Naxion (NXN)

“What is Naxion(NXN)? Naxion is a decentralized application platform designed to support smart contracts and make apps usable on the web. The network runs on a Proof-of-Work (PoW) consensus algorithm. Despite the PoW method, based on Naxion’s proprietary technology, Naxion offers users high security, fast speeds, and affordable costs. NXN is the native utility token for gas fees, processing transactions, and storing data.

What makes Naxion unique? What makes Naxion special is that it overcomes the shortcomings of POW while remaining faithful to the basics of PoW blockchain. While adopting the POW method that most faithfully implements decentralization, it also adopts independently developed secure node technology to process transactions at a speed similar to the POS method (maximum 1500 TPS) and design an inexpensive gas fee structure. Fast speed and low-cost gas fees allowed for building an independent network ecosystem without supporting a separate Layer 2 solution. Meanwhile, it is eco-friendly by preventing access to ASICS without providing a node, thereby preventing unnecessary power consumption in addition to the power required for node operation.

How Many NXN Coins Are There in Circulation? Naxion has created approximately 6,081,000 blocks since the genesis block was created on March 31, 2021, and the block time is approximately 5 to 7 seconds. Naxion has a structure in which the 5 NXN are mined for every block created. Because Naxion is a public network, anyone who wants to participate in the project can open a node, join the network, and receive NXN as a reward. So, it isn’t easy to check the market circulation volume accurately.

However, if limited to the Naxion team(including founders, partner companies, advisors, and development team), the number of coins held by the Naxion team is 10,627,388, and the lock-up is scheduled to be released sequentially and distributed in the market by July 7, 2026. Currently, 15% of the team’s stock has been released to the market, 50% will be released on July 7, 2024, 75% will be released on July 7, 2025, and 100% will be released on July 7, 2026. Related information is on pages 12-13 of the white paper linked.”