After extensive tests and the publication of the inflation schedule based on NIX new specifications, the way has been paved for next big step: releasing the Ghost Protocol, alongside Staking and Ghost Vault. The transition is therefore ahead of the internal schedule, thus providing our team with more time to focus on the delivery of the next big project to achieve blockchain interoperability, the highly anticipated NIX first dApp: NIX DEX Manager.
Network Hard Fork on Block 53,000
To enable this consensus change, a hard fork was necessary. This change to the protocol does not create a new coin, but upgrades the network. Instructions for getting wallets and Ghostnodes ready for PoS transition were accordingly provided in this article.
After block 53,000 was generated, NIX network switched to the new PoS consensus and the wallet started supporting the following additions: Staking and Ghost Vault. This means that PoW mining is no longer available.
Hard Facts for the New Network
- PoS instead of PoW, also beneficial for the environment.
- Ghost Vault enabled, allowing for completely private transactions.
- Staking enabled, bringing earnings to coin holders.
- Block rewards adjusted, drastically decreasing inflation and new supply.
- True decentralization, no mining monopolies, preventing 51% attacks.
Staking and Ghost Vault
Staking allows users earn passive income based on their holdings. In order to stake, the wallet needs to be unlocked for staking via the wallet menu on the top.
The Ghost Vault allows users to transfer their coins to the vault via a process called ghosting. These coins can then be freely spent to any other NIX address without any traces and connections to the sender.
Next Steps on the Roadmap
With the successful launch of the above mentioned features, our development team will now be focusing on the next tasks down the roadmap:
- Launch NIX UI with Ghost Vault, a visually improved and uniquely looking wallet.
- Release Android and iOS mobile wallet.
- Launch DEX Manager.
Originally published at nixplatform.io on September 12, 2018.