What Is Ringx (RINGX)?

What Is Ringx (RINGX)? Complete Guide Review About Ringx.

What Is Ringx (RINGX)?

The EOSC Network team has accumulated a lot of experiences based on the EOSIO development blockchain in the development, and hopes to bring these experiences to their maximum value. Codex.io is an Ringx blockchain development framework that works out of the box. The developers can quickly launch a chain with Codex.io. After simple configuration, the developer can customize all kinds of symbols and select economy system and resource model freely. On this basis, developers only need to pay attention to the problems of the chain itself. According to this, it can be implemented based on the contract or chain native layer.

Ringx can facilitate developers to expand in the native layer of the chain, solving some performance issues as well as enhancing the function of the chain greatly. integrates most of the functions put forward by EOSIO. With an inclusive attitude, Codex.io allows developers to freely combine functions on the chain: including the subsistence allowance system, account system, various black and white list mechanisms, common governance mechanisms and voting mechanisms, as well as various plugins.

Ringx Storage Key Points

Coin BasicInformation
Coin NameRingx
Short NameRINGX
Circulating Supply313,192,785.32 RINGX
Total Supply357,117,790
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Official Project WebsiteClick Here To Visit Project Website

Token Issue

The initial circulation of Ringx was 1 billion, and the initial asset allocation was completed according to the mapping snapshot of EOS ERC20 on June 3, 2018 (BJT). Users can activate the account assets by offline signing with the mapped EOSIO private key. The key function of EOSC token is to obtain resources on the chain. Each transaction on EOSC main net consumes certain resources. The longer the contract is executed, the more CPU resources will be consumed.

NET and CPU are recoverable resources, which can provide the network bandwidth and computing resources consumed by transferring and implementing smart contract. Specifically, when one transaction is packed and synchronized to the network by block producers, NET resource will be consumed. The more data generated by operations; the more NET resources will be consumed. And when smart contract is called, CPU computing resources will be consumed by the execution of the contract code loaded into memory.

Block Rewards

Ringx main net enables blocks to be produced every 3 seconds. Every time when there is a new block produced, the system will increase a certain amount of EOSC, called Block Rewards. The inflation rate of EOSC is 20% of the total amount of the previous year’s token, which means that the total amount of annual block reward is 20% of all EOSC in previous year’s system. There are no fixed periods in current voting. The voting tokens can be redeemed at any time. The redemption needs 3 days to unlock the block height.

Time-Weighted Election Mechanism

Network through continuously improving election mechanism to achieve the decentralization of DPOS consensus mechanism. The ranking of nodes is determined by the number of weighted votes polled. The more weighted votes polled by the node, the higher the ranking of the node. The way to participating in Ringx main net voting can choose the current voting and the fix-time voting.

The time periods can be selected in fix-time voting are the block heights corresponding to 3 months, 6 months, 12 months and 24 months respectively. The tokens are locked during the fix-time voting period and automatically unlocked when it expires.

Decentralized Protocol Governance

The open protocol governance mechanism of Ringx Network enables Block producers (BP) to update network through the governance on the chain, ensuring that the development of protocol follows the volition of community. Voting reward is an incentive method of mainnet to encourage users on the chain actively participate in the voting. By voting, token holders can receive rewards which come from tokens increased annually.

The amount of voting rewards that a voter can receive depends on the proportion of his weighted votes in total votes. The higher proportion of weighted votes is, the higher voting rewards can be received. Rewards of fix-time voting, and current voting can be received and re-invested at any time, but the principal of fix-time voting cannot be released before the end of the fix-time period.