X42 Protocol

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{{WikiProject Bitcoin}} {{WikiProject Blockchain}}

File:X42 OFI - stylized.png

x42 Protocol Feeless Proof of Stake Cryptocurrency Platform

x42 Protocol (x42) is a decentralized peer-to-peer feeless proof of stake cryptocurrency invented in 2018 by a global team, their idea was to build a feeless blockchain platform that allowed any and all users to publish and use decentralized applications, while also being able to generate passive income while hosting them.

Concept

x42 Protocol was built on the idea that application developers should not be limited by expensive costs. Real imagination and development can exist only in an affordable and limitless environment. Likewise users should be able to share in this with low or no cost and fees.

The project launched on August 1st of 2018 after months of development, without seeking any public or private funding therefore it did not hold an ICO. The name x42 Protocol was derived from the idea that X has always been the universal unknown in mathematics, which can also mean ‘anything' and 42 is known to Douglas Adams’ The Hitchhiker’s Guide to the Galaxy readers as the ‘answer to the ultimate question of life, the universe, and everything’ The question "x" and answer combined give us x42. The "x" is always lowercase as the question is never greater than the answer.

x42's creation and ideas was also losely based on Daniel Suares' book series Daemon.

Focus is on producing a platform that is simple to use both for development teams and the end users. From day one the x42 full node wallet was operational and has been in use to this day. Currently the x42 Protocol core development team is working on the last few steps necessary to launch their biggest product called xServer.

Design

The smallest amount within x42 Protocol represent 0.00000001 x42 coins, one hundred millionth of one x42 coin. A millicoin equals 0.001 x42 coins; one thousandth of a coin. Eight decimals places are commonly used in cryptocurrency as seen in Bitcoin.

Ticker symbols used to represent x42 Protocol are x42. and X42.

Blockchain

For broader coverage of this topic, see Blockchain.

Blockchain [1] is a decentralized digital ledger technology in which all transactions between users are recorded in a chronological and public manner that is immutable. The technology was first devised by a figure known as Satoshi Nakamoto, an alias for an unknown person or team, Satoshi was responsible for the idea that gave birth to Bitcoin and the blockchain. The blockchain is an unchangeable ledger which allows for basically any kind of record to be kept, be that related to cryptocurrencies, assets, games, DApps (Decentralized Applications) or anything else developers can come up with. This ledger is hosted by a network of nodes which will certify, sign and distribute each and every transaction made within that network, each block is only generated when linked and certified to be part of the same network that created the previous block, that way an unbreakable chain is formed, wherein the older the block, the more signatures it has.

Architecture

The x42 protocol has a layered architecture, and it uses C#, Microsoft .NET and the NBitcoin library.

Transaction fees

x42 Protocol does not have a transaction fee and therefore is considered Feeless. Essentially, if you send someone 10 x42 coins, they will receive the entire amount (10 x42) sent. The x42 protocol is meant to be used by everyone, so the main blockchain is completely free of transaction fees, all block rewards will use the proof of stake as a block validation method to sign and allow for new transactions. This will allow for any project that requires thousands of transactions per minute, or even per second, to run on side blockchains without having to worry about transaction cost, bottlenecks, and allowing to be focused entirely on the creation of a great final product.

Supply

The maximum supply of x42 coins is capped at forty-two million (42,000,000) x42 coins.

As of July 2020, 19,100,000 x42 coins have been minted, less than half of the maximum supply. Coins are rewarded each block to the node that processed the transaction in a process called Proof of Stake.

Ownership

For broader coverage of this topic, see Open Source.

x42 Protocol is not owned by any one, but anyone can own coins.

The project is completely open source, and the code can be found on its entirety on x42's github page.

With Blockchain, x42 coins are held by x42 wallet addresses. An address can receive x42 coins at anytime with very little to no additional additional information. However to send the coins the owner of the address must use a private key to unlock the coins to be sent. Users can publicly distribute x42 addresses without compromising or even knowing its corresponding private key.

There are an immense number of valid private keys, it is practically impossible someone will be able to duplicate a key-pair that is already in use. Because the number of possible private keys is so large it is unfeasible that brute force could be used to compromise a private key.

To be able to spend their x42 coins, the owner must know the corresponding private key and digitally sign the transaction, this is an extremely easy process and only requires a few clicks. The network verifies the signature using the public key; the private key is never revealed. Although the process sounds complicated, by using the provided software a user can receive or send coins in a matter of seconds.

