Introducing NIX v3.0: Prometheus Upgrade

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.

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.

Deterministic Masternodes

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.

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.

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.

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.

Total Supply being reduced from 102m to 70m

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.

The Future

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.

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