies from the original 16 cities were to be expanded to the whole country so as to boost the impetus of consumption on economic growth, propel the development of consumer finance, release the consumption potential and facilitate the consumption upgrade. The frequent policy guidance and highlight on the development of consumer finance established the foundation for the status of consumer finance.
With 8 non-government credit investigation agencies getting qualified pursuant to the Notice on Ascertaining Preparation for Personal Credit Investigation, China’s credit investigation system has officially set sail. With the support of state policies and gradual perfection of the credit investigation system, the ban on consumer finance has been lifted and consumer finance has expanded to the whole country. It is expected to motivate the self-transformation of the banking industry and the emergence of internet finance. The consumer finance market has ushered in a huge development opportunity.
Development Potential of Personal Credit Investigation Industry
The core of the finance industry is risk pricing. As urged by the internet finance, the credit investigation industry, just getting on track since 2013, is put in the teeth of the storm and has become the target of parties wrestling with each other for profits. Some credit investigation and data companies would directly buy data from the black market or even hire hackers to steal data. One such company was evaluated as billions of RMB. Some companies are eager to cash their data. They hire agents to promote their credit investigation reports from place to place, and their annual turnovers are up to hundreds of millions. “Middleman” for such kind of registered transaction have emerged, who are publicly selling the registered credit investigation reports made by the credit investigation companies. Currently, there are up to tens of thousands of middlemen selling data, and the price of the data resold each time is up to tens of thousands or even to millions. “The underground black market has already grown into a trillion-worth market.”, said an insider.
The sensitive and core industry are experiencing a savage age.
Cooperation Profile
GXChain is developed, maintained and operated by Hangzhou Credit Data Technology Co., Ltd. (杭州存信数据科技有限公司）
The Company was established in July 2016; its core members are like-minded practitioners in software development, internet finance, and blockchain, who come from home and abroad and have been working together closely for many years.
Hangzhou Credit Data Technology Co., Ltd. has accumulated years of experience in blockchain development. The Company boasts a profound background of internet finance and a top web crawler technical team in China. It is dedicated to the development of the leading-edge Fin-Tech, blockchain, big data, IPFS and other technologies, with an aim to offer top-quality integrated solutions for clients by combining with the current mainstream business models.
The Origin of GXS Project
The rapid development of internet finance, personal credit investigation, and personal information leakage became the center of public concerns in 2016. As the nature of finance is risk pricing, and there is no unified sharing and trading of data on the performance of financial agreements in the internet finance industry, risk control of the entire industry remains at a very low level and the issue of the multi-end loan becomes prominent. On the other hand, due to data “caching and precipitation” in traditional data exchanges, enterprises cannot afford to share and trade essential data on the performance of financial agreements. All the above has made us aware that various problems troubling today ’s industry can only be solved by virtue of the blockchain technology. It is under such a background that the GXB project has gradually taken its shape on the basis of repeated adjustments in technical and market aspects as well as the development strategy.
GXB decentralized Data Exchange Project has been included into the Project Library of the Ministry of Science and Technology of the People's Republic of China.
Operational Status
The blockchain-based Decentralized Data Exchange and its components are as follows:
- • Decentralized data exchange
- • Authorized data crawler
- • Data exchange component 2: KYC ( Know Your Customer) system
Data Exchange Component 1: Authorized Data Crawler Product:
Data crawler is a Fin-Tech product developed to capture user’s data with user’s authorization. It covers multidimensional data on greater finance, greater e-commerce, greater social networking and individual identities, and provides quality service to supply basic credit data for banks, consumer finance, P2P lending, automobile finance and other companies. In future, data obtained through crawlers will be fed into GXB Data Exchange as its own data source.
The data crawler product was launched in October 2016. So far, we have 37 contracted internet finance enterprises and 89 contracted petty-loan companies. Over millions of data entries on loan borrowers are captured every day. These business customers have become the first customers of “GXB Data Exchange”, which are entitled to grab a share in proceeds arising from data transaction.
