BZE v5 specs and swap details

beezee
beezee
Jan 3 · 3 min read

Faster and Stronger

Version 5 of BZEdge blockchain will bring improvements and open new opportunities for us. AlphaTeam has decided on the following specifications that have been implemented and tested on a private testnet:

  • Block maximum size of 500 Kb
  • Block time 6 seconds
  • 195 maximum number of validators allowed
  • Validator collateral 250,000 coins
  • Governance proposal minimum deposit 100,000 coins
  • Dynamic inflation rate between 2% and 15% per year

Block time & size

Having blocks generated every 6 seconds with a maximum capacity of 500 Kb of data will increase nodes and network communication performance. Validators will talk with each other in no time and broadcasting blocks across the network will be instant. A block can be sent to all peers in a few milliseconds.

Validators

Validators are responsible for securing the network and committing new blocks. Newly minted coins and transactions fees will be rewarded to top 195 validators on the network and their delegators. Setting up a validator requires advanced knowledge of cloud infrastructure and security, and a collateral of 250,000 BZE.

It’s not mandatory to run a validator to get a share of the rewards. Users have the option of delegating their coins to a validator of their choice and get their share of the rewards.

Inflation rate

An advanced rewarding system will calculate the block reward on every block issued by the network. The amount of minted coins depends on the total staking ratio (%) across the network. This will ensure there’s always a balanced liquidity on the market. The inflation rate can be between 2% and 15%.

Taken from Cosmos SDK docs:

The minting mechanism was designed to:

- allow for a flexible inflation rate determined by market demand targeting a particular bonded-stake ratio

- effect a balance between market liquidity and staked supply

It can be broken down in the following way:

If the inflation rate is below the goal %-bonded the inflation rate will increase until a maximum value is reached

If the goal % bonded (67% in Cosmos-Hub) is maintained, then the inflation rate will stay constant

If the inflation rate is above the goal %-bonded the inflation rate will decrease until a minimum value is reached

Rewards distribution

Newly minted coins are distributed as following:

  • 1–5% to the validator that proposed the block and its delegators
  • 5% to the community pool
  • the remaining is distributed to all validators and delegators on the network

Community pool funds can be accessed only through governance proposals. Validators and their delegators will decide how to use the funds.

Swap to v5

The process of swapping coins from BZE v4 blockchain to v5 will start in January 2022 and will be open for at least 60 days. Users will have to send their funds to an allocated address in order to receive coins on v5 network.

On the new blockchain 400,000,000 BZE coins will be issued for the swap.

  • 300,000,000 BZE allocated to users that swap from old blockchain
  • 100,000,000 BZE allocated to development fund (used for farming on ETH/BSC chains, airdrops, listings, bounties, marketing and swap support from exchanges and third party wallets)

Users will receive coins on a 10:1 ratio on the new blockchain, meaning that for 10 BZE on v4 network the user will receive 1 BZE on v5 network.

The development fund will be used ONLY for the sake of the project. None of this funds will be used for staking or personal use.

Unclaimed coins will be added to the development fund.

Feel free to engage in a discussion with us on any of our communication channels: Twitter, BitcoinTalk, Medium Publication, Reddit, Discord or Telegram.

beezee Community

Cutting Edge Cryptocurrency.

beezee Community

Cutting Edge Cryptocurrency. Ultra fast, secure and low cost blockchain aiming to provide a complete digital ecosystem.