ChainX Weekly Report|ChainX New Minning Power Distribution Went Online
The amount of L-BTC lock-up: 9，653
The amount of S-DOT mapping： 1，432，735
The amount of PCX issued： 4，597，400
The rates of PCX locked up for voting：84.3%
2. Community Governance
1)This week’s Chairman of ChainX Parliament: luckyve
On April 7, the PolkaX team completed the development of Proposal No.09 and adjusted the distribution of ChainX mining power. The latest distribution rules are as follows:
1) Every session(about 5 minutes), ChainX generates 50 pcx，Among which 10 pcx are reserved for the creator team；
2) Among the remaining 40 pcx, denoted as S. a) Let TR = 12% of them (that is TR*S = 4.8 pcx), go to the Council Treasury (The address of Council Treasury would be published and financial report would also be released monthly in official social media account)； b) Let AR = 8% of them (that is AR*S = 3.2pcx), go to the Airdrop Pool； c) The remaining (which is 1-TR-AR of 40, denoted as AMO, Available Mining Output) would be distributed between PCX miners and X-BTC miners, according to their mining power. i. 1 PCX’s mining power set to 1; ii. 1 XBTC’s mining power is PR_XBTC=400 times of 1 PCX； iii. Other X-Token’s mining power will be clear when they are available； iv. Set a hard ceiling, XR=10%. When sum of all X-Token’s mining power / total mining power >= XR (touch the ceiling), we limit the sum of all X-Token’s mining power to the hard ceiling. Each X-Token reduce their benefits in proportion； v. Fix mining power of PCX / total mining power = 1-XR，that is 90%； vi. At last, if any PCX remains, it goes to the Council Treasury.
3) Let mining income of L-BTC and S-DOT be paid from Airdrop Pool； a) L-BTC and S-DOT share the benefits of Airdrop Pool per cycle, eg: each receives 1.6 pcx as ratio above; b) The mining revenue of L-BTC is distributed according to the user’s lockup ratio； c) The mining revenue of S-DOT is distributed according to the S-DOT proportion mapped by the user.
Note 1: The purpose of the Council Fund（aka. Council Treasure）is to better operate and promote projects, build ecology, and actively embrace the community. Its funding trends are subject to community-wide supervision, and its responsibilities include, but are not limited to: PR & market cooperation (exchanges / wallets, etc.), ecological cooperation (Dapp / open source communities, etc.), quantitative teams, etc
Note 2: This proposal builds the new framework of mining power, that is, the mining power of X-token is converted into PCX’s mining power through a certain function. The current function is a fixed 400 times. In the future, if the price of pcx changes significantly, cause the fixed ratio of XBTC become unreasonable, then, the parliament can only adjust PR_BTC, or use other algorithms to explain the relationship between the mining power of X-Token and pcx.
Note 3: From the month when this proposal takes effect, trust incentives and parliamentary incentives will be adjusted from 20% of the expenditure parliamentary funds to a fixed value, which is 250 PCX per person per month.
3. Development progress
- ChainX signer releases version 1.0.8, adding checks for nodes to be added
- ChainX extension releases 1.1.6 and 1.1.7 versions in Chrome and Edge browsers, respectively
- Solve the white screen problem of trust tools, release a new version of trust tools
- ChainX Api official documentation article development
4. Community Atmosphere
Twitter : 8320
WeChat official account: 4080
ChainX account: 4276
5. Upcoming Events
- On April 16th, the core development member of ChainX Qinghuan is invited by the Starcoin community of the Filecoin community to share how ChainX work with distributed storage.
- On April 17 ChainX CMO Kristen was invited by Cryptohero’s overseas community to share ChainX’s development before Bitcoin halved
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- Telegram: https://t.me/chainx_org
- White paper: https://chainx-static.oss-cn-hangzhou.aliyuncs.com/chainx_en.pdf
- Desktop wallet: https://github.com/chainx-org/chainx-wallet/releases/tag/v1.0.3
- Official Wechat: interchain