PoSP article starting to circulate.
Bitcoin Alternative Crypto Bullion (CBX) Announces Unprecedented PoSP Proof-of-Stake-Participation Algorithm
Dec 17, 2015 | Bitcoin Press Release
The Crypto Bullion (CBX) Team is thrilled to present to the world its next major achievement: an evolutionary staking reward algorithm, Proof-of-Stake-Participation (PoSP) and the associated hard fork. This pioneering method for allocating staking rewards will revolutionize the crypto-currency arena by maximizing network security via the re-appropriation of stake rewards from non-participants to better incentivize participants who actively engage in the actions that increase network security and value for Crypto Bullion investors.
Québec, Canada / December 17, 2015: Existing for more than two years in the crypto-currency market, Crypto Bullion enjoys a reputation that is the envy of many other coins; a true democratic from-the-ground-up approach integrated with a network that is fast, fair, open to innovation and friendly to investors. CBX is pleased to announce the upcoming launch of an unprecedented PoSP Proof-of-Stake-Participation algorithm for which details can be read in the official whitepaper here.
The block chain’s initial concept is based on attempting to break the inequitable old economy centralization of financial control, by transferring authority and trust to a decentralized network, in an open source environment. This increases efficiency and stimulates human creativity and personal development; now PoSP goes further and brings a creative and energy efficient method to ensure that the CBX network architecture will remain decentralized, secure and valuable: the perfect backbone for the new online economy.
Crypto Bullion will remain true to its core values that have been experienced by all holders since its inception: a healthy and low yearly 2% inflation, a small money supply, an interest paid to holders and fast 1-minute blocks. Crypto Bullion now transforms to a pure stake coin instead of the hybrid model it had followed.
The wasteful Proof-of-Work algorithm and the problematic “coin age” qualifier have been discarded. PoSP works in such a way that it rewards only the Vaults (CBX software) that are actively connected to the network, with their staking function enabled, starting immediately after the first staking hour. This is in stark contrast to traditional PoS requiring 30 days of coin age accumulation that rewards for activity counterproductive to network security and efficiency. Also, to ensure that 2% inflation is fixed, the reward for each individual block is calculated based on a percentage of current total money supply rather than on a percentage of staked coins.
The team recognizes that many CBX will not be staked (while held on exchange or offline in cold storage), PoSP insures all network rewards are allocated strictly to active CBX holders providing them a higher potential return in a safe network integrated with low global inflation. CBX owners will have the choice to earn interest by staking their funds and providing a protective service to the network or they can opt not to stake and forfeit their earnings potential to those who are providing a protective service.
Mandatory updated Vault version 2.0 is available now, and the announced hard fork will take place on December 31, 2015. After that date, only Vault 2.0 will be able to synchronize with the CBX network.
Dedicated to constantly improve the security of the CBX network, and bring value to Crypto Bullion holders, the Crypto Bullion Foundation and Development Team have many exciting projects in the queue that will continue to revolutionize and push further the potential of block chain technology, always with an objective of increasing true value to investors and CBX holders.
Anyone can participate in the PoSP revolution by acquiring CBX at the major exchanges, such as Banx.io, Cryptopia, Cryptsy and Yobit. The CBX team welcomes questions on the forum at
http://forum.cryptobullion.io/, where people discuss any questions or suggestions they might have. For further detail on PoSP, the White Paper is available via the CBX website
http://cryptobullion.io/white-paper/.
