The invention of Blockchain technology has made a profound effect on market productivity. This technology has attracted several sectors and many people alike. This article is about one of the development of blockchain technology in the field of finance. Hence, in the blockchain era, the new development is SonicX.
What is SonicX?
SonicX is a crypto exchange that has adopted the blockchain technology. The technology turns around internet productivity and efficiency. SonicX exchange can able to face all challenges on the internet. Especially the challenges include trust, security, and efficiency. The exchange has decided to implement a payment gateway that mainly facilitates P2P transactions. Moreover, it provides a tokenized system for content storage and online gaming. Most noteworthy, one can use the token for cross-border payments. Likewise, other decentralized platforms, SonicX’s technology will also connect services with blockchain technology. Basically, it happens through SOX tokens. A blockchain architecture has scalability at a minimum cost to the user. Hence the ecosystem will enable internet users to have their own digital governance.
Vision of SonicX
SonicX had started as a fork of the Tron blockchain. The purpose was to address the issues of trust, security, and efficiency. Their goal is to bring the world a high-performance decentralized payment gateway. This payment gateway allows direct P2P transactions, tokenized system for gaming and digital content, frictionless cross border payments and remittance network and most important of all a secure digital ledger. The SonicX team takes the underlying technology from Tron but improves upon its transaction velocity and scalability. SonicX believes with higher transaction volumes, there is a need for faster transaction processing. Design of SonicX for volume transaction processing based on the scale to mass-production levels.
What is New at SonicX?
The architecture behind any technology that differentiates one from another. Up to now, we get that SonicX blockchain is fork based on TRON. This aims to deliver high performance and scalability. The SonicX platform has structured with the component ecosystem. It is categorized into 3 main layers. Each layer is to function in support of other layers through software protocols. That protocols utilize API (Application Programming Interface) that communicates between layers. In the following section, first, we discuss what is new at SonicX later the architectural components.
The reasons why Sonicx platform is unique
Stability and Efficiency
The SonicX platform operates on an efficient system of Masternodes and Supernodes for payment processing. Moreover, It also uses for transaction verification. With Masternodes, users can have a scalable network that achieves higher transaction speeds. Also, It is running alongside block producers called Supernodes. Certainly, they play an important role in supporting. And it also processes micropayments with payment tunnels. This protects the main net from myriads of small transactions. Those transactions generated by payment services while supporting regular recurrent payments.
The creation of this token based on programmed logic. The logic executes a condition in order to release funds that are called a “smart-contract”. This makes sure that both parties honestly fulfill their obligation during the transaction. So it prevents cheating and discourages dishonesty. This creates a kind of trust between transacting strangers when it comes to payment.
SonicX embraces Lightning Network coupled with P2P optimization. That use to increase TPS. It can help make the network produce blocks of bigger capacity at a faster rate. In addition, special serialization will be implemented on the SonicX protocol for empty blocks. As a result, it has increased the block rate. With the required network parameters configuration, the platform will bring a 20-100% increment (2500 up to 5000 TPS).
Since the system is decentralized, it can fully function without a central authority or middleman. This allows direct P2P (Peer To Peer) transactions. It also reduces the risk of data to hacks.
The platform doesn’t require any personal information. It will be revealed during trustless transactions. SonicX utilizes a more private network to route Internet connections. Therefore ensuring that the user is anonymous.
SonicX has a provable self-upgradable blockchain by the decision of Governance Layer. Tron protocol allows it to update network parameters. Moreover, SonicX will be able to implement deeper modifications. Also it able to eliminate blockchain splitting after some nodes choose not to upgrade.
The applications that run on top of the SonicX platform. The code is written in DApp (Distributed Applications). Digital wallet or to a smart contract using RPC (Remote Procedure Calls) that reference API. Actually, it communicates with the other layers. Code execution is performed by the SonicX Virtual Machine (SVM) on nodes throughout the network.
Wallets: SonicX wallet addresses use Bitcoin’s secp256k1 elliptic curve withECDSA algorithm for generating key pairs. The following are the steps involved in SonicX addresses:
- First of all, generate a key pair. And then extract the public key (a 64-byte byte array representing its x,y coordinates).
- Hash the public key using the SHA3-256 function. Then extract the last 20 bytes of the result.
- Add `3f` to the beginning of the byte array. The length of the initial address should be 21 bytes.
