Metanyx launches METX on IoTeX Blockchain

Metanyx
Metanyx
Oct 22, 2020 · 5 min read

METX will provide additional passive income on IoTeX

Metanyx are happy to release our METX rewards token on IoTeX. METX provides additional rewards and incentives to our voters. Stakers who delegate their token to Metanyx will receive METX.

Metanyx are a leading UK based multi-chain Validator and an IoTeX technical partner. Metanyx believe Blockchain technology will provide privacy and security to the Internet of Things. IoTeX provide the foundation layer to power the future of Blockchain + IoT integration.

The Staking ecosystem has provided many investors a method to accrue additional passive income on their cryptocurrency holdings. Metanyx have created a unique economic model in the creation of METX that encourages network participation by actively voting for our Delegate. The METX reward token is backed by our Epoch rewards which accumulates every Epoch.

IoteX Rewards

IoTeX primary rewards come from Epoch reward allocation which is just over 164 million IOTX annually. In addition to Epoch rewards (which is voted based) IoTeX has Block rewards and a Foundation bonus which was provided to support the bootstrapping of the IoTeX mainnet to the current delegates.

  • Epoch Rewards — 164,250,000 IOTX annually

Economic Design

The value of METX will be backed by a percentage of Epoch Bonus rewards that Metanyx receives from running our Delegate node. The higher % of network votes Metanyx receives, the more METX will be worth!

The percentage of Epoch Bonus rewards will be initially set at 10% for the first year, meaning 10% of all Epoch Bonus rewards received by Metanyx will be allocated to the METX Liquidity Pool on mimo DEX.

These amounts are for illustration purposes.

Metanyx will have the following break down of rewards

  • 90% of Epoch rewards shared with Voters

The 10% of Epoch rewards will be allocated to the METX Liquidity pool on mimo. We will adjust our voter rewards on November 1st, 2020 to 90% of Epoch rewards.

Token Distribution

The METX token has a 1 Billion (1,000,000,000) maximum supply, 10% of the remaining supply will be released every year on a daily basis. Voters will receive METX proportional to your vote.

This will continue indefinitely decreasing annually based on the calendar year. The model will ensure a gradual release of the token into circulation increasing the scarcity of the token against a growing treasury. Early voters will share a higher percentage of tokens distribution.

Initial Token distribution

To reward our long term voters we have distributed 50 million METX to our genesis voters up until epoch 13000, anyone who has voted for us at some point in time will have received some METX!

  • 50 million METX to Genesis voters (Epoch 1–13,000)

After the initial token distribution outlined above the remainder will be distributed to our voters decreasing annually to 10% of the remaining supply. The decreasing supply with a consistent or increasing vote percentage will increase the value of METX as less tokens will be released every year. For 2021 this will be an average of just under 250,000 METX a day.

Buyback

Any METX that Metanyx buys back on the open market will be burnt to create a deflationary effect which will increase the value of METX. Further details on this will be made public to track tokens removed from circulation. METX will be tradeable by its holders on Mimo Exchange and other IoTeX based DEX’s in the future.

Metanyx have added 15 million METX with a 100k IOTX backing creating initial price of 0.0066 IOTX per METX. We will be adding further 10 million METX with higher value of IOTX incrementally. The initial value should provide a realistic base value even with a lower vote percentage on the network.

METX Contract = io1gafy2msqmmmqyhrhk4dg3ghc59cplyhekyyu26

Future of METX

METX is currently listed on IOST and on IoTeX, both networks have a maximum supply of 1 billion with a similar distribution model. METX is a reward token which can be easily expanded to other networks and may be listed on other Exchanges in the future. Metanyx will never sell METX, it is a reward token only which may also in the future be used for governance votes.

Why IoTeX?

IoTeX is one of the most advanced Blockchain implementations that exist today. The mainnet was launched in early 2019 and the General Availability version was released in the summer of 2020. Metanyx is a technology focused validator engaging with leading protocols such as IoTeX. Metanyx first reviewed IoTeX in 2018 and quickly appreciated the quality and dedication of the team behind IoTeX. The code base was fully functional and was a working MVP which was developed prior to the initial Private Funding round by the core team of IoTeX. It was clear the team had commitment and direction, we have seen them continue to execute and believe they are one of the strongest technical teams in the Blockchain ecosystem today.

IoTeX implements a Roll-DPoS Consensus algorithm randomly selecting 24 of the top 36 voted validators each epoch which is 1 hour long. IoTeX produce and validate blocks every 5 seconds (instant finality), each block produced contains the commit of the block which requires 2/3rd of the validators to approve the block. The network has been stable since its launch.

IoTeX has a fully functional Ethereum Virtual Machine allowing for Decentralised Apps with the ability to easily port code from you Ethereum to IoTeX. The ioPay Mobile wallet allow users to interface with Dapps on third party sites including explorers.

Founded as an open source platform in 2017, IoTeX is building the Internet of Trusted Things, an open ecosystem where all “things” — humans, machines, businesses, and DApps — can interact with trust and privacy. Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, secure hardware, and confidential computing to enable next-gen IoT devices, networks, and economies. IoTeX will empower the future decentralized economy by “connecting the physical world, block by block”.**

About Metanyx

Metanyx is a leading UK Block Producer that is innovating Blockchain technology. We believe in connecting users and devices across Blockchain networks. We are an active voice in the ecosystem on real evidenced based usage and adoption. Metanyx are a trusted validator in a number of Proof of Stake networks.

Metanyx believes Blockchain technology can be applied to many markets such as Financial Services, Internet of Things, Governments, Digital Identity, Voting, Land Registries and Power grids.

For more information about Metanyx please see the following

Metanyx Twitter — https://twitter.com/metanyx

Metanyx Medium — https://medium.com/metanyx

Metanyx Reddit — https://www.reddit.com/r/Metanyx/

Metanyx Website — https://metanyx.com

Metanyx Telegram — https://t.me/MetanyxO

Metanyx Email — hello@metaynx.io

metanyx

Metanyx

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