09 DEC | Ask Me Anything: How do we understand SherpaX and $KSX?
- How do we understand SherpaX?
SherpaX is the testnet of ChainX. SherpaX mainly has the following functions:
- It is the Layer 2 of the BTC test network ‘Signet’ and supports the decentralized cross-chain of sBTC of the BTC test network.
- Taproot threshold signature
- On-chain Lightning Network Platform
- EVM’s smart contract platform
- WASM’s smart contract platform
- Introduces the Defi project ecology (such as AMM DEX)
- Introduces GameFi project ecology
- Introduces the universe ecology ( applications like Decentraland)
2. What can the KSX held by the user be used for?
1. Handling fees for all actions on SherpaX
2. Community governance
3. What is the total amount of KSX? What is the economic model of KSX?
The total amount of KSX is 21 million, with an additional 10% issuance every year
- 5% council
- 10% CID NFT mining
- 45% PCX holders
- 2% giveaway
- 38% Kusama slot auction managed by the council
- The development team does not own any KSX tokens
SherpaX is a community-driven project. All the treasury funds operated by the council will be used for community operations, marketing, etc., and council members will be selected from the community through on-chain governance.
4. If SherpaX does not capture the slot, will it affect the roadmap of SherpaX?
SherpaX itself exists as a public chain, and it will be launched in January 2022 regardless of whether the slot is acquired or not. Even if SherpaX does not get the slot, we will launch SherpaX in the form of an independent platform chain like ChainX.
5. How to get more KSX?
ComingChat users can obtain more mining power by buying or redeeming NFT, thereby obtaining more KSX.
There are many ways to purchase, you can buy from community members in the community, but you must be aware of scammers when engaging in OTC deals. To encounter this, ComingChat has set up an Official Guarantor to help you trade. Please contact CID 7 for OTC trades.
- Official list of personnel: How to Protect Yourself from Scams
In addition, ComingChat NFT Marketplace ‘Comfuture’ has been launched, and users can freely purchase their favourite NFTs in Comfuture to obtain faster computing power.
- Comfuture website: https://comfuture.coming.chat/
Of course, we also support the redemption function of redeeming NFT through CID and Mini Points. The user completes the redemption by sending a specified number of CID or Mini Points to the official address.
- Redemption rules details: CID NFT and Mini Point Redemption Protocol
6. Apart from mining, are there other ways to obtain KSX?
Except for transactions, there is no other way to obtain KSX.
7. When can we get KSX? Where can I see mined KSX?
The SherpaX network will take a snapshot of your mined $KSX on December 31, 2021. As long as the balance in your account is greater than or equal to 1 $KSX, you will qualify for the $KSX airdrop. The number of airdrops is the number equal to your $KSX balance. Users who hold less than 1 KSX can continue mining and would not be eligible for the airdrop in this phase.
Your mined KSX will be airdropped to your ComingChat Wallet, and you can also check the number of your KSX through Polkadot.js.
It should be noted that after the snapshot is completed, your KSX virtual mining balance will be emptied, and the next round of virtual mining will begin on January 1, 2022.
The KSX airdrop will be carried out after SherpaX goes online. For the first time, 10% of the balance of the snapshot will be airdropped, and the remaining 90% will be released in one go after the completion of three months.
8. Does KSX have any plans?
The exchange where PCX is located will have a KSX mapping, and users can withdraw cash from the exchange.
After SherpaX goes online, KSX can be traded directly on the SherpaX platform, and can be exchanged with sBTC, PCX, DOT, USDT, Mini Point, etc.
9. what do you think of KSX in the next 2 years? What is the future roadmap of SherpaX?
We want to flourish the ecology of BTC.
For the Layer 2 network, two issues are critical:
The first one is how to safely peg-in BTC to the Layer 2 network. ChainX uses two different modes to ensure the security of Bitcoin on ChainX
The second one is how to make BTC really applicable. On this issue, SherpaX uses three programmable environments to support multi-platform applications.
With the landing of ComingChat, ChainX and ComingChat can go hand in hand. In the next two years, we will integrate the two, using ComingChat as the user portal + ChainX as the technical expression.
What the blockchain circle can perform, we ChainX, SherpaX and even MiniX can do it as well. These three networks will eventually unite them.
In a word, we use ComingChat’s portal function to fully utilize Blockchain platforms with different technical directions such as ChainX, SherpaX, MiniX, etc., to build a trustworthy world that belongs to us.
10. Will KSX have a staking program?
No, but KSX can participate in liquidity mining.
11. It was previously said that KSX allocated 50% of tokens for airdrops, and now 45% is used for holders. What is the reason for this change?
KSX distribution rules have not changed. 50% of KSX will be used for airdrops, of which 5% will be used for parliament and 45% will be used for PCX holders.
12. Will you burn your tokens? Will KSX have a combustion mechanism?
The SherpaX development team will not own any KSX. As for whether KSX will have an EIP, it will be decided by the KSX Council. At present, we are not sure.
13. How to attract big whales in the KSX project?
We will make good use of ComingChat as the traffic portal for SherpaX. ComingChat currently has 3.3 million users and is expected to reach 10 million users next year. By then, it will naturally bring huge traffic to KSX.
14. Will SherpaX become a Bitcoin solution platform for building applications like Moonriver does on Ethereum?
That’s for sure. First of all, ChainX aims to become the second-tier network of Bitcoin, and SherpaX, as the testnet of ChainX, also uses it as its purpose. SherpaX will use sBTC as the consumption token for SherpaX’s Bitcoin network solution platform.
15. Crypto space is competitive with a lot of development which we can’t even follow enough. Some succeed and some failed even before the start. How well are you preparing the economic model for long term progress (or may be survival) of the project?
We are financing externally. Today we have received the final confirmation from Infinity, the largest investment institution in Israel, and we have completed the initial financing. The later stage of financing is also preparing to be on the agenda, allowing our project to be entered by the world’s top capital. This is our biggest challenge to the market.
16. What’s will be the ratio of PCX on the Kusama parachain to issue KSX ?
It depands on the market and people.Because the team won’t have any KSX and they won’t price it.
17. Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry?
We want to help Bitcoin, so that BTC is not only limited to investment, but can be truly used as a global payment and applied globally. I want users to control their own assets and information.
18. Will KSX be used as a payment tool on the marketplace? Will it be possible to buy NFT with KSX?
Of course, one of ComingChat’s goals is: the global payment portal we want to do.
19.How do you plan to spread awareness about your project in different countries where English is not spoken well?
Need to support various languages, establish ambassadors in various languages, and gradually let any of our users get the best experience.
ComingChat’s mission is to build a metaverse for the entire ecosystem. With the economic structure of Bitcoin, it aims to reshape the digital economy system for billions of people around the world by building a simple, secure, and private global payment system and financial infrastructure. It further strengthens the interaction between the Internet and the real world by serving as a gateway for users to enter the Web3.0 world where a programmable identity system is established with CID as users’ digital identity, thus achieving unprecedented interoperability.
It will be a trustworthy, and user-centered metaverse platform that enhances user interaction services including:
- Decentralized social system
- Bitcoin wallet
- NFT ecosystem