NEXT.chain inishgts – NEXT.exchange – Medium
However, it became evident that Ethereum, can at times be unreliable for our goals. This was clear when the network experienced heavy lag times caused by an eruption in CryptoKitty popularity as well as other congestion factors expose Ethereum network users to slow and expensive ERC20 transaction costs. We decided that our asset needs to operate independently of the Ethereum Blockchain, which runs the risk of becoming limp in accommodating the growing traffic of an emerging market. Though it must be noted that there are planned improvements to ‘power-up’ the Ethereum Blockchain in the near future, that, however, is a different topic. We felt that the appropriate course of action would be to migrate NEXT over to our own in-house Blockchain, capable of processing thousands of transactions per second and being able to support our ecosystem even under peak loads.
In creating NEXT.chain (C+ by the way), our team extended the original Bitcoin core protocol, with asset support (similar to Ethereum based ERC-20 assets) and Masternodes with seniority bonuses (as seen within Syscoin). Therefore, NEXT.chain is a hybrid blockchain with the combined security and efficiency aspects of POW (Proof-Of-Work) and POS (Proof-Of-Stake). This unique hybrid consensus mechanism is ruling out the 51% attack vulnerability, and creates a stunningly fast and secure combination.
In order to enable our ecosystem with high transactional capacity and efficiency, NEXT.chain utilizes Instant Transaction Confirmations (ITC), which is an advancement of DAG technology. With this advancement, assets can be transacted in real-time, practically instantly, and at very low costs. ITC is a further development that adds an extra layer on top of the blockchain consensus mechanism, opening up possibilities for over 100,000+ transactions per second.
ITC utilizes the NEXT.chain Masternode network as a high-throughput relay to confirm transactions in the background, which typically takes between 3–5 seconds; for comparison, a regular Bitcoin transaction takes between 10 and 30 minutes to confirm.
NEXT.chain transaction methods
Basic transactions on NEXT.chain have been hitting 1,000 TPS (transactions per second). We will optimize and improve this TPS rate.
Achieved by splitting a transfer over a dozen different addresses (mixing). A user can manually decide the number of addresses used in the NEXT wallet when sending.
Processed by Masternodes.
Transactions are executed immediately upon transfer instead of having to wait on a full settlement on the blockchain. Transaction fees vary depending on transaction size.
Ultimately, NEXT.chain will act as the backbone for NEXT.exchange, allowing for the instant-trading of coins and tokens with utmost security and reliability. Every trade will be registered on the NEXT.chain, a unique feature for a cryptocurrency exchange.
Here’s a breakdown of the NEXT total and circulating supplies:
The development fund will be used to finance and cover developments and technological progress which, will span into 2020, 2021, and so on. Development and marketing funds will not be released into the market immediately and in a lump.
The total supply of NEXT will be 30,300,000 and is forecast to be achieved over a period of 15 years via merge mining and Masternodes.
Our network is growing non stop! Since our supply is quite low (about 4M circulating now), we didn’t expect to see the quantity of NEXT Masternodes grow so quickly, yet last week we hit 80. Community members that are fans of small asset supplies will definitely see this as great news since our circulating supply decreases. All Masternode Operators are required to submit KYC documentation and are capped in the amount of Masternodes they can launch.
Despite the 25,000 NEXT collateral requirement per Masternode, there is no hard-lock, and Masternode operators are free to move their coins whenever they wish. However, the downside of this is that they will break their chance for a seniority bonus. Please find more information on Masternode rewards below.
Asset creation (00X Standard)
Within our ecosystem, we will also be utilizing the asset creation functionality provided by NEXT.chain.
What does this mean?
We’re building out our blockchain to become a mother chain for other currencies or business ventures. This is the very first step towards delivering NEXT.genesis (IEO platform as described in our Whitepaper, page 20). NEXT.chain will be able to be used in a similar fashion to Ethereum for the creation of digital assets. Additionally, this functionality enables us to issue stable coins, tokenize existing assets, and generally opens up room for a more complex decentralized economy based on our technology.
By using the Scilla smart contract language, users will be able to deploy smart contracts and create assets for a fee of 1 NEXT. Anyone with enough technical knowledge will be able to create an asset on NEXT.chain, however, an IEO fundraising event or adding an asset to NEXT.exchange will require KYC and some serious business prospect.
Assets created with the use of NEXT.chain will all be of the 00X standard. Once this functionality is readily available, we will provide a portal on NEXT.exchange through which users will be able to view all assets and their movements, we will also issue relevant changes to our Blockexplorer to reflect this functionality(which is due a redesign as is).