It was recently announced by the team that NIX would be making the transition from Proof of Work to Proof of Stake. We are pleased to inform the NIX community that testing has been successful so far thus and the block at which the transition will occur will be announced in due course.
On hard fork, NIX’s current Lyra2REv2 algorithm will be obsolete, and moving forward, new blocks will be mined by users staking their NIX coins in a core wallet.
The transition to Proof of Stake will give rise to a change in NIX’s inflation schedule. An overview of the schedule and its impact on supply is given below:
To summarise:
- Block reward ratio will start as: 70% Ghost Nodes (~8.44 NIX), 20% Stakers (~2.28 NIX), 10% Development Fund (~1.28 NIX) and shift over time benefitting stakers.
- Ghost Node rewards will reduce by approximately 53%.
- Development Fund will reduce by approximately 70%.
- Stakers will account for 1.5% of the total inflation (dynamic) per year.
- Overall inflation will be approximately 3 million NIX per year.
- Total supply will be reduced from 175 million to 102 million.
Please note that the reduction in Ghost Node rewards and the Development Fund correspond to the reduction of inflation as a matter of fairness.
Thank you all for your continued support. We value NIX as an ecosystem built by this community and draw inspiration from everyone involved.
Yours sincerely,
The NIX Platform team
Originally published at nixplatform.io on September 4, 2018.
