A data exchange cryptocurrency saw a massive price spike after announcing sweeping changes to its protocols.
GXChain (GXC) recently announced that it will undergo a “comprehensive revolution”, relaunching as GXChain 2.0 and taking the name REI Network (REI). The news sent GXC on a rally from a seven-day low of $0.62 to $5.43, a nearly 800% increase.
Part of the proposed changes includes a revamped blockchain structure that would increase the crypto’s compatibility with Ethereum (ETH)-based networks, allowing developers to create more applications for the altcoins.
As stated in a press release,
“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,
[This] allows more applications developed on GXChain and Ethereum, including DeFi, to be more quickly and directly connected to each other’s ecology.”
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.
“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.
The methods include, but [are] 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.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia