Basic Functions of the CROSSVALUE Chain

This chapter describes the basic functions and the overall structure of CROSSVALUE Chain with Figure 1.

(1) Block generation time and rewards:

The block generation time of the voting-based blockchain will be determined at the time of the mainnet release, which is set at 60 seconds per block. Block reward is generated as each block is generated, and the initial block reward is 300 XCR. The block reward is halved every two years. These values are subject to change based on the network's performance and community consensus.

(2) No gas cost to transfer XCR, and near-zero cost for fungible (FT) and non-fungible (NFT) tokens:

There is no transfer fee for the XCR at the time of the mainnet release, and the issuance and transfer fees for FT and NFT are nearly zero.

(3) Escrow nodes and escrow accounts for secure asset transfers:

One of the main goals of VPoW (Voting Proof-of-Work) is to improve the security of the entire system. Security in this context means that there must be a mechanism to ensure that funds are not accidentally transferred to wrong parties. In our proposed system, Escrow nodes responsible for transaction approvals contribute to enhancing the security of the blockchain. There are multiple nodes in the blockchain, of which the Escrow node holds an escrow account. The selection of an Escrow node among all nodes is random, whereby each node has an equal probability of being selected as an Escrow node. Every time a new transaction occurs, the Escrow node broadcasts this transaction to all participating nodes. If 75% (default) or more of the nodes vote it as a valid transaction, the transaction is accepted and the funds are released from the escrow account. Otherwise, the transaction is rejected. In general, blockchain transactions are irreversible; however, by implementing the application side, our infrastructure design can avoid end-user mistakes.

(4) Token Symbol:

The symbol of CROSSVALUE Chain is XCR.

(5) Hash Level File System:

Since it is costly to store NFT content directly on the blockchain, CROSSVALUE Chain initially utilizes the InterPlanetary File System (IPFS), a widely adopted hash-level file system, to provide efficient and secure storage for NFT content without burdening the blockchain. However, as part of CROSSVALUE Chain's ongoing innovation and commitment to scalability, the platform is actively developing its proprietary file system called DACS (Decentralized Autonomous Contents Storage). Once the development phase of DACS is completed, CROSSVALUE Chain will transition from IPFS to DACS, ensuring a more tailored and sustainable solution for the platform's growth and the storage of NFT content.