Data Exchange Component 2: KYC System:
GXB’s KYC system is designed to recognize and validate user’s identity by comparing the mug shot taken by a camera with the data held by the First Research Institute of the Ministry of Public Security of PRC (no need to upload ID card pictures), and thus to realize truly effective identity verification. It is best applied to anti-money laundering and anti-fraud, geared to customers engaged in internet finance, banking, Bitcoin Exchange and insurance, who are highly dependent on the KYC system.
The KYC system was launched in February 2017. Now, we are working on its integration with the customers’ systems.
Why Choose GXB to Build the Data Exchange?
Must Have Experience in Big Data Directory System Modeling
GXB deals with data exchange, so it needs to establish multiple data structure standards and directory systems, which is quite demanding on practitioner’s experience in the field of data directory system modeling. As GXB’s founding team has participated in the construction of many directory systems and data exchange systems for the government as well as modeling and computation of internet big data risk control system, we have accumulated abundant hands-on experience in this field.
Must Have Experience in Internet Finance Industry
Many of us in the GXB team have been working on this since the first year of internet finance; we have a deep understanding and rich practical experience in the application and development of big data risk control, anti-fraud, credit rating in the internet finance industry, and we also know well the core issues leading to a low level of risk control in internet finance industry.
GXB Is an Impartial Third Party
As internet finance enterprises are dedicated to such business as P2P lending and installment consumption, they were born to hold a position. They will not win the trust of other internet finance enterprises (competitors) if they branch out to shared data exchange. As a result, the entire data exchange market will not get anywhere due to the lack of vitality.
Whitepaper(2nd Edition)
1. Abstract
Big data era arrived, internet of everything is not far away. The ability of human in produce, acquire, and process data has been dramatically improved. Proper usage of data could greatly advance our knowledge of the world, the reaction of demands, plans for the business and society activity, as well as cooperation.
With the rapid development of internet and information technology, the speed of data production increase exponentially in recent years. For the society, data is a continuously expanding treasure. However, as the amount of data skyrocketed, data monopoly and information silo issues becoming increasingly urgent. Get data flowing and utilize it legally could yield unimaginable value to social productivity and economy.
Data is the most important means of production in the future, not only in a giant scale but continuously change with the evolution of human activity. Data is the key for us to understand business and society, which is indispensable for the most industry. The blockchain is one of the inevitable and fundamental technology in the future, building an “internet of value” that could be maintained and participated by everyone. As a trusted internet, blockchain is capable of minimizing the cost of data transfer and exchange.
The combination of data, the most valuable resource, and blockchain, an essential technology in the future, could discharge huge business and social value, which establishes the mission and vision our team.
We have been building several products based on blockchain and data. As the cornerstone, GXChain combined big data and blockchain. The aim of GXChain is to build a trustworthy and all around applicable data exchange network, enabling data from every aspect to flow, circulate, and exchange efficiently, saving them from silo and monopoly, and facilitating them to provide more for our life.
2. GXChain
Introduction
GXChain is a public blockchain which is the foundation of data exchange, supporting the exchange of data in a million times per second. In addition, GXChain also supports app development. Apps developed on GXChain will be greatly supported by big data among various fields, which set GXChain apart from other public blockchains. Apps developed on GXChain would be real life oriented.
The data exchange commercialized on September 24th, 2017. To date, data transaction on data exchange platform passed 700 million times.
Moreover, the second application based on GXChain, Blockcity, which aims for personal credit management and face to face credit verification. The alpha version will release at the end of 2017.
Consensus algorithm
GXChain is using delegate proof of stake(DPoS) for bookkeeping on blockchain and proof of credit share(PoCS) for data exchange consensus.
DPoS is originated from Graphene, it is an alternative consensus mechanism that requires coin holders to vote for “delegates”, who are then responsible for validating transactions and maintaining the blockchain. In DPoS, stakeholders elect what are known as witnesses. Witnesses are responsible and rewarded for generating blocks which are then added to the blockchain. DPoS is an alternative to the more commonly known, Proof-of-Stake model which requires miners to put up a stake in a cryptocurrency in-order for them to be able to validate transactions.
