Definition of Term

'Definition of Term' section provides essential terms' definitions for using GXT.

GXT Platform

The GXT Platform provides GXT Wallet (deposit and withdrawal), and services (diamond brokerage service, auction, etc.), especially with the application of NFT (Ethereum-based ERC 721) technology for checking unique information and transaction details of diamonds.

GXT Token

GXT Token is a token that can be traded on a cryptocurrency exchange where GXT token has been listed as a utility token.

GXT NFT

GXT NFT is an irreplaceable token that records information of diamonds and jewelry sold in GXT World and allows ownership (as the warranty) to be verified through the Blockchain ledger.

GXT World

More than 10,000 diamonds and diamond jewelry products are registered and sold, and consignment service to sell diamonds owned by customers is provided as well. In particular, NFT technology is applied to administrate the information and sales details of diamonds and jewelry, guaranteeing the authenticity and quality of products.

Auction

Overseas luxury goods and diamonds are sold through general auction and random auction, and users can participate in auctions with GXT Token.

Available GXT

Available GXT is a token that can be traded on exchange where GXT token has been listed.

Burning

GXT Tokens those used and recovered by the GXT Platform will be incinerated some parts of total using amount and transaction amount in consideration.

Off-chain

It means stored data outside the Blockchain, and seeks a direction to reduce the data input to the block by utilizing an external network without increasing the size of the block. Through those, GXT aims for a realistic service technology direction that can be implemented with the Blockchain.

On-chain

When using the GXT service platform, transaction details by GXT Cash can be processed through the off-chain transaction, and accumulated information can be synchronized. Transaction information of main Blockchain network is registered in the block. At this time, the information fetched from the off-chain means that only the core information is briefly uploaded to the block.