POSI V3 and POSI Blockchain Plan

Why do we move on our own Blockchain?

There are various reasons for us to do so.

  • Firstly, fulfilling our vision and achieving our all time goals. Developing our own blockchain has always been on our roadmap since the very start of the project. A full crypto ecosystem can not be claimed unless we run it on our own blockchain.
  • Secondly, in order to maintain the stability of the Decentralized Perpetual Trading Protocol, having our own blockchain is crucial and that is for the following reasons:
  • The current maintenance costs on BNBChain are quite high, a barrier which prevents us from running a high-speed trading platform, and having more trading pairs, it also endures high gas fees for users to participate in.
    The way we view our Decentralized Perpetual Trading Protocol. In the near future, we are planning to move multichain, however, by doing so, not having an orderbook platform will cause the liquidity to be much more fragmented. By leveraging the POSI Blockchain, users will be able to trade in a Decentralized Trading platform with very high liquidity combined with all other chains. Such as a “Centralized” order book in a Decentralized System.
  • Thirdly, To create more utility around POSI V3. Using POSI V3, holders will be able to stake and earn rewards by becoming validators. The Blockchain will also allow other projects to build new platforms and products. The more the blockchain gets exposure the higher the number of builders will join us.

POSI Blockchain:

To speed up the development process, we will base on an existing blockchain and then develop more features from there. We will try to ensure that POSI blockchain has the following features:
- Sharding: Dividing blockchain states into small pieces then saving them randomly in the network, enhancing the speed and scalability.
- Fast Consensus: POSI Chain will have a Fast Consensus algorithm for low transaction fees, and higher transaction speed (< 3s).
- Effective PoS: POSI Chain will have a novel Proof-of-Stake (PoS) mechanism for network security and economics. POSI Chain’s Effective Proof-of-Stake (EPoS) reduces centralization and distributes rewards fairly to thousands of validators.

Utilities of POSI V3 coin

POSI V3 will be the utility coin on our blockchain. It will have multiple use cases each of which will be increasing the intrinsic value of our coin. The following are some examples of the use cases:

  • Pay for transaction fee: all the transactions on our blockchain, in order to be executed, will go through a smart contract, approval of which requires paying using POSI coin.
  • Stake to secure the network and earn rewards: similar to other blockchains, there will be a staking protocol in which the users will stake POSI coin and benefit from the rewards.
  • Participate in open governance: As you have experienced in our Governance V1 so far, to have a vote and take part in voting and decision making, you need to hold POSI. The more POSI you hold, the more impact you can make. This will continue happening with POSI coin too. You will be able to take part in governance decision making proposals using your POS coins.
  • Receiving the trading fees from the trading protocol: the trading fees will be in POSI coin form. This will lead to scarcity of the coin and it will increase its value. These fees will be collected, burnt or used for the development of the project. Having an ever increasing fund, the future development of the project will be secured.

Timeline

The target is to go live in July (1-year POSI Birthday) — however, no exact or fix date will be given now. The process will follow these steps (we may change our steps without notice):

  • Local net (internal testing phase)
  • Test net (public test net) including explorer
  • Bridge Testnet
  • DTP testnet on POSI Chain
  • All Go-live: Blockchain, Bridge, DTP
  • Further roadmaps will update later

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