The Big Change is around the corner — or as we like to call it ‘The Big Bang’ for BLOCX. As many of you are aware, a strategic Hard Fork has been carefully planned, promising substantial changes for the benefit of our users and the overall project. We believe that the most exciting and significant of these changes will be the introduction of Tiered Masternodes and a substantial reduction in block time, effectively doubling the Mainnet speed.
Let us dive now into the specifics of what is precisely happening and explore the reasons behind preparation for these changes.
But… Before we begin, remember that this is no small undertaking. We proudly claim the title of the first-ever crypto project to implement and introduce Tiered Masternodes on the Dashes/Bitcoin code! Let’s dive into the details:
Tiered Masternodes
BLOCX’s updated codebase will introduce two distinct types of masternodes on its network:
100,000 BLOCX — Regular Masternode — 44% of total rewards
Change: Voting on proposals with a 100k Masternode will automatically provide 10 votes from the masternode owner. Other than this adjustment, everything else remains the same.
10,000 BLOCX — Lite Masternode — 4% of total rewards
Change: Each vote on proposals with a Lite Masternode equals 1 vote. Given the 10x smaller size compared to the 100k masternode, the Lite Masternode holds proportional voting power. All other properties and requirements remain the same.
Double Network Speed
Simultaneously with the Hard Fork, BLOCX. will enhance its network speed. Currently set at 180 seconds (3 minutes), the Hard Fork will double this speed, reducing the block time to approximately 90 seconds per block.
Difficulty Adjustment
The difficulty adjustment will align with the block time, offering increased flexibility. With the double block time and speed, the network anticipates eliminating long waiting times in case a block is not found.
Max Supply Change
After a community vote, the new maximum supply is set to be 169M. This decision was made after carefully evaluating all the options, and the team concluded that increasing the maximum supply and extending it over a longer period would be more attractive to investors and those who are already operating masternodes.
It’s important to note that we are specifically referring to the Max Supply, not the Circulating Supply. The Circulating Supply will undergo similar changes but will only be unlocked through mining and masternodes over a 10-year period. The old supply had a lifespan of only three years.
Emission Schedule
Together with the Max Supply Change, there is always a corresponding adjustment in the Emission Schedule. The new Emission Schedule has been extended from 3 years to 10 years. While there are no immediate effects in the first two years, envisioning a 10-year emission schedule is inherently more appealing. This adjustment ensures the sustained progress of the project, supporting masternodes and mining activities thorught all our journey.
CoinJoin Disabled
In the new Codebase and Wallet, CoinJoin functionality will be eliminated. This decision stems from two primary reasons. Firstly, we aim to distance ourselves from any association with illegal activities, considering that CoinJoin facilitates the concealment of transfers and makes tracking nearly impossible. Secondly, as we envision a future where the company is firmly established, avoiding potential legal issues is paramount. We recognize that inclusion in the privacy coins list, which CoinJoin might lead to, is not aligned with our objectives.
Team Vesting
With the Max Supply now increased, the team will allocate additional coins to the Project Wallet through a vesting process. This strategic approach enables the team to manage funds more effectively, providing time to establish partnerships. Given the high costs in the crypto world, maintaining our project’s leading position is imperative.
Quorum
Quorum will now be activated with the Hard Fork, actively monitoring the online status of Masternodes. If Quorum detects any offline Masternodes, it will temporarily restrict them from receiving payments until their Masternode daemon is back online. This measure ensures the fairness of payments, as Masternodes play a crucial role in enhancing the safety and reliability of our network.
The Big Bang.
After providing a detailed explanation of the upcoming Hard Fork, let us return to the discussion of tiered masternodes. As mentioned several times earlier, BLOCX. will be the first ever project to implement a tiered masternode system on Dash’s code. This does not only make us stand out from other X11 algorithm currencies but also reinforces the security of our network. With 10k and 100k masternodes, users can create more masternodes, ensuring bulletproof and heightened protection for our network.
Just imagine the networks reliability and impact of numerous masternodes being created, together with locking up the circulating supply amount.
However, let’s shift focus briefly to our another upcoming additonal product of ecosystem which is B.TXT. This is a significant development for the BLOCX.’s network, as B.TXT will be serving as a crucial component and addition to the BLOCX.’s ecosystem and also one of the reasons behind Tiered Masternodes, standing together with Computer Manager and alone. If one would be creating a server on B.TXT, one needs to be a masternode owner. Masternode owners operating servers will be regularly rewarded, adding another valuable utility to BLOCX.’s Ecosystem.
With always-up servers, individuals can securely communicate using servers created by Masternode owners, ensuring a true 100% decentralized messenger with no data left behind and no central authority. With BLOCX., you genuinely own and manage your data at all times.
In addition to all of mentioned above, we have exciting news to share with our community today, ahead of the official announcement and big buzz, with the Hard Fork planned, BLOCX. has successfully secured a spot and passed evaluation from one of the top 5 exchanges listed on CoinGecko. This accomplishment stands as a testament to our ongoing developments and changes. 🥂
By now, you should understand the reasons behind these changes made and how they will precisely benefit the project and its users, as you know BLOCX. has been experiencing exceptional growth from day one, with our use cases expanding…
To all our BLOCXERS, this update is dedicated to you. Thank you for your valuable time and continued support of our project. 🙏
Hard Fork info sheet can be found here
The Big Bang ⚡
