Neoxa crypto is a blockchain with assets and the ability to get cryptocurrency by playing various games and proof-of-work mining. While other cryptocurrencies only use Proof of Work (PoW), Neoxa uses both PoW and Proof of Game (PoG). PoG is a new way for gamers to participate in blockchain technology, simply by playing games. Until now, mineable cryptocurrency communities and gaming communities were separated by a shortage of graphics cards. With Neoxa, these two communities can come together and get a piece of the block. Read on to learn more about the Neoxa crypto project.
What is Neoxa (NEOX)?
Neoxa crypto is a new blockchain that launched its mainnet on May 19, 2022. It employs proof-of-work (PoW) and proof-of-play (PoG) consensus. Like the Ravencoin blockchain, Neoxa uses the KAWPOW mining algorithm, which favors GPU over ASIC, making it easier for players to mine. T
he Neoxa network lockout time is 60 seconds. For every block mined, 5,000 NEOX tokens are released. Rewards are halved every four years, similar to Bitcoin and Ravencoin protocols. In the first year, 85% of rewards are awarded to PoW miners and 10% are awarded to PoG miners, with 5% allocated to the developer fund.
What is unique about Neoxa is that instead of creating your own blockchain game from scratch, it is combined with existing games that already have a lot of players. This frees you from an ongoing criticism that many P2E game creators face that they produce tedious games that feel more like a chore than real entertainment.
Neoxa Crypto Network
Every transaction on the Neoxa blockchain is broadcast to all nodes. Each node will work to find a hard proof of work for its block. When the node finds the proof of work, it will broadcast the block to all nodes. The blockchain keeps a record of all transactions since the genesis block. Neoxa Network nodes will always consider the longest chain to be the correct one.
Privacy
While Neoxa’s blockchain has an explorer where users can view their transactions, their wallets can still be anonymous. Unlike traditional banking, Neoxa’s blockchain does not link your name to your wallet unless signed by you in your wallet. Although Neoxa is not a privacy-focused cryptocurrency, it has the same features implemented in the Bitcoin and Ravencoin blockchain.
Active
Assets can be seen as tokens created by Neoxa users. Neoxa plans to integrate assets into the Neoxa Marketplace, where developers can create their own assets for their video games on the Neoxa Marketplace. These tokens can be purchased with $NEOX.
While Neoxa assets can be used on the Neoxa Marketplace, they can be used for many other things such as value transfer, artwork, records, and more. When an asset is created, Neoxa is burned and the asset with a unique name is created. Assets created on the Neoxa network can also be traded and sold. The token creator can also transfer ownership of a token to another wallet.
Burning
When an asset is created on the Neoxa blockchain, $NEOX is burned. Neoxa also plans to burn any unused coins in Proof of Play. Currently, only a third of Proof of Game coins are distributed. Neoxa plans to burn any other coins not being used by Proof of Game. Less Neoxa will be burned when more games are available on Neoxa Proof of Game.
Proof of Work and Mining
Proof of work is a form of crypto proof in which one party proves to others that a certain amount of a specific computational effort has been expended. Verifiers can later confirm this expense with minimal effort on your part.
Neoxa uses KawPow as its hashing algorithm. The KawPoW algorithm is an improved variant of Programmatic Proof of Work (ProgPoW) developed by the developers of Ethereum. The algorithm makes it difficult for ASIC miners to enter the network and gives preference to GPU miners. A block is mined every 60 seconds by Proof of Work.
Neoxa crypto marketplace
Neoxa Marketplace will be a place where developers can sell their video games, sell in-game items and cosmetics. The Marketplace will also feature an asset exchange, where each developer can sell their assets for $NEOX. Let’s tell Leeroy’s story to understand Neoxa Marketplace:
Leeroy is a game developer who develops Zombie Nation; he needs to keep an eye on his game and also earn some cash on the side. He could put his new video game on a gaming forum, but selling it is a real problem. Leeroy is looking for an alternative and finds Neoxa Marketplace. With Neoxa Marketplace, Leeroy can sell his game, in-game items and cosmetics. Neoxa Marketplace is working for Leeroy and now he creates an asset for his game. He now sells Zombie Nation tokens for $NEOX on the Neoxa Marketplace asset exchange. Leeroy’s Zombie Nation tokens can now be used towards your in-game purchases.
proof of game
Neoxa crypto introduces a new earning mechanism to earn cryptocurrencies while playing video games. With Proof of Game, players can “mine” $NEOX simply by playing video games. Gaming can be seen by many as a simple waste of time, with Neoxa Proof of Game you win while having fun. Proof of Game can be implemented in any video game that allows custom servers and data tracking.
While Proof of Game can be implemented without using custom servers, it will require an API to track stats within the game. Instead of implementing Neoxa in a new game, Neoxa is implementing it in existing popular games. Proof of Game implementation is available for games that allow custom servers and the Neoxa team is not affiliated with any game studio. The Neoxa development team plans to implement the Proof of Play earnings structure in Rust, Minecraft, and Roblox. More games in the future are possible.
Payouts in Proof of Game work in percentages. You are rewarded based on the percentage of your actions compared to all players. Each game on Neoxa Proof of Game servers will have a different earning structure. These frameworks will be added to the whitepaper as more games are delivered. While Proof of Game is not currently part of the consensus, it could be implemented in the future. An in-game action can generate a hash, where essentially the blockchain accepts the hash, just like it does with Proof of Work. This will be researched for the community at a later stage of development.
Block structure: The Neoxa Way
Transaction data is permanently stored in files called blocks. They can be thought of as the individual pages of a town registrar’s ledger (where title changes are recorded) or a stock transaction book. Blocks are arranged in a linear sequence over time (also known as a blockchain). New transactions are constantly being processed by miners into new blocks that are added at the end of the chain. As blocks are buried deeper and deeper into the blockchain, they become increasingly difficult to alter or remove, giving rise to irreversible bitcoin transactions.
Currently, each block mined on the Neoxa network distributes 5,000 NEOX. Blocking time is 60 seconds. Just like Ravencoin and Bitcoin, block rewards will be halved in 4 years. With the introduction of Proof of Game, Neoxa’s blockchain to facilitate a block structure to reward miners and players. In the first year of existence, Neoxa gives 85% of the block to Proof of Work miners and 10% of the block to Proof of Game miners. In the years leading up to the first halving, this structure will change.
NEOX Token
NEOX is the native token of the Neoxa blockchain. You earn NEOX through mining through the PoW algorithm or as a reward for completing specific activities in popular video games like Rust and Minecraft through Proof of Play (PoG). The maximum supply of NEOX cryptocurrency is 21,000,000,000 NEOX tokens.
Final Word
Neoxa is the first and only Proof-of-Work blockchain cryptocurrency to implement an earning mechanism in existing popular games . Neoxa aims to allow players to buy their next game by paying with NEOX. Players will no longer have to think twice if they can buy a game. Neoxa crypto believes that players should have the opportunity to purchase their game by playing on a Neoxa Proof of Game server. PortalCripto hopes that the article has brought the necessary information about the Neoxa project.
