Another Really Dope Version of NIX is Emerging
NIX Platform began as a leading privacy currency in it’s own right - but it has always had a more important vision. An easy-to-use, best-in-class privacy option which can extend it’s features in an interoperable manner, allowing external tokens and blockchains to have access to those exact same privacy features.
Huge progress has been made since its inception and the raison d’etre is about to be realized, but in that time, the crypto landscape has changed. Sectors such as DeFi are redefining the limits of what’s possible and as everyone’s favourite Bond villain (Jeff Bezos) once said —
“What’s dangerous is not to evolve”.
NIX is determined to evolve as simply existing and fulfilling the core vision alone isn’t enough — it also needs to achieve adoption and for that, it needs to be accessible.
This means changes, big changes.
Over the next few weeks we’ll be releasing a series of articles explaining each of these changes in more detail, but for now, here are the main headlines of what’s arriving in Q1 2021.
- The ground-breaking privacy tech that makes NIX so special will continue, operating through a validator network as a side-chain to Ethereum (to begin with), via the NIX Bridge.
- The native NIX coin will pivot onto the Ethereum chain and exist as a native ERC-20 token, with the Bridge providing full privacy to NIX and other ERC-20 tokens.
- The scheduled inflation will become zero as block rewards will no longer exist, meaning perpetual sell pressure is eradicated. It’s hard to forecast the total supply once the swap is concluded but it’s estimated to be in the region of 40,000,000-45,000,000 after the dev fund burn and inactive wallets are taken into account.
- An exciting re-brand of the entire ecosystem including new project name, ticker and website to give it a more accessible and modern feel, ready for the token swap. NBT will also get a new name and become further integrated into the project architecture.
Prometheus has evolved
During modelling discussions it became clear there was a more straightforward solution that also removes a lot of friction (for example exchanges needing to run a full node) while also giving NIX a better footing for what’s becoming increasingly important — access to liquidity and DeFi protocols.
The original Prometheus chain swap is superseded and now a permanent swap will now occur between legacy NIX and ERC-20 NIX. Masternode terminology is no more — instead, the privacy transactions will be facilitated by a ‘validator network’ with these validators required to own 40,000+ NIX on the Ethereum chain to participate.
Less friction and more creativity
These changes allow for far more development and creativity in expanding the functionality of the ecosystem, for example Turing complete smart contracts which allow limitless DApp possibilities to be created using the SDK. Hackathons will bring an interesting mix of utility in addition to the first use-case of the Bridge, which is a fully private trading terminal similar to Uniswap.
Friction is being removed at the same time as making every aspect of the project more simplified, more accessible, and more likely to achieve genuine adoption.
A series of blog posts will give more detail on various aspects of these changes over the next few weeks to highlight how the project is evolving to become a pioneer of privacy in DeFi, rather than just another privacy coin..
Thanks for your continued support — stay tuned!
by the author.