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Paying Is Mining
TransX measures mining computing power according to users' payment behavior on mainstream blockchains, mainly measuring payment frequency and transaction amount. TransX mining has no ICO and pre-mining. It makes the nodes joining the blockchain profitable through transaction fees, and encourages more nodes to join without threshold.
Payment Is Win-win
Both payers and payees can mine to get DCAP,It encourages them to pay in digital currencies.
1000+ Nodes
TransX rewards nodes with fees on the blockchain, and encourages Offchain Workers to verify transactions and report cheating in mining.
0 Fee
Except for the basic handling fee on the blockchain, TransX does not charge a handling fee like the centralized aggregation payment platform (Paypal has near 3% handling fee)
Computing Power Priority
In order to encourage users to pay with DCAP and T-USDT (TransX's stablecoin), their computing power will have a greater weight.
Governance Iteration
TransX has almost all the parameters related to the interests of users, which can be improved through on-chain governance.
Smart Contracts
TransX supports smart contracts, positioning the development ecology of payment scenarios.
System Architecture
- TransX 1.0 will be developed using the stable version of Substrate 2.0, using BABE + Grandpa consensus, payment mining logic will be implemented using functional modules,and Offchain Worker will verify Multi-chain transactions.
- The first mainstream digital currencies supported: BTC,ETH,EOS,USDT,DOT,Dash, ADA,DCAP.
Economic System
DCAP (Digital Currency Aggregate Payment) is a cryptocurrency issued by TransX.
DCAP is 21 million in total, will be halved every 4 years.
10% of the DCAP is owned by the founding team and the foundation, and is used for ongoing development and project operating expenses.
TransX has no pre-mining,the founding team only have 10% of the DCAP,leaving everything to users and communities.
The DCAP Value Sources:
- Accounts participating in mining need to collateral DCAP.
- TransX block producers need to collateral DCAP.
- Future project teams need to lock up DCAP to get TransX compatible payment support.
- Paying transactions in mainstream currencies costs fees, and effective transactions themselves generate value.
- Payments from transactions such as DCAP and T-USDT generate value.
- Participation in governance requires the use of DCAP, and the currency right is important to governance.
Participants
Mainstream Currency
Users in mainstream currencies initiate transactions, or merchants receiving mainstream currencies can participate in TransX mining.
TransX Client
Users can download the TransX client and instantly make the mobile device a miner. The professional TransX miner customized for high-end users will strengthen the hardware security.
TransWallet
TransWallet is a multi-chain wallet that supports the payment transfer as mining, and easy for users to receive coins that can be converted to stablecoins.
TransX Block Node
TransX block-producing nodes will receive a default 50% commission as the reward. In order to prevent nodes from doing evil, 10,000 DCAPs need to be mortgaged by default.
TransX Verification Node
TransX verification nodes can run Offchain Workers to verify transactions and supervise block nodes for evil.
New Currency
New currencies that want to be compatible with TransX need to lock DCAP to gain the right to add currencies, and the development community needs to upgrade TransX.
Governance Committee
The Governance Committee of TransX is a community alliance composed of various currency holders.They are largest stakeholder and responsible for the evolution direction of TransX.
Development Community
TransX will be completely open source and will be completely handed over to the community for better development and maintenance.