Scrypt algorithm which is safe for staking process from its fundamental code structures. The major problem lies with the staking is the 34% attack which actually allows the validator (the staker) to acquire more than 34% of total coins and this eventually decreases the income of other validators. Slight tweak in the code structure of script algorithm with a highly advanced approach results in a new age security called bux-loop-security. This security automatically blocks out the participator trying to acquire major share more than 24% and warns once the validators reach 20% of total coins.
The drawback of scrypt algorithm is the higher storage capacity requirement than other algorithm in existence but this drawback get vanished off by the fact that scrypt algorithm sorted out to be the best prone to hack, cyber attacks and 34% attacks.
POW & POS Hybrid
This is the first cryptocurrency to be built with POW/POS hybrid system from the genesis block unlike most other cryptocurrencies which are forked. According to POW/POS hybrid technology, it should support platform for mining as well as staking but here only staking takes place with 150 million coins and rest other 350 million coins are premined. The simple reason behind this is the problem with the cryptocurrency mining that exist. Unlike staking which only need coin investment, mining process deserves hardwares, software which creates heat while mining and need to be cooled often thus drastically increases the electricity bill especially in hot countries where even this could be viewed with the sense of environment friendlessness. To prevent the coins from heavy miners who easily ripoff all the coins with ASIC and FPGA miners which leaves no coin to mine for the small miners.
The mining needs participators input and solve millions of mathematical puzzles to generate a block with a required significant hashing power. Moreover mining hardware cost a lot and pushes some enthusiasts and participators in a situation where they cannot afford to earn cryptocurrency. To prevent this Buxcoin premined 350 million coins to float in the market by transferring it to customers’ wallet with a limit to prevent a group of super active participators from securing all the coins and enable them to stake as soon as they receive coins and made staking available for IOS, Windows & Linux users to participate in staking.
This is the combination of POS and POW system in the same crypto blockchain which takes place simultaneously. In POW solving a puzzle with millions of mathematical calculations using specifically configured software and hardwares to append a block in blockchain which rewards coins and this is called mining and the participators are called miners whereas in POS participators are called validators who gets rewarded with specific amount of coins from their wallet when they bet with their stake on a highly anticipated block that will get appended to the blockchain immediately. POW burns lots of electricity and gives out large amount of coins where as POS doesn’t need any specific hardwares for mining accordingly. This hybrid system acts as an intermediate between the POS and POW type cryptocoins which maximises the users and miners by benefitting both parties. In this both miners and stake holders participate simultaneously in generating rewards. Though it requires a lot of computing power for the POW program, only less configuration hardwares are used and gives good level of return in POS system.
Important Features In Buxcoin Blockchain Technology
Blockchain from genesis block
Unlike some other cryptocurrency, blockchain of Buxcoin developed from the scratch to prevent it from major value fluctuations and influence of other cryptos when they are attacked.
Tamper evident and resistant
Any micro level of changes can be detected and retracted back before it reaches consensus and even before reaching more than two nodes.
Lightening fast transaction
7000 trans/sec which is enormous and significant. This eradicates bottle-neck attack and engages millions of peers at a time.
Bux-loop-security resists the following attacks
- Denial of service
- Sybil attack
- Bot-net attack