POX

POX is the most important cryptocurrency on the Pollux network and has a wide range of application scenarios. The rewards on the Pollux network are issued in the form of POX. Users can obtain resources and voting rights by staking POX. POX is also used as the primary form of collateral in the DeFi lending market, as a unit of account in NFT marketplaces, and so on.

The Pollux network allows developers to create decentralized applications, also called DAPPs, which share limited Pollux network resources. Therefore, Pollux needs a mechanism to prevent DAPPs from accidentally or maliciously occupying all network resources.

How much Pollux network resources consume is measured by bandwidth and energy, where bandwidth is a unit that measures the size of transactions in bytes stored in the blockchain database, and energy is a unit that measures the amount of computing power required by the Pollux virtual machine to execute a specific operation. When users make a transaction, they have to pay for the bandwidth and energy required to execute the transaction, and Pollux supports paying for bandwidth and energy by burning POX.

Therefore, even if a malicious dapp submitted an infinite loop, the transaction would eventually run out of POX and terminate, allowing the network to return to normal.

Mining POX

Minting is the process in which new POX gets created on the Pollux network. The underlying Pollux protocol creates the new POX, and it is not possible for a user to create POX.

POX is minted when a Super Representative produces a block on the Pollux network. Currently, for each new block, the Pollux protocol will generate a block reward of 0.05 POX and a voting reward of 0.15 POX. Block rewards and voting rewards are dynamic parameters of the Pollux network and can be modified through committee proposals.

Burning POX

POX can get destroyed by a process called 'burning'. When POX gets burned, it gets removed from circulation permanently.

Every transaction on Pollux consumes bandwidth or energy. When a user's bandwidth or energy is insufficient, they need to burn POX to pay for the resources required for the transaction. The burning of POX can not only help reduce the inflation of POX but also prevent accidental or malicious transactions from occupying all Pollux network resources.

Denominations of POX

Since many transactions on Pollux are small, Pollux has introduced a currency denomination, RAM, which can be referenced for smaller amounts. The technical implementation of many applications is calculated based on RAM. The conversion formula between POX and RAM is as below:

1 POX = 1000000 RAM

Transferring POX

Transferring POX is a TransferContract type of Pollux network transaction which transfers POX from one account to another account. Here are examples of transferring POX using the HTTP API:

HTTP API The following creates an unsigned POX transfer transaction through the full node HTTP interface wallet/createtransaction:

curl -X POST  https://http://testnet-fullnode.poxscan.io//wallet/createtransaction -d 
    '{
        "to_address": "PVDGpn4hCSzJ5nkHPLetk8KQBtwaTppnkr", 
        "owner_address": "PM2TmqauSEiRf16CyFgzHV2BVxBejY9iyR", 
        "amount": 10000000,
        "visible":true
    }'

Querying POX

HTTP API You can query an account's POX balance through the fullnode HTTP API wallet/getaccount. The balance field of the returned value is the POX balance, in RAM:

curl -X POST  https://http://testnet-fullnode.poxscan.io//wallet/getaccount -d 
      '{"address": "PM2TmqauSEiRf16CyFgzHV2BVxBejY9iyR",
        "visible": true
        }'