Faster transmission speed, accessibility, digital transformation and the utilization
of cryptographic technology on distributed ledgers are constitutive factors that
shape the future of the way we will access a higher level of decentralisation.
The impulse of these innovations creates new ecosystems, disrupting the way privacy protection matters, transparency and autonomy will be dealt with. The emergence of cryptocurrency, driven by blockchain technology and followed by the development of the digital currency industry, with increased daily transactions and several exchanges over the last years, demonstrates significant
growth in value and a growing confidence in the abilities of blockchain
technology.
INTRODUCING ONEX
This project, ONEX is here to make significant change in the cryptocurrency world through its Proof of Stake mechanism. "Proof of Stake is a proposed alternative to Proof of Work. Just like proof of work, proof of stake attempts to provide consensus and doublespend prevention.
Motivation For Proof of Stake
A proof-of-stake system might provide increased protection from a malicious attack on the network. Additional protection comes from two sources:
Executing an attack would be much more expensive.
Reduced incentives for attack. The attacker would need to own a near majority of all bitcoin. Therefore, the attacker suffer severely from his own attack.
When block rewards are produced through txn fees, a proof of stake system would result in lower equilibrium txn fees. Lower long-run fees would increase the competitiveness of bitcoin relative to alternative payments systems. Intuitively reduced fees are due to vast reductions in the scale of wastage of resources.
ONEX is a token that will make provision for proof of stake which will leverage the Ethereum classic platform. it is an Erc223 token with maximum support from the POS network. The ONEX will have a total of 10 Million minted token after which no other one will be mined.
ONEX provides two methods to trigger ONEX staking: 1.Sending a transaction to your own address with any amount of ONEX. 2.Using our ONEX Calculator that can interact with contracts to execute mint() function.
The main feature of the ONEX Token is its ability to stake. Coin Age is equal to the number of tokens plus the number of days you HOLD the tokens for. For a example of CoinAge.
Why Proof of Stake Would Likely Decrease Long-run Txn Fees Considerably
In a competitive market equilibrium, the total volume of txn fees must be equal to opportunity cost of all resources used to verify txns. Under proof-of-work mining, opportunity cost can be calculated as the total sum spent on mining electricity, mining equipment depreciation, mining labor, and a market rate of return on mining capital. Electricity costs, returns on mining equipment, and equipment depreciation costs are likely to dominate here.
Name: ONEX Network
● Symbol: ONEX
● Decimals: 18
● Standard: ERC223 & PoSTokenStandard
● Initial Supply: 1,000,000 ONEX
● Distribution: Free Airdrop, Bounties
● Minimum Coin Age: 3 Days
● Maximum Coin Age: 90 Days
ROADMAP
Q4/2018
ONEX Token Creation ONEX Staking Calculator
Website Creation
● Q1/2019
Dapp Listing on various websites
Github Creation Start Airdrop & Bounty
ONEX Token Audit (Callisto Network) Build Community
Exchange Listing
Medium: https://medium.com/@highlandernetwork
Youtube: ONEX Network Channel
Twitter: https://twitter.com/onexnet
BitcoinTalk ANN: https://bitcointalk.org/index.php?topic=5093718
Saturn Forum ANN: https://forum.saturn.network/t/onex-network-proof-of-stake-token/3061