“ MMX – fast, low cost, feature rich, decentralized – with tokenomics of an actual currency ”
A blockchain written from scratch, doing most things differently.
Design
- Variable token supply governed by consensus (1 block = 1 vote)
- High throughput L1 with consistent block interval (500 TPS, 10 sec)
- Novel Smart Contract VM for ease of development and high performance
- Energy efficient Proof of Space, with optional Proof of Stake (limited to Tx fees)
- Block reward is adjusted to stabilize price, a key property of any currency
- Minimum transaction fee to allow large block size without spam
- Limited external library usage to keep codebase clean and secure
- No pre-mine, no ICO, no investors
- Account based model
Elements
- High performance C++ code (can handle over 1000 TPS easily)
- Transactions are executed in parallel when possible
- Custom high-level VM for Smart Contracts
- Native support for variants, arrays, maps, and objects
- Unified memory with automatic persistence and state updates
- A restricted subset of JavaScript is compiled into bytecode
- Average of two machine instructions per line of code
- Native token support (no "approvals" needed, NFT = 1 mojo)
- Smart contract offer based trading (fixed price, OTC)
- Liquidity pool swap based trading (AMM, multi-fee tiers, similar to Uniswap v3)
- ECDSA signatures for seamless integration (same as Bitcoin)
- Custom blockchain database engine (much faster than RocksDB or LevelDB overall)
- Adaptive SHA256 VDF to govern block interval
- Feature rich Node with built-in Block Explorer, Wallet, Market, Swap, RPC, etc
Roadmap
| Release | Date | Description |
|---|---|---|
| testnet7 | Sep 2022 | Finished. [1] |
| testnet8 | Oct 2022 | Finished. Incentivized testnet, height 25k-425k. [2] |
| testnet9 | Dec 2022 | Finished. Incentivized testnet, height 25k-1220k. [2] |
| testnet10 | Apr 2023 | Finished. Incentivized testnet, height 40k-3200k. [2] |
| testnet11 | May 2024 | Finished. New plot format, compression resistant. |
| testnet12 | June 2024 | Finished. Incentivized testnet, height 25k-1720k. [2] |
| mainnet-rc | Jan 2024 | Active. Incentivized testnet, height 10k-tbd. [2] |
| mainnet | tbd | Planned Jan 17 2025. |
[1] Coins farmed on testnets are not worth anything, now or later.
[2] A fixed reward of 0.5 MMX per block win on incentivized testnets will be given on mainnet genesis.
See #mmx-news and #mmx-general on Discord: https://discord.gg/BswFhNkMzY
Please take a look at the Wiki:
To access WebGUI, go to: http://localhost:11380/gui/
It's only available on localhost by default.
The login password is auto-generated at first launch, located in mmx-node/PASSWD file ($MMX_HOME/PASSWD).
- New
Swapcontract, to trade via liquidity pools (similar to UniSwap, anyone can provide liquidity and earn fees) - Improved
Offercontract: partial trades and extending offers are now possible - Re-designed
Virtual Plots: withdrawal is now possible with a 10% fee (no lock duration, fee is burned), also there is no more expiration - Network traffic is now compressed via
deflatelevel 1 - Second best farmer will now create an empty block (just to get the reward), in case the first farmer fails or is too slow
- Decentralized Timelord rewards (fixed 0.0025 MMX per block, paid by TX fees when possible (but never more than 1/8))
- New AMM Swap with multi-fee tier system (you can chose between 4 fee levels for your liquidity)
- Account activation TX fee (0.01 MMX when transferring to a new address with zero balance)
- Increased min block reward to 0.5 MMX
- Full transition to smart contracts with compiled JS like code
- Harvester improvements for compressed plots (graceful degradation)
- New dev fee system, based only on TX fees, with a fixed amount plus 1% (but never more than 1/4 of TX fees)
- Plot filter has been decreased to 256 now, as it is planned for mainnet
- Many improvements to the code base
- New plot format:
- k29 to k32 max
- 9 tables
- very low compression only
- CPU farming only
- SSD and HDD plot types
- Old format no longer valid
- Transaction output memo support
- Block reward voting support
- Swap algorithm improved
- Swap fee levels changed to: 0.05%, 0.25%, 1% and 5%
- Using zstd compression for network traffic
- NFT plot support (testing only)
- Fixed Virtual Plots, they now win blocks at the expected rate. On TN11 it was ~20 times less.
- Fixed block reward formula, average tx fee is subtracted from minimum reward again.
- New VDF scheme:
- Single VDF stream with infused Timelord reward
- No longer possible to steal or disable Timelord reward
- Proof challenges are now deterministic, apart from random infusions every 256 blocks on average
- If a proof's hash passes a filter, it will change future challenges and update difficutly
- Timelord rewards are now paid out every 50 blocks in bulk to fastest TL
- There are no more dummy blocks (blocks without proof)
- VDF segment count is now dynamic, depending on TL speed:
- This means VDF verify time wont increase unless the GPU is at it's compute limit
- Previously VDF verify time would increase even if the GPU is not maxed out, due to fixed parallel work
- CPU verify is unchanged
- All proofs found are now included in blocks
- Yields accurate netspace estimation
- Supports extra security (see below)
- Recent blocks are further secured via a new voting scheme:
- Up to 31 farmers who found a lesser proof (didn't make a block) recently can act as a validator
- These validators vote on the first block received per height
- Only blocks made with the best known proof are voted for
- This prevents reverting recent blocks via double signing in most cases
- Previously it was always possible to replace the current peak via double signing, this is now impossible
- Previously if a farmer got lucky to find multiple blocks in a row:
- He could also replace them at will until another farmer found the next block
- This is now also impossible, unless the farmer has close to 50% or more netspace
- 50% TX fee burn (to avoid farmer spam attack + allow supply contraction)
- Project fee is taken from burned amount
- Virtual Plots have been removed due to an attack vector
- Together with the un-bounded block reward voting it was possible to generate a heavier chain with minimal real netspace
- Improved block reward voting: Majority vote out of 8640 blocks wins, 1% change up/down per day, >50% participation required.
- Offer contract now supports price update (at most every 1080 blocks)
- Pooling support + Reference Pool implementation
- Improved difficulty adjustment algorithm (targets 4 proofs per block)
- VM improvements to reduce transaction costs
- Send amount can now be up to 128-bit (was limited to 64-bit before)
- Mint amount can now be up to 80-bit (was limited to 64-bit before)
- Added block timestamps
- Smart Contract unit test framework