Q: What is the purpose of AERIUMX?
A: The purpose of AeriumX is a payment coin for daily usage which is fast, anonymous and easy to use. We use a special and innovative hash algorithm which is called Aergo and guarantee with the usage of Zero Coin protocol anonymity transactions - Please check the roadmap to see when the Zero-Coin protocol will be available. Beside of that we are using Master Nodes (1,000 AEX per MN) and PoW. At the end of 2018 we will change from PoW to PoS.
What is a Swap?
Coin Swap is the mechanism employed to move cryptocurrencies from one blockchain to another at a pre-determined rate. The coins on the initial blockchain are incompatible with the new one. So, it’s necessary to initiate a swap to carry users from the old blockchain to the new one. When a swap is initiated the swapped coins from the initial blockchain are burned (forever out of circulation) in exchange for coins from the new blockchain (at a pre-determined rate). Once a coin has been swapped and burned, it cannot be redeemed back by the user. Swapping of coins is a permanent and irreversible process.
How the Swap of Aerium to AeriumX will proceed?
The Swap from Aerium to AeriumX will be at the 4th of June 2018. All Aerium coin holders have 2 weeks’ time to Swap to the new blockchain of AeriumX. Coins which are not swapped during this time will stay on the old blockchain. There is no way to get them on the new blockchain of AeriumX after the 2-week time frame.
What do I need to do for the Swap?
You will send your Aerium from a staking pool or exchanger to your personal wallet. At the 4th of June (and up to two weeks after the 4th of June 2018) you can use our Telegram Swap bot. The bot is asking you for your current Aerium wallet address and also your AeriumX wallet address (New AeriumX wallet will be ready to download at the 4th of June). Then you send your Aerium coins to the bot wallet address and it will calculate the new amount of AeriumX – Swap ratio is 121:1. The bot will then send your total AeriumX back your new AeriumX wallet.
Still questions? Join our telegram channel and just ask: https://t.me/AeriumX_Official
What is Proof of Work (PoW)?
You can imagine Proof of Work like math task: Your teacher in school is giving you a really hard math task and you need two hours to solve it. You invested time (2 hours) to solve it – The reward from your teacher is one apple. Next time your teacher is giving you a new task which is much harder than the first one. Now you need 3 hours to solve it and also receive an apple as reward (so the difficulty is raising with every math task). Proof of work in crypto is nearly the same but instead of investing time you’re investing computing power. And there is also another difference: In crypto for sure you don’t want to get apples as rewards, you get coins right to your wallet. Users which are using Proof of Work are called “Miners”. Running PoW on your computer is called “Mining”.
What is Proof of Stake (PoS)?
Proof of stake is nearly something like PoW but with the difference that your computer doesn’t need to do math tasks for getting rewards (No mining necessary). Prof of Stake is much more environmental friendly than Proof of Work. For getting rewards of Proof of Stake you just park your AEX on your wallet and get rewards for non-moving them away from your wallet. If you use PoS you need to wait 60 blocks until your coins are mature. After that they will start staking and you get the reward right to your wallet. User which are staking are called “Stakers”.
What is a Master Node?
A Master Node is technically nearly the same like a Full node with the difference that users who are running a Master Node are getting a reward from the network in form of AEX. Master Nodes download every block and transaction to check them against AeriumX consensus rules. Here are examples of consensus rules:
What is the block time?
It’s the time in seconds how long it takes to create a new block. Every block will cause a reward (for Master Nodes, or Miners – later Stakers).
What is the total Supply?
Total Supply means the maximum amount of AeriumX coins. Because we are using the Zero-Coin protocol there won’t be a total supply. This won’t cause hyperinflation, it’s just a technically need to run the Zero-Coin protocol. You will find more information in “What is the Zero-Coin protocol?”.
What is the Zero-Coin protocol?
The Zero-Coin protocol allows users to send anonymous zAEX from one wallet to another wallet. But you can choose if you want to have Zero-Coin zAEX (anonymous) or if you want to use AEX which are non-anonymous. The process of making zAEX into AEX or AEX into zAEX is generally called “minting”.
How does the Zero-Coin protocol work?
For understand it easily we use this example: You want to send 500 anonymous zAEX to another wallet. You need to make AEXinto zAEX. During this technically process the 500 AEX will get minted into defined groups of zAEX – for example 4x 100 zAEX and 2x 50 zAEX (it’s like a kind of mixing the coins). You will now receive the full amount of 500 zAEXS. This 500 zAEX are non-traceable because they got created from this mixed groups. You can now send this 500 zAEX to another wallet.
Technically in the background this is happening: You don’t send the 500zAEX directly to another wallet, you send them to a pool and out of this pool the receiver will get 500 AEX. Because of the whole Zero-Coin protocol the received 500 AEX are not traceable and 100% anonymous.
The really cool thing by using this technology is that you can choose if you want to mint zAEX and send them 100% anonymous trough the network or if you just want to send standard non-anonymous AEX to another wallet. So it’s your choice of making anonymous transactions or not!
If you have further questions which are not answered in this FAQ please feel free to send our admins in the AeriumX telegram group a message to get your question added into this FAQ. Please consider that the AeriumX community is 100% community driven – we are 100% volunteers – If you want to get a part of AeriumX just get in touch with us.