A data exchange cryptocurrency saw a gigantic value spike after reporting major changes to its protocols. GXChain (GXC) as of late declared that it will go through a “comprehensive revolution”, relaunching as GXChain 2.0 and taking the name REI Network (REI). The news sent GXC on an assembly from a seven-day low of $0.62 to $5.43, an almost 800% increase. Part of the proposed changes includes a patched up blockchain structure that would expand the crypto’s similarity with Ethereum (ETH)- based networks, permitting developers to make more applications for the altcoins.
“The biggest improvement of REI Network compared to GXChain 1.0 is that it is restructured from the underlying architecture to a brand new blockchain structure, based on a lighter code construction, compatible with Ethereum Virtual Machine (EVM) and Ethereum remote procedure call (RPC), to which Ethereum applications can be seamlessly migrated,
As stated in a press release,
allows more applications developed on GXChain and Ethereum, including DeFi, to be more quickly and directly connected to each other’s ecology.”
“GXChain officially proposed a radical ecological cooperation incentive method, hoping to use all the unlocked 250 million REI (the amount after splitting GXC) to incentivize ecological contributors and developers in the REI Network.
Other changes include a new governance function and a new economic model that splits coins up equally and adds a 250 million token “ecology fund” for developers.
The methods include, but not limited to: rewards for outstanding developers, investment in high-quality projects, user rewards for those who have made major contributions to the ecology, etc.”
GXC has since stabilized and is currently exchanging hands at $4.00. GXC holders will be able to convert their tokens to REI.
News Summary:
- Ethereum Challenger surges 775% in just three days amid massive rebranding and crypto asset overhaul
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