- Hash the address twice using the SHA-256 function. Then take the first 4 bytes as verification code.
- Add the verification code to the end of the initial address. Get an address in base58 check format through base58 encoding.
- Finally, an encoded mainnet address begins with S and is 34 bytes in length. Please note that the sha3 protocol we adopt is KECCAK-256. Mainnet addresses begin with 3f, e.g. 3fe11973395042ba3c0b52b4cdf4e15ea77818f275.
Smart Contracts: Smart contracts on SonicX are executable code contracts. It follows the Ethereum and Tron framework. Even more, smart contracts are written in Solidity. These contain conditions which are a unit of computation on the SonicX network. That affects the blockchain while executing. Through an Interoperation Layer, the code is executed across nodes by the SVM. The compiler translates the smart contract into byte code. This code is readable and executable on the SVM. A virtual machine processes data through opcode. This opcode is equivalent to the operating logic of a stack-based finite state machine. The SVM accesses blockchain data. That invokes an External Data Interface through the Interoperation layer.
The Core layer deals with the consensus protocol on the network. A unique Delegated Proof-of-Stake (dPoS) to meet the network’s demands. This is referred to as the SonicX Consensus Mechanism (SXCM). While choosing a dPoS consensus protocol helps in lowering energy consumption. Moreover, it helps in increasing efficiency and transaction speeds. At this layer, blocks are validated and added to the blockchain. At the CORE layer, node functionality is defined into 4 types of nodes:
Light Nodes: Light-weight or Light Nodes are mobile devices. They will use blockchain mostly for payments. They connect to the network via Masternodes.
Masternodes: These provide special services for which they will be rewarded by the network. The following are the main functions they perform:
- Servers for light nodes. Also, it provides them access to the blockchain and API access to the network.
- Vote for network modification, equally to Supernodes.
- Support and process micropayments and payment tunnels, protecting the main net from myriads of small transactions generated by payment services and supporting regular repetitive payments.
- Provide and maintain abstract (custom) transactions, allowing to create private networks inside the public one.
- Become an additional layer of blockchain consensus — masternodes layer can serve as an additional verification layer, running own PoS consensus (similar to FFG technology of Casper project) in parallel with dPoS of Supernodes layer.
During blockchain evolution, new features or some new types of transactions could be added in this layer. The Masternode activation requires a total of 72,000 SOX.
Supernodes: These will maintain the blockchain producing blocks. They choose Supernodes from a digital governance election process. This maintains the largest SOX tokens. A Supernode requirement is 7,000,000 SOX.
SonicX platform works on TCP/IP (internet) as a supporting layer. In this layer nodes and storage devices keeps a copy of the blockchain data and its state.
The official SonicX token called SOX. One can use the SOX token as a medium of exchange for goods and services, transfer of value as well as store of value and for proof of ownership. One can use SOX to convert from one currency to another currency. Moreover, transact across borders in seconds.
There will be 100,000,000,000 SOX coins total supply. Coins refer to the asset. while referring tokens to the cryptocurrency used in transactions.
- Airdrop: 1 billion or 1%
- Emergency funding: 4 billion or 4% (reserved for unexpected things happening on the network)
- Advertisements: 7 billion or 5%
- Server maintenance & future collaboration of IoT service providers: 8 billion or 8%.
- Game DApps funding: 10 billion or 10% (Dapps incentive to attract developers to build dappson SonicX decided by Community on the Voting system of MasterNodes + SupperNodes)
- Angel investors: 20 billion or 20% (lock for 1 year via smart contracts)
- Future Development: 45 billion or 45% (this including the development of payus, exchange, E-Gaming, E-commerce, cryptoLend, future development of a land registry for real estates).
SonicX comes with a multicurrency wallet and efficient payment gateways. That enables users to hold multiple currencies and enjoy fast and efficient payment methods. The network optimization is actually for speed. Most noteworthy, the optimization is done with the platform’s integrated digital exchange and masternodes. Also, it enables the system to process transactions in the upwards of 5000 TPS. Additionally, the messenger-based payment system enables users to process payments. Certainly, through their messaging applications. This provides an easy way to send payments to friends, family, and other recipients. Hence, they can do this easily from their comfort zones such as homes, laptops, tablets, or smartphones.
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Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.