NIX is a platform with functional privacy features that go beyond current-market anonymity options. Delivering short-term privacy solutions is the foundation that allows NIX to create a unique and powerful ecosystem which, in the future, will permit not only private decentralized cross-chain transactions for every single supported coin, but it will likewise integrate different DEXs on the market.
There are currently three ways to acquire NIX: buying from exchanges, core wallet staking, and running Ghostnodes. Ghost Vault staking will follow soon.
Buying from exchanges.
If you are new to those exchanges, you will need to sign in to create an account by providing basic information. For security reasons NIX team highly encourages users to protect their accounts by enabling Two-Factor Authentication.
NIX has filled a regular application on Binance and has been officially granted an “Application in Progress” status; moreover, communications with more exchanges are being held and information will be released accordingly.
NIX Platform upgraded its consensus from Proof of Work to Proof of stake after reaching block number 53,000. With this consensus, original Lyra2Rev2 algorithm became obsolete for mining NIX; new blocks started being mined by users staking their coins in a core wallet.
Blocks in PoS consensus are secured and validated by individuals who participate in the process by staking NIX in their core wallets; users are rewarded with coins as a form of passive income, the amount of coins received is correspondent with the number of coins the user holds in their account.
For staking NIX, core wallet 2.0.3 or superior must be downloaded and encrypted. The process is as simple as just going to “settings” and clicking “unlock for staking”, passphrase must be entered in order to proceed.
It is mandatory that the wallet remains open and unlocked for being able to receive rewards. Moreover, coins that are eligible for staking must stay in a ’N’ address and have 500 or more confirmations.
Stakers account for 1.5% of the total inflation per year. Block reward for staking is currently 2.28 NIX per block. The time needed to get a reward depends on the amount of coins held in the wallet, check the info-bot channel in NIX discord for more accurate references.
Running a Ghostnode.
NIX Ghostnodes were created to help ensure dedicated network processing for Ghost Protocol transactions. Maintaining and running a NIX Ghostnode is a decentralized process in which users need to obtain 40,000 NIX coins to run.
Each Ghostnode is rewarded as follows: a.) there will be a 0.25% fee rewarded to NIX Ghostnodes through any Ghost Protocol transactions enabled by smart contract elements. And b.), NIX Ghostnodes additionally earn partial block rewards of 70% per block, meaning 8.448 NIX.
For setting up and running a Ghostnode please follow the instructions provided here.
NIX Ghost Vault is a secure place where coins are kept private from the chain. This implementation provides a way to send NIX from the vault to a new location without leaving any trace (sender privacy).
The team is planning the incorporation of Ghost Vault staking so that users keeping their coins private in the vault do not miss rewards
To learn more about NIX economics and Block reward specifications visit https://nixplatform.io/conclusion/.
Originally published at nixplatform.io on April 30, 2018.