PoCS is a consensus algorithm developed by our team, aiming to solve the imbalance of exchange of data between big companies and small companies. Each PoCS score of alliance members will be calculated when they finished exchanging data. In other words, PoCS score is based on the frequency of transaction, and the score will contribute to the transaction fee. Members with lower PoCS score will pay more transaction fee for the data, while members with the higher score will spend less on transaction fee.
Here is the psedo code for PoCS mechanism:
if((total_sell + total_buy) >= pocs_threshold) {
pocs = calculate_pocs(total_sell, total_buy);
fee = scale_fee(pocs, data_transaction_base_fee);
} else {
fee = data_transaction_base_fee;
}
pocs is the PoCS score, alliance members will have their unique PoCS score.
total_sell is the frequency of data sold by the member.
total_buy is the frequency of data bought by the member.
pocs_threshold is the threshold to determine whether to reduce the transaction fee for members.
data_transaction_base_fee is the basic transaction fee charged for the exchange of data.
calculate_pocs is the function to calculate PoCS score.
scale_fee is the function to calculate transaction fee.
3. Reasons to choose delegate proof of stack(DPoS).
Currently, most projects employed PoW and PoS as their consensus algorithm, and some projects used modified BFT. Bitcoin, the most successful cryptocurrency based on PoW, demonstrating the stability and fairness of PoW algorithm. However, bitcoin is often criticized for its energy-intensive mining activity. Billions of Dollars are investing to perform calculation SHA256 for maintaining the network, and besides that, no other utilization was involved in this activity. In addition, current transaction speed of bitcoin is 5 times/second, limited by its controversial block size, and 25 times/sec for another famous project, Ethereum, hindered by maximum GAS of single block. These numbers are far from VISA and Mastercard, that able to deal with thousands of transactions per second.
Peercoin and NXT brought two relatively matured blockchain based on PoS algorithm, featured energy friendly compared with PoW projects. Achieving PoS consensus by introducing the coin age theory. Instead of buying expensive mining equipment, PoS algorithm enables more people to attend bookkeeping. The computing power is correlated with the holding tokens and holding time. One holds more tokens for more time, the more possibility of generating blocks he will be. Once he generates a new block, the number of whose coin age will be initialized to zero. Then a new loop starts.
Under PoS Consensus, people tend to lock coins for a long time to get more return, limiting coin supply and circulation, which is adverse to the price stability. Moreover, it is also possible that the majority token is held by a small portion of people, making the whole blockchain network more centralized. Compared to the Consensus of PoW algorithm, the cost of being dishonest is much lower, as a result, it demands more mechanism for preventing fork/double spending attacks, as well as realizing consensus. Normally blockchain network with Consensus on PoS algorithm could generate 12 transactions per second, however, due to consensus issues and network delay, it takes 60 seconds to finish broadcasting reliable blocks. In the long term, speed for generating new blocks is far lower than network communication and broadcasting, as a result, blockchains based on PoS have to limit the speed of block generation to keep the stability of the main net.
DPoS could inherently overcome drawbacks of PoW and PoS in processing efficiency. DPoS algorithm requires verification of current block has been signed by a trusted node before generating next block. DPoS employs a committee mechanism to choose trustable nodes(witnesses), who represented other token holders for bookkeeping. Witnesses are required to remain online for a long time, solving the block generation delay problems occurred on blockchains based on PoS. Usually, DPoS is capable of processing 10000-100000 transactions per second, depending on the network quality, which is suitable for industrial applications. The data exchange platform requires high transaction frequency and network stability, making DPoS is an exclusive choice.
4. Features of GXChain
High-performance and expandable
GXChain can process 10000-100000 transactions per second, with 3 seconds blocktime. Considering the growing demand for on-chain business, GXChain can expand horizontally, enabling even higher transaction speed without a hard fork.
Real-time parameter adjustment
Instead of a fork to realize change parameters, GXChain can change blocktime, blocksize, transaction fee etc. via voting.
