“What is NEXXT for BitcoinZero”?
Over the past few weeks the teams have been extremely busy with a couple of changes that had to be made for the coin’s health.
Firstly, the chain problem had to be fixed. Due to having too few miners — and big miners that have all the hash, the chain would go stuck periodically and were forced to buy paid hash to keep the chain moving.
Introducing NEXXT —With different levels of block difficulty that is periodically adjusted we find the solution for big miners that manipulate the chain. It’s a patch made by the GXX team that is designed for the BZX PoW. It can eventually be used by other coins. Another world’s first.. We keep ’em coming!
The patch is ready to be deployed. What does this mean for you? Since the chain has been forked to implement the changes- a wallet update is required. The “fork block” is block 51000.
How to update to the patched BZX wallet
1: Quit the current BZX wallet;
2: (optional) Remove all files and folders from the appdata folder: EXCEPT wallet.dat chainfiles(blocks, chainstate) and .conf files;
3: Download the new BZX wallet from the official GitHub account;
4: Start the new BZX wallet
This update is mandatory. All wallets (Pools, MN services, Exchanges, BZ-Nodes, Local wallets) should be up to date with the latest version. Old versions will be banned from the network.
Secondly, looking at the coins health, we found that the ROI of the current system for the masternodes doesn’t work. Currently, the ROI for a BZ-Node is around 39% annually. As we’ve always been one with the community we want to give it back to you. That’s why we decided to double the mining and masternode rewards. Combined with the new patch NEXXT, it will be a lot more attractive for miners to hop their rigs over to the Lyra2z algo to mine BZX. At the end of the day the miners decide the value of the coin.
The collateral of the masternodes needed a change, too. With less nodes available on the network and double rewards, the ROI was able to grow to 83% for the BZ-Node holders. The team always appreciates community input and with the results of our voting regarding the collateral change, the team has decided on 45k for a BZ-Node. We believe that this is more healthy for the coin. Also, the development fund will have a higher block reward; giving the coin more room to grow to a more steady and healthy level.
The new total block reward will change to 75. 22 for masternodes, 22 for the miners and 31 for the development fund. We’re a coin and ecosystem that invests heavily into tech improvement and aims for the best UX for mass adoption. We like to do things differently here. We don’t aim to hype the coin to pump the price only on short term, but rather invest in steady growth. The ecosystem is shaping up and we couldn’t be more excited for the future!
All products for the ecosystem that are released this summer, shall we used by BZX, GXX and BCZ — bringing different use cases and utilities. The DEXX would be the platform that brings those all together and offers swapping all three coins.
Now that we have released the above, our new and innovative service is well under way. More information will be shared once the platform is definite. There are loads of great things coming for the whole ecosystem and we’re very excited to take you with us on this amazing journey!
