Provisioned Applications of the Coin
Coin Structure And Mining
All the coins of the Xbit Blockchain are mined in the first 100 blocks. And the coins can be used after the first 100 blocks. The network of this coin is only used for the official mining pool, which is known as a trusted miner in the system. After block number 100, no reward is given from the newly mined coins, however, the reward of miners is given from the fee of
transactions. The official mining pool only accepts those miners who have at least 10 million Xbit Coins in the wallet that receives the reward. The miners also need to be verified. Main application is to manage the reward chain of a specific activity in the online game industry.
Coin Distribution Structure
stake their coins
The buyers can stake their coins. In this method the coins are frozen and are not transferable. For each year of staking, 5% return is given from the 200 million coins provided to the operators of the Xbit online gaming service.
Revenue At The End of The Year
At the end of th year, the return for staking is determined and announced by the Xbit online gaming business based on specific calculations. The return is divided by 800 million to determine the return for each single coin. Then the return that is calculated for all the staked coins will be transferred to each wallet in the form of CCXX coins.
Since it is possible that part of the 400 million coins purchased by buyers might not get staked, the amount of the profit dedicated to non-staked coins will be bought from Xbit Coin sellers and then burned (this amount is actually the undistributed profit of the online gaming service)
The proceeds from sale of the coins are invested in developing and improving an online gaming service called Casino Xbit . All the proceeds coming from this service will be distributed according to the previously mentioned method.
All the cost and expenses of this business including current expenses, personnel, etc. are covered by the revenues from the online gaming services.