Let’s talk about xx BetaNet
Date: May 7, 2020 | Author: xx network Team
As background, in 2019, three BetaNet node groups totaling 600 were formed according to a public process. Then, during the last 30 days, the xx BetaNet node team has swung into action.
(i) BetaNet hardware requirements have been released;
(ii) xx coin rewards for operators running a BetaNet node have been determined; and,
(iii) The onboarding process for xx nodes to be setup legally to receive xx coin rewards and to join the network has begun.
The hardware specifications that have been released confirm that consumer hardware can be used to reduce cost of capital barriers for node runners. This is however not the case with proof of work consensus, which requires incredibly expensive and powerful ASIC-based hardware consuming large amounts of electricity. With xx, relatively common CPU’s and available network connections can be used by nodes to join the BetaNet (details are here). This means the xx network can include people from all over the world with relatively minimal access to capital.
The role of the xx coin as true decentralized cash is also now becoming more apparent. It started with the completion of the initial xx coin sale for early supporters, but now with operators purchasing hardware for the xx BetaNet in return for xx coin rewards, we see the beginning of xx tokenomics.
Following up on xx AlphaNet, BetaNet is now extending community engagement and decentralization. There is an active forum at xx.network to review and discuss all things xx node with 150 nodes onboarding at first, and more to come. We’re seeing the beginning of decentralized governance of the xx network as well as the decentralized xx network map forming as nodes onboard around the world. With this information in hand, the community will be able to compare the xx network to legacy implementations including bitcoin/proof of work chains.
Looking forward to partnering on the xx network with you.
Join us at xx.network. Build the future we need.