Introducing NIX v3.0: Prometheus Upgrade
Prometheus, being NIX’s first major on-chain upgrade in relation to the NIX Bridge, is also the most substantial (and exciting!) upgrade yet. Expected to occur in less than two months, it will comprise the following features/events:
NIX Chain Swap
As outlined in our previous medium posts, NIX will soon be migrating to a new chain via a process called a ‘chain swap’. This event allows for the refinement, optimization and shrinking of size of our previous chain and the adoption of a fresh one with minimal impact to end users. Those running a full chain (that is, users of the CLI, QT and UI wallets, excluding Flare Wallet) will be required to download the new wallet once available (then move their wallet.dat into the new data directory) to be able to interact with the new network.
Again, we encourage anyone with funds currently privatized in the Ghost Vault to pre-emptively move them to a public address in good time for the snapshot. This is mandatory to avoid the issue of ghosted coins getting burned from the network.
NIX Bridge & Asset Layer
Prometheus will have the Bridge architecture built and ready for NIX Bridge’s launch, meaning it will provide the mechanism by which tokenized assets on NIX chain can be moved in and out from Ethereum network (NIX ERC20 included). This advancement is also important for the wider ecosystem in terms of liquidity generation as it can also power campaigns to fund a NIX pairing on Uniswap.
This network wide upgrade will be the building ground for our next update: Pandora, that will introduce privacy into the mix, allowing tokens and NIX coins to be used privately in and out of the ETH eco-system.
With the current NIX system, the network remains secure for as long as 51% of the circulating supply is not owned by an entity that can push an attack. Masternodes involve a set up and broadcast process to the network to remain active.
The incorporation of Deterministic Masternodes introduces a model that eases up the Ghostnode functionality and usability. Instead of a p2p broadcast for nodes to activate, on-chain transactions are made, which ensures better uptime and stability of the masternode network. Along with this integration, it also brings in custom added functionality that can be taken advantage of in the future for the NIX chain.
On Chain Governance & Development Fund Burn
The NIX development fund served its centralized purpose well at the start, and right now, it is time to fully decentralize it by moving to superblock funding model.
Instead of the NIX team sending the funding to the address that created a proposal, this will soon be requested via an on-chain governance layer to be approved by the masternode network.
Anyone will be able to create proposals and, if they are approved, that specific amount requested will be automatically minted and sent to the proposal creator.
No more centrally managed development fund and increased transparency on funds expenditure — fully controlled by the community.
ChainLock & Reduced Block Times
The NIX Ecosystem is evolving to a state where multiple asset interactions are foreseen, and thus, a secure and fast experience is necessary for user adoption. The introduction of ChainLocks greatly improves this aspect — as long as the first block receives 60% quorum from masternode validators, the block is locked and then broadcast to the remainder of the network, allowing NIX, and tokens on top of NIX, to rely on a single block for confirmations.
To improve throughput, we will be moving from 2-minute to 1-minute block times. This change, coupled with ChainLocks, means that transactions will be not only faster, but more secure, stable and stronger in capacity.
Improved Supply & Emission Rate
When the Chain Swap happens, the current dev fund will be burned (around 2.6M NIX) since this is redundant under the superblock model.
At the same time, we will be bringing forward the first halving for Ghostnode rewards and eliminate the dev fund portion of block rewards completely, bringing the emission schedule to a more sustainable level. Total emission per block will be reducing from 12.5 to 3.5 nix, but there will now be double the amount of blocks per day. As a result, this means around 4,000 less NIX will be coming into circulation each day.
We’re also bringing in improved supply metrics because the existing maximum supply of 102m over 40 years is unnecessary.
Inflation Schedule Highlights:
- Staking rewards continue to increase by 1.5% per year.
- Masternode reward halvings reduced to 2 years.
- Minimum 1 NIX per block shared to masternodes.
- Dev reward allocation removed due to superblocks.
- Total supply is capped at 70,000,000 moving to deflationary.
Once Prometheus is released, NIX 4.0 Pandora will be in test-net which will bring advanced interoperable privacy to NIX, NIX Bridge NGTs & the SDK.
Thanks for your continued support — exciting times ahead!