Singapore, Singapore–(Newsfile Corp. – December 30, 2021) – REI Network testnet (previously GXChain 2.0) was launched. After more than six months of stable operation, GXChain launched a comprehensive renovation proposal to the community in December, which was approved at block height 46630793, officially renaming GXChain 2.0 to REI Network.
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The REI Network mainnet is now live, there will be a mainnet observation period and we will launch the Bug Bounty with the total prize pool of $1.5M.
REI Network is a new EVM-compatible public chain compared to GXChain 2.0, with features such as development-friendly, lightweight, and free, which can fully support the development of various types of on-chain dApps like DeFi, GameFi, and Metaverse. In addition, REI Network will build a new economic model through token splitting, the establishment of an ecosystem fund and the addition of new governance features to build community consensus and fundamentally capture the value of REI.
In a word, the REI Network mainnet will bring a new consensus, tokenomics, governance, and ecosystem. There is no doubt that this mainnet is a landmark event since the birth of the REI Network (previously GXChain) in 2016.
This article takes a look at the new era of the REI Network from different perspectives.
New underlying code and EVM compatible
REI Network rebuilds a new blockchain architecture from the ground up. Instead of using an open-source blockchain development framework, it is completely rebuilt with a more standardized and lightweight idea through node.js, which can meet the demand for quick cross-platform installation and usage. At the same time, REI Network is compatible with EVM and Ethereum RPC, and dApps can be migrated seamlessly.
A new economic model: token splitting and ecosystem funds
Core-Asset split with 1:10
At the end of the public beta phase of the REI Network mainnet, the core asset GXC, originally issued on GXChain, will be mapped to the REI Network’s mainnet in a cross-chain manner. The conversion of the core assets from GXC to REI on the mainnet will follow a 1:10 split rule, with the total issue size adjusted from 100 million to 1 billion tokens, while the total value of the tokens remains unchanged.
Ecosystem fund: 50 million + 50 million + 150 million = 200 million
The team took out all the unlocked 25 million pieces as the ecosystem funds, of which 5 million were used for node rewards, 5 million for marketing, and 15 million for incentivizing developers and the ecosystem.
REI Network has a good solution for the current industry hotspots and for DeFi, GameFi, NFTs, etc. It will become the hotspot and focus of the next industry competition to a certain extent, so the Foundation is committed to REI Network to seize better opportunities in the foreseeable blockchain industry ecosystem in the future.
REI Network Node Election Campaign Started
REI Network’s consensus mechanism is being upgraded from POA to DPoS+BFT, which will be more efficient, decentralized, and Eco-friendly.
On-chain governance is an extremely important part of public chain governance. Therefore, to implement community-driven governance, REI Network needs representatives who play a leading role in the worldwide community, that is, the Nodes of REI Network.
On the day when REI Network announced that the main network will go live, REI Network simultaneously announced the REI Network Nodes election plan. If you stake 100,000 REIs, you can become a candidate node. Finally, 21 REI Network Nodes will be selected through user voting, and the REI Network Nodes will be able to participate in the REI Network. On-chain governance and node rewards of 50 million REI. In the future, more rights and interests could be obtained by initiating proposals of governance.
The details of the REI Node election campaign can be found at:
Bug Bounty Program for the Mainnet Observation Period
REI Network mainnet upgrade includes consensus mechanism and EVM compatible upgrade, and the introduction of node election functions. In order to ensure that the REI network has a high degree of security and adaptability, the REI developer community launched a bug bounty program, providing a reward pool of REI coins equivalent to 1.5 million US dollars, inviting global developers to help the team review the code during the mainnet observation period and improve the security level of the REI Network, And get a considerable bounty in the process. In this plan, REI mainnet code, smart contracts, and on-chain applications will be reviewed and tested by global developers to ensure its security to the maximum extent.
Details can be found at: https://medium.com/@GXS/1-500-000-for-rei-mainnet-bug-bounty-298ad4648146.
The Future Iterations of REI Network
According to the official roadmap published by REI Network, REI V1.0 is just the beginning and more features will be introduced in the future. Currently, according to known information, at least the following features will be added in the coming months.
The introduction of FreeStake. After the REI mainnet has been online and running smoothly for a while, the REI development team will upgrade the nodes and introduce the FreeStake smart contract module, after which users will be able to pledge REI tokens to get Free Gas.
The new on-chain governance module will be different from the existing model of voting by the board and node members and will be a “direct democracy” in which every coin holder can vote.
How will existing GXC assets be affected by the REI mainline launch – the REI Network will be launched on December 30, 2021. In order to ensure the security of the mainnet and the crypto asset issued on REI Network, the core asset swap from GXC to REI will be officially started after the end of the mainnet observation period.
As mentioned above, the official token converter has not been opened at the moment, please pay attention to the official updates and redeem through the official converter to be alert to scams.
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