Why Blockcity App is Gaining Traction in the Crypto Community
Last month, the Chinese government ranked GXChain, a decentralized open source data exchange platform, as the fourth entity in the Global Blockchain Assessment Index. The news came as shock to many since the company has a considerably low penetration rate in the Western world. The unforeseen rise of GXChain could possibly infer that either China is promoting the company, ore the platform is capitalizing on the low prevalence of solutions that offer similar services. Regardless, the potential of GXChain cannot be underestimated.
Reportedly, the company’s mobile application, known as ‘Blockcity’, is one of the most popular crypto applications, with an approximated 2 million registered members.
The Reason Behind The Popularity Of Blockcity
According to PikcioChain, a public blockchain firm that works with NEO, private data is an extremely valuable asset. Its objective is to grant control over personal data to the individual user, as well as assure the security of such information. To this end, the firm will establish the pioneering monetized private data marketplace, a platform that will be developed in collaboration with NEO.
Although PikcioChain has recorded impressive performances of late, the company still has a relatively low market capitalization of $4 million, with 75% of this having been contributed by NEO. Over a similar period, GXChain has amassed a market cap value of $138 million and PikcioChain has a similar objective to Blockcity.
Why Blockcity Has Attracted Many Users In A Short Period
As expected, Blockcity users have control over their personal data, just like in any typical public blockchain. Blockcity coalesces all user information and stores it in an encrypted file system, Therefore, users can access this data and monetize it. Besides, the availability of smart contracts and provision of unique services has also contributed to the increase in the number of users.
Additionally, GXChain technology enables the Blockcity app to provide KYC, multi-dimensional data and identity verification among other benefits. Apparently, 40% of the Blockcity users are active on a daily basis. At is current development rate, GXChain is set to become a reckoning force, not only in China, but also on a global scale.