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VerifiedX (VFX) Coin Summary

The VerifiedX (VFX) coin is the native cryptocurrency of the VerifiedX platform, a next-generation blockchain designed to operate completely decentralized and autonomously.

Coinomics​

  • Total Lifetime Supply: The total lifetime supply of VerifiedX (VFX) is capped at 200,000,000 coins. There will never be more than this amount of VFX in circulation.

  • Anti-Inflationary Model: VerifiedX employs an anti-inflationary model by permanently burning coins. Once coins are burned, they are removed from the circulating supply for good, helping to maintain scarcity and stabilize the value of the coin over time. Coins are burned through tx fees, DNR registration, shop registration, and many other ways.

  • No Validator Rewards: Validators on the VerifiedX network do not receive new coins as rewards. This means no additional VFX coins will ever be minted or introduced into circulation, ensuring that the coin supply remains constant and deflationary over time. This also eliminates the inherent parasitic draw these type of features have on a network.

  • Sustainable Model: The lack of new coin issuance, combined with the coin-burning mechanism, creates a sustainable and deflationary system that supports long-term value retention.

Coin Utility​

  • Network Purpose: VFX is the mechanism used to generate transactions on the VerifiedX network. Without VFX one cannot transaction on the network. VFX is used to pay all transactions fees and any other utility fee like registering a DNR or a vault account.

  • Fees: VFX operates as the core and only coin for fees on the VerifiedX network.

  • Gasless: VFX is not on an EVM and so, does not require gas. Our smart contracts have in built recursion protection and because of this do not need gas fees.

Coin Details​

  • VFX is capped at 200,000,000.
  • Near zero transaction fees.
  • Is a native coin and not built on another network.
  • Generally only uses 8 decimals.
  • Is recoverable through vault accounts.