Supported by big data
The data exchange support data transaction or exchange in multiple industries. Companies and individuals could acquire those data via purchase.
Blockchain as a service
GXChain also supports services API, including storage and verification.
Support for application development
Apps developed on GXChain would get support by numerous data from multiple fields on the data exchange
User-Issued Assets
GXChain allows individuals and companies to create and issue their own tokens.
Open source
We made GXChain code open to the public at
https://github.com/gxchain5. Technical structure of GXChain
6. Application structure
1.To Customer
•Wallet
The wallet is for asset management on GXChain, we developed wallets for PC, mobile, web browser, and command line. For PC, Windows 32/64 Bit, Linux, and Mac OS supported. For mobile, IOS and Android supported, besides digital asset storage, the mobile wallet will support real-time price display from exchanges in the future. Wallet on the web browser is for online usage, supporting all functions compared with PC wallet. Command line wallet is more sophisticated for advanced user or developer.
•Blockcity(Dapp)
Dapp is for personal credit management, designed by GXChain core developers. It could realize face to face credit verification and personal information management. After-acquired targets authorization, one can check their credit information via data exchange to easily achieve face to face credit evaluation. This application could broadly apply to recruiting, dating, renting, lending, over the counter trading etc.
2.To Business
•Decentralized data exchange
The decentralized data exchange was built on top of GXChain, personal data will not be cached on the exchange, protecting the privacy of customers. In addition, data exchange protects data copyright, prevents data fraud, and supports bilateral anonymity, which could be applied to various fields, including personal loan, auto loan, banks, institutions, insurance, healthcare, credit bureau, logistics etc. Data exchange solved persistent problems in above industry for data transfer, circulation, and exchange in a decentralized and safely way, releasing the value of data for developing more applications which aim for improving quality of life of people. For more information, refer: zh/dataExchange-whitepaper.md
•Dapp enterprise version
Personal credit verification making Dapp suitable for job interview, renting, second-hand transactions, and over the counter transactions. We planned to develop a web-based software for enterprises to verify credit information from individuals.
3.For Developers
•GXChain supports app development using opened API, including data exchange, BaaS, Cli-wallet, statistical analysis, and blockchain explorer. Data exchange API will allow developers to use all interface from data exchange after installing GXB-BOX. BaaS API is for data storage, object-based storage, and verification, Cli-wallet API enables use command-line wallet, which could visit ledger and transfer directly. Statistical analysis API helps to develop further computing and visualization functions. Blockchain explorer API enable checking various information, including block, transaction, account information, and support developers to using web and API manners
https://block.gxb.io/#/.
GXSGXS is the utility token on GXChain, issued by GXS Foundation Ltd. Any payment for using applications at the GXChain ecosystem will be settled by GXS.
• Total supply: 100,000,000
• ICO amount: 24,510,000
• Private equity distributed amount: 10,000,000
• Blockcity mining pool: 5,000,000
• Community developer support: 9,490,000
• GXS foundation: 51,000,000
The token hold by GXS foundation is frozen at the time of initial coin offering and will unfreeze 6,000,000 for the first year. Start from the second year, the unfrozen amount will be 5,000,000. The fund is for hiring, consulting, business development, and marketing activities. GXS foundation account is open to the public for supervision, one can check through GXChain block explorer.
https://block.gxb.io/#/GXS business model
GXS is the essential media to connect businesses, customers, and developers, it is circulating for multiple services on GXChain, decentralized data marketplace, and Blockcity. Any payment for using applications at the GXChain ecosystem will be settled by GXS.
In detail, GXS has the following utility values:
• "Mining" at Blockcity dApp, as user incentive
• Incentive users to finish quests and tasks on Blockcity dApp
• The reward for contributions at GXChain community, such as bug bounty program
• Ballot for voting witnesses, who in charge of "mining" on GXChain
• Fees for P2P data transactions
• Fees for using services at Blockcity
• Fees for using GXChain blockchain as a service (BaaS)
• Developers can deploy their applications on GXChain, and customers using GXS as a payment method for using/buying applications
• Fees for developer registration
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