General and Technical Information
Counos X (CCXX) is the first coin that is bankable and implements the proof of work algorithm.
The number of coins to be offered in this network has not been limited, but in the first stage about 18,300,000 coins have been mined.
In the following stages, in case the duration between two mined blocks is more than 2 minutes, the first block after it will be rewarded 0.035 coins. Other blocks will not be rewarded; in other words, the maximum of 25 coins will be generated in a day.
Among other advantages of the CCXX is that if you hold Counos X in the staking wallet longer than a year, you will receive a 5% staking. If you keep Counos X longer than 6 months, your coins will increase by 2%.
Mining Information
The specifics of exactly how Counos X mining takes place is as follows; as mentioned above, the main algorithm used is proof of work, however, because of some extra requirements for miners, it would be more accurate to say that the used algorithm is a mixture of proof of work and proof of stake.
The reason is that to mine Counos X using the official Counos mining pools, the following conditions must be met:
- The miner must have an account in Counos Platform and get full KYC level 1 and 2.
- The miner must own at least 10,000 Counos X
If the conditions are met, then it will be possible to receive 0.0035 CCXX for each block created.
If the above mentioned conditions are NOT met, mining will yield NO REWARD. In this way, mining reward will not be calculated for blocks, and only the transaction fee in proportion to the miner’s share of power will be considered as reward.
Also these are the conditions for creating an independent mining pool in Counos X network:
- The miner must have an account in Counos Platform and get full KYC level 1 and 2.
- The miner must own at least 500,000 Counos X
Given the structure of the network, it is NOT possible for unknown mining pools to mine new blocks.