ONEX Network — Proof-of-Stake Token on Ethereum Classic Network.
ONEX Network is a Proof-of-Stake smart contract token on Ethereum Classic Network. ONEX implements the Proof-of-Stake mechanism, meaning that every holder can earn some extra tokens just by holding ONEX for a period of at least 3 days, greater than or equal to the Minimum Coin Age.ONEX is based on the ERC223 Token Standard which rejects non-supported tokens eliminating the potential for confusion and lost tokens.
In the world of crypto currency, Proof-of-Work(PoW) and Proof-of-Stake(PoS) are the two most important algorithms, although more and more algorithms are being proposed. Bitcoin is the first p2p crypto currency and is also the first crypto currency to use Proof-of Work algorithm. Soon after, Peercoin was created in 2012 and is the first implementation of Proof-of-Stake algorithm. In simple terms, coin holders can earn some extra coins just by holding some tokens for a period of time in the Proof-of-Stake system. To ordinary users, this is the biggest difference between Proof-of-Stake and Proof-of-Work. Now, ONEX isn’t the first to implement the Proof-of Stake mechanism but we are the first to implement PoS as a ERC223 token and bring it to Ethereum Classic platform. Holders of ONEX can get revenues by holding ONEX for a period of time.
ONEX Staking
+ Holding
Holding some ONEX for a period of at least 3 days, greater than or equal to the Min Coin Age.
+Staking
ONEX provides two methods to trigger ONEX staking: 1.Sending a transaction to your own address with any amount of ONEX. 2.Using our ONEX Calculator that can interact with contracts to execute mint() function.
+Query Tools
The main feature of the ONEX Token is its ability to stake. Coin Age is equal to the number of tokens plus the number of days you HOLD the tokens for
Principle of operation
Highlander Network bringing Proof-of-Stake “ONEX” Token to Ethereum Classic platform. ONEX is a ERC223 Token which implements the Proof-of-Stake mechanism, meaning that holders of ONEX can earn some extra tokens just by holding ONEX for a period of at least 3 days, greater than or equal to The Minimum Coin Age. ONEX smart contract has some standard functions which makes makes staking easy.
You can continue to stake every 3 to 90 days until the ONEX Token has reached its maximum total supply of 10 million ONEX Tokens. You will receive credit for every day you wait to stake, however the more often you choose to stake the more compounding will occur. You will need to spend a small amount of Ethereum Classic on GAS every time you want to Mine ONEX Tokens. This will be approximately 1–2 cents USD in ETC. If you transfer ONEX Tokens from your staking account without first staking you will lose the potential staking reward.
Specifications
● Name: ONEX Network
● Symbol: ONEX
● Decimals: 18
● Standard: ERC223 & PoSTokenStandard
● Initial Supply: 1,000,000 ONEX
● Distribution: Free Airdrop, Bounties
● Minimum Coin Age: 3 Days
● Maximum Coin Age: 90 Days
● PoS Annual Interest:
ONEX Minting
By considering the convenience of use and the consumption of less gas, ONEX provides two methods to trigger PoS mining. However, the basic premise of starting PoS mining is that you must have held some tokens at least 3 days. Then you can start PoS mining by:
1. Sending a transaction to your own address with any amount of ONEX.
2. Using ONEX Staking Calculator
Learn more:
- Website: https://onex.network
- Whitepaper: https://onex.network/onex_whitepaper_1.1.pdf
- Staking Guide: https://onex.network/staking-guide.html
- Coinage Guide: https://onex.network/coinage-guide.html
- ONEX Calculator: https://onex.network/calculator.html
- Medium: https://medium.com/@highlandernetwork
- Youtube: ONEX Network Channel
- Twitter: https://twitter.com/onexnet
- BitcoinTalk ANN: https://bitcointalk.org/index.php?topic=5093718
Bounty0x username: @bandit
“This article was created in exchange for a potential token reward through Bounty0x”
