To ensure a transaction process runs well and efficiently, a reliable network system is needed to guide it. In the world, there are so many types of digital currency platforms where they implement various network systems to facilitate transaction processes and others related to cryptocurrency. The tissue that they use is of many types, depending on what type of algorithm they apply. However, digital platforms generally use networks that rely on the Proof-of-Work (POW) and Proof-of-Stake (POS) algorithms. both of these algorithms are considered very important so they are widely used in various types of well-known platforms. This algorithm ensures that the efficiency of a transaction can be carried out. The POW algorithm was first introduced by the number 1 digital currency platform in the world today, Bitcoin. Bitcoin is the first type of digital peer-to-peer (P2P) based currency in the world where they apply this algorithm to support the strength of its movements in the cryptocurrency market. While the POS algorithm was first conceived by the Peercoin platform in 2012 and was first developed in the blockchain technology system. Both of these algorithms have differences. In simple terms, the POS algorithm has a working principle that is the coin holder has the opportunity to get additional coins without the need to buy, but only by storing and maintaining it and not being traded in a certain period of time. Whereas in the POW algorithm, to get coins, users must try more through solving code solutions to be able to mine a block. This algorithm allows users to do hashing algorithms several times to be able to validate Bitcoin transactions that occur. This is what shows the big difference in these two algorithms.
The Onex platform that first implemented the POS algorithm with the ERC-233 token connected directly to the Ethereum Classic platform. If a user joins this platform, they can benefit only by holding an Onex token and not trading it within a certain period of time. Onex is an official token made by a network called Highlander Network. This network also creates tokens named One. This token is the first token to be distributed which is also made for the Ethereum Classic platform. Token Onex uses the standard ERC223 token which provides several advantages in its use. This token does not serve exchanges with tokens that are not promising in terms of price. Because this will provide uncertainty risks that can affect the price of Onex tokens. Onex certainly avoids this possibility and also attempts to reduce the level of user confusion related to the price change of a token that occurs continuously. The Onex Token avoids the potential for excessive fluctuations where this can reduce the attractiveness of users to conduct digital currency transactions using their tokens thereby reducing the price of tokens on the cryptocurrency market. The standard ERC-223 token also ensures that users avoid the risk of losing tokens that have an impact on the loss of digital assets.
By using the POS algorithm, Onex tokens can be owned by each holder and can even get tokens for free only by storing them for a certain period of time. The time period set by Onex is a minimum of 3 days. This period is greater than or equal to the minimum coin age.
To become more familiar with what the Onex tokens are like, the following information is provided regarding the specification of this token. This token was originally called Onex Network. Usually we know this token with the ONEX symbol. This token applies the ERC-223 standard and uses network technology with the type of Proof of Stake (POS) algorithm. During the ICO (Initial Coin Offering), Onex tokens were only distributed as much as 1 million ONEX. The distribution of Onex tokens is done in 2 ways, namely AirDrop and Bounties. Users can obtain tokens for free in the airdrop period. This method is usually carried out by several types of platforms to attract new users and help disseminate their tokens on the cryptocurrency market. The goal is that later this token holder can trade it or exchange it for other types of digital currency. This is a good opportunity for new users to get their initial tokens without having to pay. In addition, Onex tokens can also be obtained through bounties. This method is almost the same as Airdrop, it’s just that in the bounty, users are required to promote the Onex token to the public through social networking, blog posts, and other types of publications that are possible. The minimum age of coins set by Onex is 3 days. This means that users must store tokens for at least 3 days so that they can be processed further through trade or exchange. While the maximum time set by Onex tokens is 90 days.
For more information please click the link below:
- Homepage: 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
“This article was created in exchange for a potential token reward through Bounty0x”
Bounty0x Username: Iman
