Making the network more decentralized
Dear X-CASH community,
Through this announcement, we would like to inform you that the fees of the main pool will be raised tonight to 2%. The idea behind this post is to detail the reason why we are doing this and discuss further our vision regarding the decentralization of the network.
Having a truly decentralized network is a critical element of any blockchain project, and when we started X-CASH, we knew this is not something that would happen instantly. Setting a first official pool was something compulsory from our perspective because people need trust in the early days of projects of such kind.
Because X-CASH is based on Monero and because we already provided a modified version of cryptonote pool working with X-CASH our hopes were that the community would start setting up their own pools. It did happen as I do not think I have seen a single day since the birth of the project when someone did not start a pool to support X-CASH. Thank you for that.
Because we started with a fee of 1%, which is already pretty high, we hoped that people would progressively switch to the community’s pool, also considering that we have tried to advertise them widely. But it did not happen.
Therefore, after reviewing all our possibilities, we started to take some actions. One of them being a bounty given to the first pool that would reach 400 kH/s.
The other one, trying to advertise more the community pools through a dedicated page on our website. But this is still not satisfactory.
Overall, there should not be any pool, or a group of pool controlled by a unique person or entity, above 40% of the network hashrate. Ideally, we should even target something lower, probably in the 20–30% range. This is why we decided to go a step further by increasing the fees. We hope this will help us reach that target as we do not want to be listed on any exchanges before the network becomes truly decentralized.
In three days, we will review the impact of this decision and advise on what should be done next if needed. In the meantime, I am kindly asking everyone who is helping to secure our network to switch partly or fully to one of the recommended pools.
As a reminder below is a list of some of the main community pools:
LUCKYPOOL.IO
Server: EU / Pool fee: 0.9% / Minimum payout: 1000 XCA / Payment interval : 1m
XCA.MINEXMR24.RU
Server : Russia / Pool fee: 0.5% / Minimum payout: 1000 XCA / Payment interval : 5m
YOUPOOL.IO
Server : China & US / Pool fee: 0.4% / Minimum payout: 10,000 XCA / Payment interval : 1m
XCASH.ARHASH.XYZ
Server : US / Pool fee: 0.5% / Minimum payout: 10,000 XCA / Payment interval : 10m
Full list available on x-cash.org/miningpools
Thank you very much,
Guilhem