If the private key is lost, the coins are essentially lost as well. The network will not be able to recover it for the user as you would with a centralized service. The owner of the wallet is solely responsible for protecting and securing their private keys. To ensure the security of x42 coins, the private key must be kept secret.

If the private key is revealed to a third party, e.g. through a data breach, the third party can use it to steal any coins in that address.

Wallets

For broader coverage of this topic, see Cryptocurrency wallet.

x42 Full Node client

The Full Node client software is a wallet that stores the information necessary to transact coins. Like Bitcoin, wallets are often described as a place to hold or store coin, due to the nature of the system, x42 coins are also inseparable from the blockchain transaction ledger. An attempt to alter the ledger or manipulate it in any way would also void the related coins. A wallet is more correctly defined as something that "stores the digital credentials for your coin holdings" and allows one to access, store and spend their funds. x42 Protocol uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated. At its most basic, a wallet is a collection of these keys.

• Full Node clients [2] verify transactions directly by downloading a full copy of the blockchain. They are the most secure and reliable way of using the network, as trust in external parties is not required. Full Node clients check the validity of mined blocks, preventing them from transacting on a chain that breaks or alters network rules. The more nodes that are online, the more secure the network becomes.

The x42-FullNode client is going to become obsolete with the launching of xCore and xServers.

• xCore software clients will replace the currently used Full Node Clients.

• xServer [[Software|software] clients will allow the entire x42 Protocol blockchain to host decentralized applications.

• Third-party internet services called online wallets offer similar functionality. In this case, credentials to access funds are stored with the online wallet provider rather than on the user's hardware. As a result, the user must have complete trust in the online wallet provider. A malicious provider or a breach in server security may cause x42 coins that are stored with a third party to be stolen.

Decentralization

x42 Protocol is decentralized:

Like Bitcoin, x42 Protocol is decentralized in that no one person controls a majority of the coins in circulation. As of July 2020 there are more than 10,000 addresses with 1 or more x42 coins and many with less than 1.0 x42 coins.

• x42 does not have a central authority.
• There is no central server; the x42 network is peer-to-peer.
• There is no central storage; the ledger is distributed.
• The ledger is public; anyone can store it on their computer or view the transaction records on the block explorer
• There is no single administrator; the ledger is maintained by a network of equally privileged Nodes.
• Anybody can become a Node Operator by installing the software
• The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it is not known which node will create the next block.
• The issuance of x42 coins is decentralized. They are issued as a reward for the creation of a new block using Proof-of-Stake.
• Anyone can publicly trade x42 coins
• Anyone can create a new x42 address (an equivalent of a bank account) without needing any approval.
• Anyone can send a transaction to the network without needing any approval; the network confirms that the transaction is valid and posts it to the ledger.

Privacy

x42 Protocol funds are tied to x42 addresses and often not known physical entities. Like Bitcoin, addresses are not explicitly identified, all transactions on the blockchain are public. However it would require someone to publicize or identify their ownership interest in an address before the owner could be known. Additionally, cryptocurrency exchanges, where cryptocurrency is traded for traditional currencies and other cryptocurrencies, may be required by law to collect personal information. To heighten financial privacy, a new x42 address can be generated for each transaction.

Ideology

x42 is a cryptocurrency designed to be an off-chain solution for DApps (decentralized applications) that allows for a range that goes anywhere from hobby development games to large entrepreneurial and enterprise projects that span dozens of facilities all over the world. The main idea behind x42 is to be a scalable, on-chain solution for any developer that wants to launch games and applications in general with minimal initial investment, zero transaction fees and near infinite scalability. The protocol works around a main blockchain network which hosts all the x42 coins and three types of nodes.

The main blockchain of the x42 Protocol will have a maximum total of forty-two million coins mined into existence by the year 2042

The coins follow the same rules as most cryptocurrencies, every transaction is final, timestamped and will be added to the blockchain ledger. Block explorers can be used to browse any and all transactions.

See Also

Coin Market Cap https://coinmarketcap.com/currencies/x42-protocol/

CoinGecko Statistics and Coin Tracking: https://www.coingecko.com/en/coins/x42-protocol

Cryptoshib Knowledge https://cryptoshib.com/x42-protocol/

Trybe Knowledge Sharing Community https://trybe.one/x42-zero-fees-scalable-infinite/

References

This article "X42 Protocol" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:X42 Protocol. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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