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About BlackFort Exchange Network
Key Features
- Layer 1 blockchain, EVM compatible, fast, scalable, secure, and efficient
- Transparency and security through smartchain technology
- Native token BXN used for fees, staking, and governance
Tokenomics
- Total supply: 49,999,999,999 BXN tokens
- 10.5 billion BXN dedicated to 304,000 Delegator Node-NFTs
- 29.5 billion BXN to be released as block rewards over 10 years
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Introducing BlackFort Exchange Network: A Pioneering Platform for the Future of Trading
Introducing BlackFort Exchange Network (BXN): A Revolutionary Trading Ecosystem
BlackFort is a pioneering blockchain platform that embodies all the essential attributes of a premier blockchain. As a Layer 1 blockchain, it boasts EVM compatibility, rapid transaction processing, scalability, robust security, and operational efficiency, complemented by a POSA consensus mechanism and seamless access to delegator status. Transparency is paramount in BlackFort’s ethos, ensuring that all stakeholders in a transaction possess the requisite information to instill confidence and trust. This synergy of features renders BlackFort an exemplary platform for anyone seeking to develop a blockchain-based solution.
BlackFort Exchange Network harnesses the power of smartchain technology, a groundbreaking innovation in blockchain architecture. This pioneering approach enables the secure and efficient management of digital assets, facilitating rapid and seamless transfers between multiple parties. The smartchain also empowers the execution of smart contracts, automating complex transactions and interactions with unparalleled precision. As a result, this technology has the potential to unlock unprecedented opportunities for the global economy.
BXN is the indigenous, on-chain utility token, serving multifaceted purposes, including:
- Transaction processing and data storage costs.
- Operating validator nodes on the network by staking BXN NODE-NFT tokens, thereby facilitating the validation process.
The Total Token Supply of BXN: Allocation Breakdown
BXN successfully launched its mainnet on April 22, 2020. The total and maximum supply of BXN tokens is capped at 49,999,999,999. A significant allocation of 10.5 billion BXN tokens (21% of the total supply) is dedicated to 304,000 Delegator Node-NFTs, which play a crucial role in securing the network through a PoSA Consensus Validator Node system, thereby ensuring the validation of transactions. Furthermore, a substantial 59% of the total supply, equivalent to 29.5 billion BXN tokens, will be released as block rewards over a period of approximately ten years to all Node-NFT holders on an aliquot basis. For a more in-depth understanding of BlackFort Tokenomics, please refer to our
Whitepaper
, Section 5.10.
The Foundational Principles of BlackFort BXN
At the core of the BXN blockchain’s creation lies a set of guiding principles, including the establishment of a flexible and extensible network of EVM Core Smartchains, designed to foster a symbiotic harmony. Rather than seeking to supplant existing blockchains, BXN aims to complement and augment their capabilities. The fundamental principles governing BXN are as follows:
Notably, BXN operates as a standalone, independent, and self-sufficient blockchain, distinguishing it from layer-2 solutions. Although it is designed to be compatible with existing ETH addresses, the majority of BXN’s core technical and business functions are self-contained, enabling it to fulfill its complementary role alongside other blockchains and facilitate seamless interoperability and cross-chain transfers.
EVM Compatibility: As the pioneering and most widely adopted Smart Contract platform, Ethereum has paved the way for decentralized applications. To leverage the maturity and established ecosystem of Ethereum, BXN has opted for compatibility with the existing Ethereum mainnet. This strategic move enables seamless integration, allowing most decentralized applications, ecosystem components, and toolings to function in harmony with BXN, requiring minimal to no modifications. Furthermore, BXN nodes can operate efficiently with minimal investment in hardware specifications and technical expertise, ensuring a low barrier to entry for users.
Staking Involves Consensus and Governance: By leveraging staking-based consensus, a more environmentally sustainable and adaptable approach to community governance is fostered. This consensus mechanism is expected to yield improved network performance and reduced costs compared to traditional proof-of-work blockchains, characterized by accelerated block creation times and increased transaction capacity.
Understanding Block Time and Halving Intervals
A single block embodies a collection of entries within the blockchain, awaiting verification and validation. Once this batch of transaction records and interaction logs, accompanied by the release or production of block rewards, has been processed, leveraging the transaction fees paid by the blockchain user. The distribution process unfolds automatically, and the formation of the next block commences. This cyclical process repeats every 5 seconds.
To approximate the yearly halving period, consider that it takes approximately 6,000,000 blocks to be created and validated, equivalent to one year in real-time. The block reward halving occurs at every 6,000,000th block. For instance, the fifth year commences at block number 30,000,000, which can be calculated as follows: 6,000,000 × 5 = 30,000,000.
Introducing BXN Proof of Staked Authority: A Novel Consensus Mechanism
BlackFort Network has pioneered its proprietary staking methodology, dubbed Proof-of-Staked-Authority (PoSA), which is meticulously designed to provide a genuinely decentralized and seamless staking experience. PoSA is a consensus mechanism that empowers users to stake their tokens and reap rewards by validating transactions on the network. The staking process is remarkably straightforward and can be accomplished through validator nodes, delegation, or a self-directed (DIY) approach. By staking via PoSA, users can actively participate in the validation process, thereby contributing to the overall security and efficiency of the network. The utilization of PoSA also eliminates the need for energy-intensive processes and expensive hardware, rendering staking accessible to a broader audience. Overall, PoSA is a dependable and efficient staking method that fosters greater decentralization and accessibility on the BXN blockchain platform.
Introducing the BlackFort Wallet Application: A Cutting-Edge Cryptocurrency Management Solution
Introducing BlackFort Wallet, a cutting-edge, client-side multicurrency wallet application designed for seamless use on both iPhone and Android devices. This innovative application
Delve into the comprehensive Blackfort Wallet Yellowpaper, available at
https://blackfort.exchange/wp-content/uploads/Blackfort-Yellowpaper.pdf
.
Beyond Governance: Unlocking Additional Utilities for BXN Holders
BXN also serves as a utility token on BlackFort Products, facilitating a range of applications as outlined below:
The BlackFort wallet offers a trifecta of benefits for BXN holders: a reduction in exchange and swap fees, potential whitelisting for upcoming projects on the BXN blockchain, and eligibility to receive airdrops for in-house or vetted external projects.
B2B Services (BlackFort Payment Solution Service): BXN can facilitate a reduction in: onboarding costs, operational expenditures, and transactional fees.
BlackFort EMI Services: Mitigate Onboarding, Operational, and Transaction Fees
Introducing BlackFort Exchange Network’s VOTE Token: A Revolutionary Asset
The VOTE Token serves as a crucial component in the governance process, facilitating votes that dictate the allocation of network resources. Furthermore, it plays a pivotal role in determining which proposed functions are implemented.
This token embodies a measure of influence within a decentralized autonomous organization’s (DAO) voting mechanism. It was allocated to early supporters of the BXN Token economy, serving as a testament to their pioneering spirit.
Associated Resources:
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