What is Sphinx?
It was December 2020 when I seen a Sphinx (SPX) giveaway, promoted on social media by Binance. Never seen the name before and had no clue what the project was about. A quiz was included in the giveaway, and the prizes will be distributed to those answering to the questionnaire. I had a good read and completed the questionnaire, however never received any Sphinx Tokens (SPX)
Ignoring the disappointment of losing time to read about it and receiving nothing, the concept of Sphinx somehow managed to impress my with the originality and simplicity. Sphinx (SPX) is an pure utility Token built on Ethereum as the world's first people-driven investment community. A lot of fancy words but what people-driven and investment community means to non-crypto people? Basically Sphinx aims to create a transparent ICO (Initial Coin Offering) market, giving investors a place where to launch, share or buy new cryptocurrencies. The Sphinx Community will analyze the most innovative projects and than will invest in the ICO that the team believes to be be promising
How can be SPHINX defined?
SPHINX is a new mode of cross-chain oracle built with the sole purpose to assess prices for Binance Smart Chain tokens and the multi-chain ecosystem. The oracle can transform external information into blockchain information, linking the encrypted world with what is outside of the blockchain. The Sphinx chain is public, and secure, creating a synergy between Dapps on Ethereum and other chains and the high performance of Binance Smart Chain. The DFapps focusing on lending and trading can implement the Sphinx oracles for future trading and derivatives tools.
SPHINX roles
Sphinx can be used for miners to provide quotation and as a payment method for commissions while price callers can accept and pay the quotation provided by SPHINX. After a miner will input a price to the quotation contract, he will obtain SPX token rewards. During the waiting period, the verifier can buy the asset. He needs to offer a new quotation to match the size of the order. During the process, the block price is formed and the SPHINX Protocol will record the price into the blockchain. The conclusion is that SPHINX generates and evaluates the price of the asset, giving the callers a value to use.
How to earn with SPHINX?
The mining fees are distributed into dividend contracts and from there the fees are shared to all holders of supplied circulating SPX. Basic investors can buy and hold SPX tokens from the secondary market and earn weekly rewards, while technical investors can develop mining scripts or become miners or verifiers. The dividends are paid on a weekly basis and the reward must be claimed. Any unclaimed reward will be recycled and added into the next set of dividends.
Why SPHINX is different?
Sphinx is more resistant to attacks than LINK and BAND due to the design and core concept. Tampering an existing quotation is impossible because will require an absurd amount of assets. If the new price deviates by 10% from the initial price, the new staking requirement will be ten times the size of the existing quotation, making malicious attacks inefficient.
SPHINX supports multi-chain and multi-assets, by using the native protocol oracle platform. SPHINX can adapt to multiple public chains, and can assist single chain assets to be used on other chains. The speed of SPHINX feedback is reduced to seconds, as every block will generate the corresponding price and quotation.
The Governance Mechanism requires voting from SPX Node holders. They will deploy an execution contract and a voting contract where the holders can express their choice. The number of pledged SPX nodes must reach 100 or more for the vote to be approved. After this, the proposal will move to the SPXN token voting, where the SPXN holders will vote for approval. If at the end of the 7 days voting period, the proposal will earn 51% or more it will be automatically approved.
SPHINX is basically a blockchain version of "The Dragon's Den", creating a price or quotation for valuable assets or cryptocurrency. Every single quote initiated by a miner will be verified within the chain for 100 blocks. Imagine Lord Sugar thinking so quick and calculating the success potential for every business he will see during the show. The oracle machine is running on the Binance Smart Chain (BSC) therefore the speed for generating new blocks is 3 seconds, faster than any human can assess the price of an asset. Took me every brain cell to understand this concept, and I think that something similar can be implemented in day to day life, to check the best price for groceries or petrol.
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