New Coin Addition: Xelis (XEL)

We’re excited to announce the addition of a groundbreaking new coin, Xelis (XEL), to our mining pool! Xelis is designed to offer enhanced privacy, scalability, and smart contract capabilities, making it a significant innovation in the cryptocurrency space.

Why We’re Excited About Xelis

There’s many reasons we’re really excited about Xelis. Completely built from scratch, privacy for account balance and transactions, very fast block confirmations, account model (vs UTXO), and more!

Built from Scratch in Rust

One of the standout features of Xelis is that it is completely written from scratch in Rust, a programming language renowned for its performance and memory safety—critical aspects for cryptocurrency development. Unlike many cryptocurrencies today that are merely forks of existing projects, building Xelis from the ground up demonstrates the developers’ commitment and effort, ensuring a robust and unique platform. This dedication promises a more secure and efficient network, setting Xelis apart in the crowded crypto space.

Privacy

Xelis sets a new standard for privacy in the cryptocurrency space by integrating built-in privacy features. Account balances and transaction amounts are encrypted from public view, ensuring that sensitive financial information remains confidential. This means that even though the transaction data is stored on the blockchain, only the involved parties can access the details, providing a high level of privacy and security. With these robust privacy measures, Xelis ensures that your financial activities are protected against unauthorized scrutiny.

Fast Payouts with Xelis

Another one of the major advantages of mining Xelis is the very fast confirmation of blocks. With block confirmations requiring only 8 blocks to reach a stable height and a rapid 15-second block time, miners can expect to receive their rewards without having to wait for crazy high block confirmation times (::cough:: nexa ::cough::). This means every time our pool payout runs, you get paid for blocks mined without having to wait!

Account Model instead of UTXO

Xelis uses an account model instead of the UTXO model like Bitcoin, making transactions faster, smaller, and easier to manage. This model allows for greater flexibility and enhances privacy by eliminating the need to link inputs and outputs, ensuring true fungibility. Additionally, the account model supports a fast-sync feature, enabling users to download only the latest state of the chain instead of its entire history, significantly speeding up the synchronization process.

BlockDAG

Xelis utilizes a BlockDAG (Directed Acyclic Graph) structure, which offers several significant advantages over traditional blockchains:

1. Scalability: BlockDAG allows multiple blocks to be created and accepted simultaneously, enhancing transaction throughput and reducing confirmation times.
2. Reduced Orphan Blocks: By permitting parallel chains, BlockDAG minimizes orphan blocks, leading to more efficient use of computational resources.
3. Topological Order: Blocks are assigned a topological height, ensuring a consistent and deterministic sequence, improving chronological accuracy and facilitating clearer dependencies.
4. Stable Height: This feature prevents deep reorganization of the chain, enhancing security against attacks and ensuring stable confirmations.

Special Introductory Offer: 0% Pool Mining Fee

To celebrate the addition of Xelis to our mining pool, we are offering an introductory 0% pool mining fee! This means you can mine Xelis without any deductions, maximizing your earnings during this initial phase.

Network Launch

We are proud to have been an integral part of bringing the Xelis network to life. From the very beginning, our team worked closely with the core developers, dedicating the past two weeks to addressing bugs and stabilizing the network. Our custom integration was crucial in achieving this milestone. We even brought in a renowned miner developer (Rigel) to ensure seamless Xelis integration.

We extend our deepest gratitude to our miners who participated in testing on our preproduction environment. Your support has been invaluable in making this launch successful.

Stratum Protocol for Xelis

We are excited to announce that we were the first and only ones to publicly release a Stratum protocol for Xelis based on common protocols used throughout pools (e.g., mining.submit). By releasing a familiar and accessible Stratum protocol, we made it easier for pools and miner developers to integrate Xelis without needing to reverse-engineer a private protocol, fostering a more open and collaborative mining community. Instead of developing a private protocol with Rigel, we decided to make it public so everyone had a fair chance.

https://github.com/vipor-net/xelis-stratum-protocol

Technical Specifications

• Average Block Time: 15 seconds
• Maximum Block Size: 1.25 MB
• Block Reward: Up to ~1.46 XEL
• Maximum Supply: 18.4 million XEL
• Transaction Fees: 0.00001 XEL per kB

Final Thoughts

We believe that Xelis has the potential to revolutionize the way transactions are conducted and smart contracts are executed. Join our mining pool today and be part of this innovative journey with Xelis!

For more information, visit Xelis.io. Happy mining!