Learn about what makes Knox coin different
Knox is one of the first proof of stake cryptocurrencies to be based on the *0.10 version 0.10 or higher Bitcoin codebase. This PoS structure does away with coin age. To enable you to make the most of your staking, you must keep your Knox wallet open at all times. Having your wallet online at all times will result in more available nodes, thus strengthening the network. With a stronger network, rewards will be distributed fairly across the network and will be removed for inconsistent network users.
Knox offers SwiftX transactions that are confirmed and spendable within seconds, guaranteed by the network of masternodes. There is no need to wait for multiple confirmations in order to be confident in the validity of the transaction. SwiftX not only delivers lightning transactions but also peace of mind to both sender and recipient. SwiftX is highly sought after in established currencies due to their close backing with the masternode network which makes it more stable and consistent for network users.
Knox Masternodes are incentivized nodes that receive rewards based on their availability and their ability to offer network services in a decentralized and trust-less manner. KnoxFS offers 3 tiers of Masternodes to accommodate investors. 30,000/50,000/70,000 KFX collateral is required in setting up a Knox masternode. Masternode owners are also afforded the ability to vote on budget and developmental proposals. Masternode owners make up the backbone of the Knox network. Block reward structure for KnoxFS is 40 KFX per block, with 36 being split among the 3 tiers of masternodes, and 4 KFX for staking.
Knox is creating a private storage network using a custom fork of IPFS. This will enable data availability while at the same time reward those who are running storage nodes considerably for their reliability. Knox will take user-provided data, encrypt it with the intended party's key and securely push it onto the storage network using reference locations. Data can be text, image or video based. Sending and storing data this way becomes cheaper, more efficient and highly secure.
Distributing highly sensitive data through centralised means can be very risky. Harnessing the power of P2P, and highly secure Knox custom algorithms alleviates this concern. If you or a company wishes to send large amounts of sensitive data to users, not only will you save on costs but you'll also ensure peace of mind via secure delivery and efficiency. User control is of vital importance in today's data world. Knox gives data control and ownership back to the user.
Knox will utilize IPFS to securely share data with access only granted to the intended party. IPFS or Interplanetary File System, is a distributed file system that seeks to connect all computing devices with the same system of files. Rather than referring to pictures, articles and video objects via their server location, IPFS refers to everything using the hash on the file. So if you want something, IPFS will ask the entire network for a particular file relating to a specific hash.