NIX Platform to switch from PoW to PoS, Increasing Network Security

in #nixplatform2 years ago (edited)
As announced in a recent official blog post, the NIX team decided to switch the network consensus of NIX to proof-of-stake. This brings various #security improvements, stabilizes the past "mining inequalities", allows all users to earn passive income with #staking and more.

nixplatform-pos

New Specifications

According to the official post mentioned above, the new NIX specifications (after the switch to PoS) will be:

Staker reward: 2% guaranteed inflation (~4.5 NIX / block).
Ghost Node reward: 18 NIX.
Development fund reward: 4.5 NIX.
Total Block reward: ~28.5 NIX.
Block time: 2 minutes.
Block halving every 4 years.

Staking

Everyone will be able to stake their NIX coins (unless they are locked in ghost nodes) to earn passive income. This is particularly interesting for users with a balance of fewer than 40000 NIX due to the fact that they are not able to capitalize on ghost node rewards. The ROI for staking is expected to settle at around 6%.

Block Rewards from 64 NIX down to 28.5 NIX

With no more miners on the network, the rewards have been allocated. This can be seen in the above posted specs and drastically reduces newly generated supply. The currently running PoW network features a 42 NIX block reward for miners which is expected to be replaced with a 6 NIX reward for stakers.

ghost nodesdev fundminingstakingtotal
old17.924.4841.60.064
new18.04.50.06.028.5

Ghost Node Rewards

The reward percentage for ghost nodes (master nodes) will be unaffected and currently features a ROI of 34.14% (taken from the Discord info bot).

Further Development

As mentioned in their Discord channels, the team is now fully focusing on implementing the change of consensus. Thus, the above mentioned numbers are not yet final and still subject to change. There will be an official announcement once the change is rolling out. Users will then have to update their wallets to support the PoS consensus. Testing and evaluation on the testnet are imminent.

Parting Thoughts

It is safe to say that the team is steering the platform in the right direction. These changes were highly anticipated by the Discord community and come without any drawbacks for the network itself. Miners will not be hurt either as they can point their hash power at other networks.


If you have not yet heard about NIX, be sure to inform yourself: https://nixplatform.io/. I am not being paid for this article by the NIX team and appreciate all comments.

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I believe that in the future almost all the POW coins will be death, except for bitcoin maybe.

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Only issue I see here is that without a sufficient burn mechanism this will have a serious inflation issue. Also I have a tough time trusting teams that abandon projects and don’t offer extended swap periods.

Thanks for your reply.
How is there a serious inflation? With mining rewards being replaced by a significantly lower staking reward, the overall supply generation is lowered drastically.
The inflation will settle at 2%.

Proof of stake is better option than proof of work , we need to get all coins to POS , this will be great for the coin and looking more of such developement on other coins

Hm. I do agree on PoS being superior to PoW. But honestly I feel the crypto space is flooded by copy-cat coins which are just pulling great releases from others and are really pointless. Seeing great and well-used projects like Ethereum switching to PoS is a nice sight for sure.


With that being said, NIX is kind of revolutionary. Not only will they be the first and only crypto currency to the only coin running BTC core 0.16 with PoS consensus, functional masternodes and privacy system.

Also the implementation of the DEX manager, which will allow everyone to make bitcoin transactions (and the ones of other coins) private will surely be extremely beneficial for the crypto space in general.

This is good news!

It truly is!

Greetings friend @ dacx.
I really enjoyed reading your post. It is evident that you researched to be able to give us that valuable information. Thank you.

I see that the change to PoS has not yet been made and I have several concerns;

  • How will Nix recognize the tokens that users have obtained through mining?

  • Will all these tokens pass to support user participation?
    and finally:

  • Does that wallet update imply downloading a new one or is it a free update?

Thank you in advance for your valuable response.

Hello creativeblue, thanks for your reply.
You don't need to have any concerns. People who obtained NIX coins through mining will keep them. As for your second question, please rephrase - I don't understand what you mean.
Lastly, using NIX is completely free. All future updates are available to everyone free of charge.

Thanks for your receptivity.
your publication and answers were very constructive.
I will be attentive to your next publications.

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That's a sweet gesture, thanks!

@dacx
@online87700
@crypto2crypto
Can you Suggest me for some coin which coin make me rich?

This post has received a 8.59 % upvote from @boomerang.

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