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This protocol is predicated on the work of Evan Duffield (dash), (itself relies on Bitcoin, the work of Satoshi Nakamoto), elaborate with democratically-decided blockchain clear social contribution dead while not a central authority, to support the socially accountable decentralization of currency. Budgets for social contribution, user/merchant adoption, and usage incentivization, budget combining activities, development, and selling ar enclosed similarly as a three-system network and improved mining problem adjustment for higher distribution and growth, governance enhancements to push hyperbolic decentralization and democratic freedom and varied quantifiability and dealings speed enhancements.
A sophisticated cryptocurrency design in order to support market penetration and mainstream acceptance, Waggox give the better way out to centrally organized contributions, that is to make you your own bank. Because of the profitable nature of running a master node, owners of such are equivocally profitable, and in order to avoid dumping factor by the network with unnecessary master nodes or encouraging reckless master node operators, one condition must be fulfilled in order to become a master node owner–proof of ownership of a certain number of coins.
Waggox must not be in the master node itself, that means the proprietor can promote them each time, proof of possession is executed through keeping the cash in a positive way that makes them obvious to the entire network. And so, the variety of cash wished for a master node must be selected cautiously considering the fact that cash locked in master nodes approach they are now not available to end-users
Waggox is a digital asset system, killer of centralization with a strategic focus on worldwide growth and total acceptance by the people. To achieve this Waggox has chosen a high total coin supply of approx. Ninty eight million Waggox, as well as a highly available coin supply of approximately five hundred thousand Waggox currently in circulation, with more to mined. As the price per coin increases over time, in order to remain accessible, attractive and useful in emerging markets and be successfully adopted there, Waggox must sustain a high number of coins in circulation. In order to avoid unnecessary master nodes by locking up the coin supply, Waggox achieves this by setting proof of ownership for a master node at 1000 Waggox.
PRICE STABILISING EFFECT
Another major benefit of 1000 per master node size is the stabilizing effect it has on the coin price. Waggox’s highly attractive master node rewards structure makes buying the high number of coins needed attractive and worthwhile. Many master nodes will be formed by quick investors and enthusiastic supporters, each time removing 1000 coins from the market while increasing the value of the remaining coins. The high number of coins per master node implies a higher commitment level and with each master node being valued more, the turnover of master node ownerships remains relatively low as owners tend to stay invested over the longer term. The combined effect is the circulating coin supply, it’s growth rate and the value of each coin is to a certain degree stabilized, helping to create the price stability conditions needed for mass market adoption.
PROBLEMS
Mining of blockchain is carried out by dedicated miners who perform complex mathematical computations called “hashes”. Miners are rewarded for their work with a number of coins (depends on the coin emission factors). Hashes usually require a lot of time, energy(power) and resources to perform, and each hash has a similar chance as any other hash to find the block and win the blocks reward; A lot of hash power equals more chances to find blocks and their rewards. With the profitability of mining, a lot of people creates powerful computers and devices running specialized software to have a greater chance to win the block reward, in doing so earn more than the average miner. This problem has led to the what has become an arms race (take the case of Bitcoin mining). In bitcoin mining, big players who can afford to purchase millions of dollars worth of mining equipment, are really at an advantage compared to those that cannot purchase such. They easily find the block more and more, and as such the difficulty keep on going higher. This we make the smaller miners lose out of the game. Centralization comes into play and the unfair concentration of mining and it’s related rewards into the hands of the few. Powerful pools with higher power create problems and make centralization thereby remove decentralization from the people who cannot afford such hard end hardware. Dumping network is also created or happen in such instances because of the difficulty of getting rewards. As miners come in or out of a network, the total hash rate of that network varies. and when a network looks back over the last blocks to see how close to the ideal block time blocks were found, it adjusts a “difficulty” function up or down depending on whether blocks were found early (easily) or later than the intended block time. even when the mining pools have left the network, mining difficulty stays high and lowers with a certain (distorted) delay only when the network readjusts to the new much lower hash power remaining in the network. Drops in hash power can then leave the network unstable, impact transactions and even leave them hanging in the system. Advanced features like PrivatePay and InstaPay may also be affected. Mining pools dump sell their coins there may be an undesired effect on coin price stability, a key factor in the mass-adoption of a cryptocurrency.
SOLUTION
Waggox will moves to remove jump and dump mining from its network and better cope with hash power fluctuations, which ensure a smoother and fairer adjustment in mining difficulty. Smoothing is achieved by adjusting mining difficulty based on a moving average of time taken to find blocks over the last 24 hours, eliminating much of the effect caused by miners hopping onto and off of the network-based solely on when a coin is easiest to mine. In this way individual miners have a fairer share in the mining and related rewards, transactions are confirmed smoothly and transaction features like PrivatePay and InstaPay are highly performant. Fair mining code not only immediately benefits individual miners and the Waggox network but forms part of a greater strategic and technical enabling of upcoming features yet to be announced related to empowering “the average Joe”; a powerful component of our mass-adoption strategy
Ticker: WAGGOX
Coin supply: 98 million Waggox
Reward: 25
RPC Port: 27270
P2P Port: 28280
Masternode Reward: 5 Waggox
You need 1000 WAGGOX (1000 WAGGOX), a vps-server (Ubuntu 16) and an WAGGOX wallets to setup a masternode. My preferred VPS is VULTR
Website: WAGGOX
Source Code: WAGGOX SOURCE CODE
WAGGOX WALLET: WAGGOX UBUNTU WALLET
WAGGOX WALLET: WINDOW WALLET
EXPLORER: WAGGOX EXPLORER
Pool: WAGGOX Pool
Master Node Installation Guide MASTER NODE
Social Media:
- Discord
- Altcoin Announcement
- Bitcointalk
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