ONEX: A PROOF OF STAKE PLATFORM ON ETHEREUM CLASSIC

chikky08 (46)in #blockchain • 7 years ago

In recent years, there's been a lot of hesitations about the fate of crypto currencies and block chain. The important value of crypto currencies exist in interdiction protocols and decentralization. Proof of work , a consensus algorithm implemented by first generation crypto currencies, is found not be sustainable and displays fundamental challenges, that compromise decentralization. Bitcoin, one of the first generation crypto currencies, where new coins are generated through mining, By making use of arithmetics to solve puzzles based on block chain regulations. Bitcoin proof of work algorithm is being faced with basic problems. With the recent block size, bitcoin has an utmost transaction capability of 7 transactions per seconds. With top transaction of 50 USD, these intelligence has proven that Bitcoin is being faced with fundamental barriers for scalability, and challenges with efficiency. Which act as the main factor behind its stray From its core ideology.

In order to enhance the process of trading, so many projects have tried but to no avail. No project has been found with qualities to be used for all sort of business application and even to strengthen the cryptocurency market. But we have seen the enlargement of the block chain and how it has become so vast to be able to allow wide range usage. However, it still need certain modification in the way some of its processes are done and that's why this project called ONEX is formed.

Clients and other users of the ledger tech have face the worse of the payment structure and that is due to the lingering of the old system of payment which is already obsolete. Now it is no longer accepted as the wrongs it has done has already exceeded the rights. Seeing that the general finance industry of cryptocurency has deteriorated, the affected users clamouring for a better structure that is more inclusive than the initial one. That is the main reason for the creation of ONEX whose totality is to focus on the cryptocurency finance and solve the issues with the connection of Fiats to crypto or vice versa.

ONEX being the first of it's sort, decentralized platform for proof of stake, which depends on etheruem innovation, where POS coin holders meet and benefit, delivering every day compensates by staking their POS coins. The principle goal of proof of stake is to climb the benefits for little mineworkers, who meet up in the pool of stake. For this point, ERC20 utility Token and ONEX token are utilized, guaranteeing that pool of stake are in full control of their staked coins. This is conceivable by the execution of keen contracts, and internationally conveyed hubs.

ONEX STAKE REWARD SYSTEM .

ONEX ecosystem will enhance and acquaint with PROOF OF STAKES , singular strategies for getting the most extreme measure of remunerations. The reward which every network part is qualified for is corresponding, to the measure of staked coins. The greater the holding, the higher the all out remunerations. in this way, the apportioning for each pool of stake part. The pullout of remunerations.

In evidence of work accord calculation, which was utilized by the original digital money, makes utilization of computational influence gotten from CPU and GPU. home PCs had capable equipment for the mining procedure, With a comparable bitcoin center customer. Which fills the need of shared correspondence convention. At a point in time, home PCs were never again adequate, which has placed mineworkers into a predicament of having no other decision than to purchase new and costly electronic segments with more illustrations limit so as to mine new bitcoin .

The motivation behind the platform is to concede clients the entrance of crosschecking the condition of the pool and dispersed prizes. While additionally giving total protection to clients. This stage will make utilization of ETHEREUM CLASSIC. Individuals will almost certainly check the aggregate sum of coins possessing their property and the produced rewards so can know their individual prizes. This implies individuals can check their reward computation themselves not confiding in the pool.

While remembering tokens holders assurance, ONEX uses ERC223 token standard. ONEX is the first to actualize the Proof-of-Stake instrument on Ethereum Classic, implying that holders of ONEX can win some additional tokens just by holding ONEX for a timeframe, more noteworthy than or equivalent to The Minimum Coin Age.

3 KEY THINGS TO KNOW ABOUT ONEX OPERATION

Holding some ONEX for a time of no less than 3 days, more prominent than or equivalent to the Min Coin Age.

ONEX gives two techniques to trigger ONEX staking: Sending an exchange to your own location with any measure of ONEX. 2.Using our ONEX Calculator that can cooperate with contracts to execute the capacity.

The principle highlight of the ONEX Token is its capacity to stake. Coin Age is equivalent to the quantity of tokens in addition to the quantity of days you HOLD the tokens for.

TOKEN DETAILS

ERC223/PoS Standard

Name: ONEX Network

Image: ONEX

Decimals: 18

Max Total Supply: 10M

Beginning Supply: 1M

Min Coin Age: 3 Days

Max Coin Age: 90 Days

first Year Interest: 100%

second Year Interest: half

third - fifteenth Year Interest: 10%