the swap
The eXperience Points swap concluded on November 29, 2019 at 6 AM UTC.
If you missed the swap, you missed the swap. The swap window was open
for a generous amount of time, and we advertised on many channels
including Discord, Telegram, Twitter, Blockfolio, and others.
Why did we swap?
This is really a great question, and we love it! Every time it is asked, we have an opportunity to educate.
- The primary reason was to adopt new features and enhancements that will bring value to the coin and community.
- For the coin, BIP 38 wallet encryption, SwiftX for instant transactions, and Dark Gravity Wave 3 difficulty management were added.
- The codebase itself switched to one that has a reputation for being well maintained and that is supported by many developers across many platforms.
- For the community, masternodes were added so there are more ways to earn eXperience Points, the supply was capped to limit runaway devaluation, block rewards switched from a percentage to fixed value to better control inflation, and the overall supply was lowered to help the coin reenter BTC, ETH, and LTC markets.
To what have we swapped?
The devil is in the details, right? Look below for a quick breakdown of technology fundamentals:
- The new codebase is a PIVX variant.
- Privacy is available, but will not be activated till issues with Zerocoin implementation are resolved.
- Swap ratio was 200:1, meaning 200 coins on the old chain became 1 coin on the new chain.
- Masternode collateral is 500,000 coins.
- Proof-of-Stake and Masternodes are supported.
- Proof-of-Work was used for coin launch and ended in the first 300 blocks. Proof-of-Stake began at block 301.
- Max coin supply is now 20,000,000,000 (20 billion) XP.
- Premine was 4,003,000,001 XP, of which 2,000,000,000 was allocated for swapping and other issues (e.g. web wallet and Lionbit exit scam). Effective foundation premine is 10% of the supply.
- Block time is now 1 minute.
- Block rewards began at 1,200 and gradually decrease to 400. See the Block Reward and Split chart below.
- Stake versus Masternode rewards split started at 60% versus 40% and gradually changes to 25% versus 75%.
- Coins are never burned. Stake versus Masternode for transaction fees is 40% versus 60% for the life of the chain.
| Block Reward | Starting Block | Ending Block | Duration in Years | Stake Percent Share | Masternode Percent Share | Stake Coin Share | Masternode Coin Share | Average Yearly Supply Increase |
|---|---|---|---|---|---|---|---|---|
| 1,200 | 12 | 52,571 | 0.1 | 60% | 40% | 720 XP | 480 XP | |
| 1,100 | 52,572 | 210,251 | 0.3 | 58% | 42% | 638 XP | 462 XP | |
| 1,000 | 210,252 | 526,611 | 0.6 | 56% | 44% | 560 XP | 440 XP | 27.59% 1st Year |
| 900 | 526,612 | 1,051,211 | 1 | 54% | 46% | 486 XP | 414 XP | 15.64% |
| 800 | 1,051,212 | 2,628,011 | 3 | 49% | 51% | 392 XP | 408 XP | 11.54% |
| 700 | 2,628,012 | 4,204,811 | 3 | 46% | 54% | 322 XP | 378 XP | 8.03% |
| 600 | 4,204,812 | 6,307,211 | 4 | 42% | 58% | 252 XP | 348 XP | 5.50% |
| 500 | 6,307,212 | 8,935,211 | 5 | 38% | 62% | 190 XP | 310 XP | 3.75% |
| 400 | 8,935,212 | 30,769,911 | 43 | 25% | 75% | 100 XP | 300 XP | 1.83% |
