The price of a data exchange cryptocurrency has skyrocketed after it announced sweeping changes to its protocols.
GXChain (GXC) recently relaunched as GXChain 2.0 and REI Network (REI) announced that it would undergo a “complete revolution” by rebranding as As a result of these news, GXC rose from a seven-day low of $0.62 to $5.43 and witnessed an increase of nearly 800 percent.
Some of the proposed changes include a revamped blockchain structure that will improve crypto’s compatibility with Ethereum (ETH)-based networks and allow developers to create more applications for altcoins.
In a press release regarding this rebranding, the platform stated:
“The most important difference between REI Network and GXChain 1.0 is; It is a restructuring of the core architecture into a brand new blockchain structure based on a lighter code structure compatible with the Ethereum Virtual Machine (EVM) and Ethereum remote procedure call (RPC).
[Bu]It allows more applications developed on GXChain and Ethereum, including DeFi, to more quickly and directly connect to each other’s ecology.”
Other innovations from the rebranding include a new governance function and a new economic model that evenly divides coins and adds a 250 million token “ecology fund” for developers.
“GXChain has officially proposed a radical method of promoting ecological cooperation, hoping to use all 250 million REIs unlocked (the amount after dividing GXC) to incentivize ecological contributors and developers in the REI Network.
Methods include, but are not limited to; rewarding outstanding developers, investing in high-quality projects, rewarding users who make significant contributions to the environment, etc. included.”
GXChain (GXC) has since stabilized and is changing hands at $3.63 at the time of writing. GXC token holders will be able to exchange their tokens for REI.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.