GXS cryptocurrency is a payment instrument of the GXShares cryptocurrency project, focused on advanced decentralized technologies in the field of information security and the prevention of hacker attacks. Despite the initial focus of the site on the financial sphere, its tools and technologies can be used to solve a variety of problems and tasks. The versatility of the site, as well as its concept, attracted the attention of investors and users interested in the possibility of mining the GXChain token.
A bit of history
The GXChain coin and its parent platform GXShares were created through the efforts of a team of programmers from the Chinese company Hangzhou Credit Data Technology Co., Ltd. The process of creating this crypto project was supported by the Ministry of Science and Technology of China, which is an indirect confirmation of the prospects of this platform and the technologies it offers. The main goal of the platform’s creators is to develop new technical solutions based on the blockchain that allows the exchange of information over a secure channel.
The project was officially launched in June 2017. Even though the crypto market was going through hard times at that time, the coin GXChain managed to attract the attention of a significant user audience.
The relevance of the technologies proposed by the project is supported not only by the constant growth of the cryptocurrency market and the expansion of the number of its active -[‘participants but also by constant hacker attacks aimed at gaining access to intruders and personal information of Internet users.
The main task of the GXShares cryptocurrency platform is to solve existing problems in the field of preserving the confidentiality of user information and preventing hackers from gaining access to data stored by commercial organizations and government agencies.
At the same time, the authors of the GXShares project mainly focus on creating advanced tools for the financial sector since the banking sector is very vulnerable to attacks by cybercriminals. The functionality offered by the platform allows the participants of the crypto network to transmit various information using secure communication channels without fear that third parties will be able to access it.
Advantages of GXChain
To determine the investment attractiveness of a cryptocurrency, it will be necessary, among other things, to study its inherent advantages and disadvantages.
Analysts include the main advantages of the GXS token:
- the cryptocurrency platform guarantees the accuracy of all information entered into the blockchain thanks to the used advanced technologies that perform data verification in an automatic mode;
- the development team of this site is formed of experienced programmers who previously took part in the creation of other successful crypto projects;
- all information entered into the blockchain is thoroughly checked, which is due not only to the policy of storing reliable information but also to compliance with copyright law;
- within the crypto network, the principle of preserving the anonymity of the identity of users is observed. In this case, all financial transactions will be carried out after the crypto network checks the identity of the users participating in the transaction;
- the decentralized structure of the project and the actual absence of a central management apparatus excludes the likelihood of interference in the operation of the crypto network not only by fraudsters and third parties but also by the authors of the site.
According to the developers of GXChain, such advantages of their platform, allowing it to stand out from other similar projects, will help GXChain to quickly grow a user audience and greatly increase the market capitalization of the crypto project.
Disadvantages of GXChain
In addition to the advantages, the GXS token and its platform have some disadvantages that have a direct negative impact on the development of the platform and the growth rate of its user audience.
The main disadvantages of the GXChain platform and its internal token GXS include:
- lack of actual direct interest in the functions and tools of the project in the crypto market;
- the presence of competition in the market. It complicates the growth of the audience of the crypto platform and limits its possibilities in terms of obtaining the necessary financial resources;
- the authors of the platform do not have the necessary financial resources to implement the main ideas. For this reason, it is still difficult to talk about the timing of the launch of the full-fledged version of the site;
- investors are extremely skeptical about the prospects of the coin for the near future, so they are in no hurry to invest large funds in this cryptocurrency asset.
The problems inherent in GXS are related to the youth of the project. Therefore, as the number of active users grows and cryptocurrency technologies become popular, the growth rate of the GXChain crypto platform will increase. Thus, the further perspective of the GXS cryptocurrency depends not only on the steps of its creators but also on the situation in the crypto market.
