What Exactly is the BlackFort Exchange Network (BXN)?
BlackFort represents a cutting-edge blockchain platform designed with all the qualities required for a premier blockchain system. It's a Layer 1 blockchain that boasts compatibility with the Ethereum Virtual Machine (EVM), offering speed, scalability, security, and efficiency. Its Proof of Staked Authority (POSA) system makes it simple to become a delegator. BlackFort places a high emphasis on transparency, ensuring that all transaction parties have the necessary information for security. These features make BlackFort an exceptional choice for those interested in developing blockchain-based solutions.
The BlackFort Exchange Network utilizes smartchain technology, which is a groundbreaking method for managing digital assets securely and efficiently. This technology enables users to transfer digital assets swiftly and securely among multiple parties with transparency. Additionally, smartchains can facilitate smart contracts, automating complex transactions and interactions. This innovation could unlock new opportunities within the global economy.
BXN serves as the native utility token within the network, used for:
* Covering transaction processing and data storage fees.
* Operating validator nodes through staking BXN NODE-NFT tokens.
How is the total supply of BXN allocated?
BlackFort's mainnet went live on April 22, 2020. The maximum supply of BXN is capped at 49,999,999,999 tokens. Out of this, 10.5 billion BXN tokens, which account for 21%, are allocated to 304,000 Delegator Node-NFTs to secure the network using a PoSA Consensus Validator Node system. Furthermore, 59%, or 29.5 billion BXN tokens, will be distributed as block rewards over a ten-year span to all Node-NFT Holders on an Aliquot basis. For more details on BlackFort’s tokenomics, refer to Section 5.10 of the Whitepaper available at (https://storage.googleapis.com/skydelis-static/whitepaper.pdf).
What are the core principles of BlackFort BXN?
The development of the BXN blockchain is guided by several fundamental principles focused on creating a flexible network of EVM Core Smartchains that work in harmony. The goal is to enhance existing blockchains rather than replace them. Here are the essential principles of BXN:
A unique, independent blockchain: Technically, BXN functions as a standalone blockchain rather than a Layer-2 solution, even while operating on existing ETH addresses. Most of BXN's critical technical and business functions are self-sufficient, enabling it to complement other blockchains and support upcoming interoperability and cross-chain transfers.
EVM Compatibility: Ethereum, being the first practical and widely used smart contract platform, provides a mature ecosystem. BXN aligns itself with Ethereum's mainnet to leverage existing applications and community support, allowing most dApps, ecosystem elements, and tools to work seamlessly with minimal modifications. BXN nodes need only modest hardware and skills to operate efficiently.
Staking and Governance: Staking-based consensus is not only more eco-friendly but also enhances flexibility in community governance. This method promises superior network performance and reduced costs compared to proof-of-work blockchains, enabling faster block creation and increased transaction capacity.
What is the Blocktime and Halving Period like?
Each block comprises a set of entries in the blockchain that need verification and validation. Once the transactions and interactions are recorded and the block reward is released or generated, the transaction fees paid by the user are processed. The distribution occurs automatically, and the formation of the next block begins. This cycle repeats every 5 seconds.
To estimate the annual halving period:
Given the set time for block creation and validation, 6,000,000 blocks roughly equate to one year in real-time. Block reward halving takes place with every 6,000,000th block. For instance, the fifth year commences at block number 30,000,000, calculated as 6,000,000 times 5 equals 30,000,000.
What does BXN's Proof of Staked Authority entail?
The BlackFort Network has developed its own staking approach known as Proof-of-Staked-Authority (PoSA), aimed at delivering a decentralized and straightforward staking experience. This consensus mechanism allows users to stake their tokens and earn rewards by validating transactions on the network. The staking process is user-friendly and can be executed through validator nodes, delegation, or a DIY method. By engaging in staking through PoSA, users contribute to the network's security and efficiency. PoSA's design eliminates the need for energy-draining processes and costly hardware, making staking more accessible. This reliable and effective staking method supports greater decentralization and accessibility on the BXN blockchain.
What is the BlackFort Wallet Application?
The BlackFort Wallet is a client-side, multicurrency wallet app compatible with iPhone and Android devices. This application is detailed in the BlackFort Wallet Yellowpaper, accessible at (https://blackfort.exchange/wp-content/uploads/Blackfort-Yellowpaper.pdf).
Are there additional benefits for BXN holders?
BXN serves as a utility token across various BlackFort products, offering several benefits:
BlackFort Wallet: BXN holders can enjoy:
- Reduced exchange or swap fees.
- Opportunities to be whitelisted for upcoming projects on the BXN Blockchain, whether in-house or vetted external initiatives.
- Eligibility for airdrops.
B2B Services (BlackFort Payment Solution Service): BXN can be used to:
- Lower onboarding fees.
- Cut down operational costs.
- Reduce transaction fees.
BlackFort EMI Services also benefit from BXN by reducing onboarding, operational, and transaction fees.
What is the BlackFort Exchange Network VOTE Token?
The VOTE Token is used for governance votes to decide on the allocation of network resources and to determine which proposed functions to implement. This token carries a weight of authority in a DAO voting process and was distributed to early supporters of the BXN token economy.
