The factoid sheet will serve to provide facts about the Metrix Coin blockchain and help to quickly answer any questions or concerns about the new chain.
- Metrix Coin completed the swap from the old chain to the new chain on December 1, 2020, at a 1:1 ratio voted by the community of Metroids.
- The new chain is a hard-fork from Qtum blockchain, it supports Proof-Of-Staking (PoS), unspent-transaction-output (UTXO), ethereum virtual machine (EVM), decentralized applications, smart-contract technology, and a decentralized governance protocol (DGP). (In short, the new chain is the best of Bitcoin’s UTXO, and Ethereum’s EVM, decentralized applications, and smart-contract technology platform.)
- Masternodes are no longer supported in the new chain, which includes multi-tier masternodes.
- Governor nodes and staking are supported in the new chain.
- Altitude wallet, Mystakingwallet (MSW), Mynodepool (MNP), and GrudgeMatchGaming (GMG) are all products made in-house.
- Other in-house products include Metrix Coin Explorer, Metrix Wiki, Feedback Portal, and Metrix Academy.
Annual Percentage Yield (APY)
- The annual percentage yield (APY) is 10% from October 2020 to October 2022, 5% from October 2022 to October 2026, 2% from October 2026 to October 2032, and 1% from October 2032 until the max supply is reached (30B MRX).
- The APY applies for both Governor node rewards and stake rewards.
- Sending or receiving MRX has a transaction fee of anywhere between 10MRX to 20MRX per kilobyte (kB). The more transactions within the network at any given time, the higher the fee.
- Metrix holders may run a governor node.
- Governor nodes vote ‘Yes’ or ‘No’ on a budget (10% majority needed) or blockchain (51% majority needed) proposals. (You may only run a Governor node using the Altitude wallet. It is not yet supported in MyStakingWallet.)
- The collateral needed to run a Governor node is 7.5M MRX.
- Governors need to pass 15 confirmations prior to unenrolling and must be enrolled for at least 28 days prior to voting on proposals.
- The minimum number of Governors needed to reach a quorum for all proposals is 100.
- The maximum number of Governors is capped at 1920.
- Governor rewards are every 48 hours and are viewable after 10 confirmations. At which point they are spendable.
- Governor rewards may stake after coin maturity is reached, or 960 confirmations.
- A 10% amount of each rendered governor reward is deducted for the development fund.
- Governor nodes do not need to be online 24 hours-7 days a week to receive a reward.
- The only requirement for Governor nodes is to vote or ping the network at least once a month. (A transaction fee of ~15 MRX is expected.)
- More information about Governor nodes and steps to set up a Governor node are found here.
Staking with Metrix Coin
- PoS is the consensus Metrix Coin blockchain utilizes to allow holders to stake, and create blocks. (Block creation is essential to any blockchain as a means to log verified transactions.)
- Staking is a process where blocks are created within the chain, and it involves holders to hold MRX in their wallets.
- The longer MRX is held, the more weight against the network and the likelihood of creating a block is higher.
- Once the wallet address, or stake node, creates a block, then it is rewarded, called a stake reward.
- A 10% amount of each rendered stake reward is deducted for the development fund.
- Stake rewards are received according to the parcel, or input, weight against the network weight. The more amount of MRX in the parcel, or input, staking, and the longer the node is staking, the more frequent the stake reward payments are made.
- Stake rewards are viewable after 960 confirmations. At which point they are spendable and may stake.
- Stake reward coins are viewable after 960 confirmations. At which point they are spendable.
- All other transactions (sending and receiving MRX, and Governor rewards) are viewable after 10 confirmations. At which point they are spendable.
Development fund, or budget fund
- The development fund, or budget fund, is created to encourage developers to build on the chain. (Developers need to submit their proposals along with a non-refundable 600K MRX fee which will be voted unofficially by the Metroid community and officially by the Governor nodes.)
- The development fund and budget fund are used interchangeably.
- The development fund is not the same as the treasury fund.
- The development fund holds MRX from 10% governor reward and 10% stake reward.
- At each monthly settlement block, if no budget proposals are set then the funds are burned, or sent to a 0x0 EVM address.
- If budget proposals are set, then a smart-contract is created and payments are sent to the developer. (Stake nodes mint the MRX amount as per the smart-contract agreement, and adjust circulation supply calculations.)
Coin Maturity, and Unspendable Coins
- Coin maturity is equal to 960 confirmations, at which point MRX may start to stake.
- Unspendable means the holder may not send coins until 10 confirmations are reached.
- If a stake node holds 1M MRX or more and creates a block (receives a stake reward), then it will split in half. For example, a holder has 5M MRX staking. The stake node creates a block (receives a stake reward), then the 5M MRX will split into 2 parcels, or inputs, of about 2.5M MRX each. (The stake reward is received first, then the coin split occurs.
- Coin-splitting strengthens the network. (The more parcels, or inputs, staking, the better for the blockchain network.
- If a stake node holds less than 1M MRX, and creates a block (receives a stake reward), then it will NOT split. On the contrary, the MRX will consolidate within one parcel or input. For example, a holder has 500K MRX staking. The stake node creates a block (receives a stake reward), then the 500K MRX will NOT split, but rather the stake reward will be added to the 500K MRX amount within 1 parcel, or input, altogether.
- Coin control means to send multiple parcels, or inputs, of MRX within the same wallet address, or multiple addresses, to one wallet address. For example, a holder’s wallet address [MrxMrcTESTtest08] with 5M MRX divided among 6 parcels, or inputs is sent back to the same address [MrxMrcTESTtest08] to 1 parcel, or 1 input. (Coin maturity of 960 confirmations is subjected prior to staking.)
- Coin control is not recommended since the actual APY may be lower than the expected APY. (Holders that coin control must take into consideration the time it takes to reach 960 confirmations, as this is the time in which MRX is not staking.) Note: Coin controlling does not contribute to strengthening the blockchain network. It is suggested NOT to coin control, but rather to let the parcels split, or coin split.
Disclaimer: The factoid sheet is subject to any updates. We will continue to add more facts as the project continues with more developments.