The MXC Blog

With the launch of the MXC zkEVM, all M2 Pro and NEO miners have successfully migrated to the new and improved on-chain mining v2. While the new mining algorithm requires additional knowledge about blockchain technology, the benefits that come as a result of on-chain mining can far outweigh the additional educational requirements. This article outlines the immediate benefits of on-chain mining v2 compared to the previous mining algorithm. 

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Set up Time: Still Less Than 5 Minutes

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Just because the new mining algorithm relies more heavily on blockchain technology to confirm data transactions, it does not mean that this technology falls as a burden on the shoulders of our vibrant mining community. That is why the setup time for both M2 Pro and NEO is still under 5 minutes when using the AXS mobile app. 

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Power Usage: Low Power, Always

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The new mining algorithm utilizes blockchain technology more heavily than before. However, this utilization happens on the server side, and thus it does not impact the power usage of the M2 Pro and NEO miners. Hence, all miners can enjoy improved mining while benefiting from the low power consumption of less than 1 watt of electricity.

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Server Reliance: From Centralized to Decentralized

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More experienced miners within the MXC ecosystem may remember the various region-based Supernodes. While these geographically centralized Supernodes provided reliable connectivity for miners around the world, it also meant that certain regions would experience service disruptions when the Supernode entered maintenance. Moreover, some miners were also subjected to regional restrictions. 

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With decentralized nodes, all miners are now equally supported by on-chain nodes ensuring continued uptime and minimum disruption. This in turn creates a robust, reliable ecosystem for both our miners and the IoT devices that utilize our global miner network.

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Multi-Token Mining: More Diverse Than Ever Before

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The new mining algorithm does not pose changes for multi-token mining. Muti-token mining has been and always will be the signature unique benefit for miners within the MXC ecosystem. With the launch of the new on-chain mining algorithm, miners can now enjoy even more tokens to mine at the same time. Currently, on top of mining SENSOR, miners can choose up to 2 additional ISO tokens. Soon, the 2 additional token limit will be lifted, allowing miners to mine as many different types of tokens as they wish.

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Staking Requirement: Increased Fluidity and Liquidity

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In the previous mining algorithm, there was a heavy emphasis on staking and bonding requirements. This was required to improve the stability of the network as the network relied on a centralized model. However, with the introduction of a decentralized network and improved mining algorithm, all staking and bonding requirements for mining have been removed. Miners are free to remove and liquidate their tokens as they see fit. 

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No KYC: Freedom to Remain Anonymous

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While a large majority of the users on previous DataDash did not come into such a situation, some users - due to regional regulatory compliance issues - were asked to provide their KYC (Know Your Customer) details such as a copy of personal identification and proof of address. Due to the decentralized nature of AXS, all users are protected from any regulatory changes within their region. This grants all users the ability to remain anonymous while enjoying uninterrupted, unrestricted access to the various features that AXS and the MXC zkEVM ecosystem provide.

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On-Chain Proof: Now Immediately Viewable

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As all actions of miners are now completed on-chain, miners are able to immediately check the progress of their transactions and mining-relevant activities on the blockchain. Using the MXC Explorer (https://explorer.mxc.com), everyone can check the status of the entire MXC zkEVM blockchain and transactions in real time.

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Processing Time: Even Faster

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When our community was eagerly anticipating the launch of the MXC zkEVM, we promised lightning-fast transaction time. Now, the statistics are in and we couldn’t be prouder. Our average transaction time of less than 15 seconds makes the MXC zkEVM one of the fastest blockchains to ever exist. Compared to the previous reliance on the Ethereum blockchain, the utility of the MXC zkEVM - equipped with Zero Knowledge Roll-Up technology - brings unparalleled speed to our users. 

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Self Custody: Your Tokens, Forever

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Perhaps one of the most stark differences that come as a result of the new on-chain mining algorithm is the evolution of custody. Unlike DataDash which stores crypto assets on behalf of the users, AXS is a self-custody platform that allows users to be in full control of their assets at all times. This effectively solves the slow withdrawal process faced by DataDash, while placing bigger emphasis on individual security measures. 

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Gas Fee: Dynamic, In Your Control

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While DataDash relied on a static gas fee model in order to pay for not only on-chain transactions but also other maintenance costs imposed by third-party service providers, the move to native MXC zkEVM and AXS introduces a static gas fee model. Users may check the current gas fee on MXC Explorer and time their transactions and other actions accordingly, prioritizing between immediate convenience and lower gas fees. Ultimately, the control is fully in the hands of the users.

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dApps: Do More with AXS

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The AXS app is equipped with a wallet that is able to interact with other third-party dApps (decentralized applications) on the MXC zkEVM blockchain. With AXS, miners can manage their mining operations, trade their mined tokens, use the mined tokens as collateral to take out a loan, buy and sell NFTs, and even create their own tokens. As more dApps are launched on the MXC zkEVM, AXS users will continue to have a front-row seat to this exciting, new ecosystem. 

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Conclusion

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Compared to the previous mining algorithm, the new on-chain mining algorithm is designed with one thing in mind: benefit for the miners. As more products and applications are rolled out, we encourage all miners to stay tuned and communicate their feedback with us. The MXC zkEVM is new and has a long way to go. However, we strongly believe that by giving increased ownership to our community through complete decentralization, the overall MXC ecosystem will be able to reach new heights. 

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