What is SherpaX? All information about SherpaX and token KSX

• Overview of SherpaX
• What is SherpaX?
• SherpaX's Vision
• The main ingredients of SherpaX
• The development team, the investor of the SherpaX . project
• SherpaX Development Roadmap
• Overview of the KSX . token
• What is KSX token?
• Allocate KSX . tokens
• Where can KSX tokens be bought and sold?
• The future of SherpaX and should invest in KSX or not?
• summary

Overview of SherpaX

What is SherpaX?

SherpaX is an independent research and development network created with the goal of testing innovative ideas and new technological innovations before launching into ChainX. In other words, SherpaX is ChainX 's Canary Network – a Bitcoin layer 2 network run by the community. 

Bitcoin's Layer 2 known as the Lightning Network uses a lightweight chain of nodes to facilitate faster and more private execution of BTC transactions. Essentially, ChainX is building Bitcoin's largest layer 2 platform, where users can interact with many different blockchains.

Similar to ChainX, SherpaX will be designed to realize the connection of the Bitcoin ecosystem with other DeFi platforms. The only difference is that ChainX is built on Polkadot and SherpaX is implemented on Kusama .

SherpaX's Vision

Currently, SherpaX is conducting a parachain auction on the Kusama network. If she wins, SherpaX will be compatible with other parachains through the XCMP protocol and have security shared by Kusama.

In addition, after SherpaX becomes parachain, the project will redirect intensive testing on transferring XBTC from ChainX to SherpaX via Spider.

XBTC are synthetic assets simulated from BTC. This synthetic asset will represent existing assets on the crypto market in SherpaX and ChainX.

As mentioned, SherpaX is the version used to implement new technologies before being introduced into ChainX. To set the stage for ChainX to become Bitcoin's largest layer 2 financial platform, the next plan is SherpaX will launch and test derivatives such as futures and options for Bitcoin. 

The main ingredients of SherpaX

Bitcoin Threshold Signature Tool: This is a synthetic signature technology based on Schnorr signatures and used in XBTC's new cross-chain scheme. The SherpaX team will develop a Bitcoin threshold signature engine for the ComingChat application that will enable the rapid transfer of XBTC synthetic assets and decentralized applications. 

Decentralized NFT Auction Platform: ComingChat is SherpaX's Metaverse world, integrated with multiple platforms such as social networks, crypto wallets, decentralized identity, creation and auction of DApps , NFT. To date, ComingChat has issued over 120,000 NFTs and investors can purchase those NFTs on Comfuture – ComingChat's NFT marketplace.

Open blockchain network: SherpaX is compatible with the EVM virtual machine system and supports WASM. It allows developers familiar with EVM's development tools to easily deploy their applications on the SherpaX network and share security with Kusama.  

The development team, the investor of the SherpaX . project

The development team, investors of the SherpaX project have not been disclosed, TraderH4 will update as soon as there is information from SherpaX.

SherpaX Development Roadmap

The release plan of the project will be implemented in 4 phases:

Stage 1: Taproot Upgrade Deployment

The project will implement a cross-chain solution for Bitcoin and begin testing on Bitcoin Signet. At the same time, SherpaX will activate the Bitcoin Threshold Signature module and search for new trusted nodes. Upon completion of the testing, these nodes will become ChainX's trusted nodes.

Phase 2: Deployment of EVM, Substrate DEX

At this stage, the development team will deploy EVM to the SherpaX network and AMM DEX for all Substrate tokens. At the same time, the project will create liquidity pools from cryptocurrencies such as KSX, PCX and sBTC (Bitcoin Signet's experimental token) in the AMM DEX.

Phase 3: Deploying Lightning BTC Network for SherpaX

Basically, the PolkaX team has completed the implementation of the Lightning Network on the ChainX network. After SherpaX is launched, Lightning Network will be prioritized to deploy on SherpaX.

Phase 4: Build a developer community

After implementing EVM and Lightning Network, developers can easily deploy applications and smart contracts on the SherpaX platform.

Overview of the KSX . token

What is KSX token?

KSX is the governance token of the SherpaX ecosystem and has certain roles as follows:

• Miners can get KSX for mining on ComingChat app.
• KSX is used as collateral and as a means of payment for expenses arising from operations on the SherpaX network.
• KSX owners have the right to participate in the governance system of the SherpaX network and guide the development of this platform.

Allocate KSX . tokens

SherpaX will initially issue 21,000,000 KSX, after that will issue 10% more annually. All KSX coins will be distributed according to the following ratio:

• Council: 5%
• CID NFT Mining: 10%
• PCX holders: 45%
• Giveaway: 2%
• Kusama slot-auctions: 38%

21,000,000 KSX will be released after SherpaX wins the Parachain auction and connects with Kusama. Of which, 90% of KSX will be locked for 3 months, the remaining 10% of KSX is a reward for SherpaX Crowdloan participants and will be distributed immediately after the end of the auction.

Where can KSX tokens be bought and sold?

Currently, investors can join SherpaX's Crowdloan program and contribute KSM to receive KSX or can convert from PCX to KSX at a ratio of 1:1.

The future of SherpaX and should invest in KSX or not?

In fact, the Bitcoin network cannot interact with other blockchains without the support of similar connectivity solutions like SherpaX and ChainX. Both of these networks facilitate all types of assets to interact with Bitcoin. 

In other words, SherpaX and ChainX are scaling solutions for the Bitcoin network on Polkadot and Kusama. This shows that SherpaX and ChainX both play an important role in connecting the Bitcoin ecosystem with other DeFi platforms.

Currently, SherpaX has more than 1.2 million users from 195 countries around the world. The latest cross-chain technology based on the Bitcoin software upgrade of the SherpaX test network is also coming soon, promising to bring the latest layer 2 scaling technology and EVM ecosystem to the DeFi developer community. .

Some official information channels of the project that investors can follow are:

Website | Twitter | Telegram | Github | Medium

summary

Above are the details about the SherpaX project and the KSX token. Overall, SherpaX is a community-driven project, so the treasury funds will be used entirely for activities for the benefit of users as well as project development. This is shown through the project's Tokenomics, which does not have an allotted category for developers. This is also considered a plus point for investors to consider and evaluate this project.

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