What is Soferox (SFX)
Simply put, Soferox is a decentralized network such as Bitcoin, Litecoin, NEM, or even Stratis. We are not utilizing old fashion methods such as Proof of Work, like Bitcoin, or Proof of Stake like Ethereum. Soferox uses a new, innovative way to secure blocks called Proof of Pact. What this means is two things:
1. When a person/user/entity submits a transaction they first “self-mine” the transaction. What this means is they verify against the rule chain that what they are submitting is valid and does not break the rule they are trying to go against. Why is this important? This is important for an array of reasons, but to outline a few:
- There will be no more invalid transactions submitted as they are already verified.
- This won’t waste the time of miners as they only have to do work to find the nonce. This is very important as miner time and resources are something they find very valuable.
- This will decrease transaction time as the chances of corrupt blocks, or blocks being altered are very low, and almost impossible.
- This will also allow us to create a trust system. If a user constantly breaks rules, action can be taken as they are either doing something wrong and we can assist, or they are trying to hack or break down the system.
The other side to PoP is the transaction mining process and it has become much more simplified. Before mining was about buying the most expensive rigs and whoever had the most power and resources benefitted most and we see that as a very unfair advantage to those who want to mine. We feel the more places for the block to exist the stronger the blockchain becomes. PoP utilizes a brand-new method of trust mining. Miners basically reserve a block position, and whenever a transaction block comes into play they can mine that block and get the reward. The more blocks they submit the more trust they develop and eventually once enough trust is established they will begin to see a priority and get transaction more frequently. Users can only reserve 1 block per CPU at a time. So, if you have 10 CPU based systems you could have 10 blocks reserved at any one given time. This allows users to prioritize how they mine. Instead of running at full power all the time this will allow you to sit idle and when you come up in the queue you then process the transaction and get the reward for success. This is huge as it will make Soferox one of the most power effective mining platforms to date. No more expensive energy bills, just rewards!
The PoP blockchain isn’t just a clone, but it is a new look on chain technology and with our twin chains we hope to bring blockchains closer to the real world, and to see them being used in applications.
Soferox has proposed a system for transactions without relying on trust. Soferox started with the usual framework of coins made from digital signatures, that gives a strong control of ownership, but is incomplete and only partial without a way to prevent ‘double-spending’.
To solve this, we are proposing a peer-to-peer network, similar to Bitcoin, using proof-of-pact to validate blocks over a ruling chain and then record a public history of transactions that quickly becomes impractical for an attacker to change if honest nodes control a majority of CPU power. The network is robust in its unstructured simplicity.
Nodes will work all at once with little coordination needed. Nodes can leave and rejoin the network at whenever they want, accepting the proof-of-pact chains as proof of what happened while they were away. They vote with their CPU/GPU power, broadcasting their acceptance of valid blocks by working on extending them and the rule chain focusing on rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism and by modifying our rule chain.
Public sales: Sep 01, 2017 – Oct 31, 2017
Token supply: 100,000,000 SFX
Blockchain Platform: Ethereum
Country limitations: ALBANIA, CHINA, HAITI, HONG KONG, IRAN, KOREA, MACAU, MOROCCO, MYANMAR, PAKISTAN, SOUTH SUDAN, SYRIA, TURKEY, UGANDA, USA, YEMEN, ZIMBABWE
Registration year: 2021
Accepted currencies: ETH
2% – Bounty
10% – Development operations
88% – Banked amount