Soferox

Average Read Time: 15 Minutes

Since the launch of our ICO and company Soferox, there has been some confusion on just what we are trying to do and what we are about. This is partly our fault because we have advertised Soferox as a zero fee exchange when it is so much more than that. We also haven’t released our Future Vision Paper yet and that will also help clear up some of the confusion. With this write-up I want to clear up some of the confusion and misunderstandings, and explain just what Soferox is and what it is not.

Myths and Misunderstandings

There are a lot of things circulating around right now about what we are and what we are trying to do. So let’s get to some of these and address them now

“Soferox is an Exchange only” - No. Soferox is so much more. Yes we are going to operate as a trading and holding platform, but that is more a means to strengthen our network and grow a community of like-minded people. What Soferox truly is, is a next generation blockchain. We are disrupting how blockchains work by introducing a twin-chain platform. We will have all new kinds of mining techniques, block security, and so much more.

“Soferox is using Ethereum’s blockchain” - Again this is not true. We have a 100% from scratch developed blockchain that is unique. To get more an understanding of just how unique and different we are, continue reading please.

“You aren’t going to survive not making money” This is something we get all the time and people seem to forget you have two types of income, direct and indirect. We have chosen to forfeit direct fees in the exchange yes, but that is to strengthen our project and get users utilizing our blockchain because that is where we see the greatest potential for profit. We are trying to serve the many and only charge the few. We envision the Soferox protocols and APIs to be used in much larger, enterprise type environments as they are the ones who can afford to pay. This is all done while still remembering the little guy. People here zero-fee exchange and think that is all we are about, and that couldn’t be so far from the truth. Soferox is a completely new way of thinking and looking at blockchains.

“You can’t have a blockchain that doesn’t fork” - In a traditional sense this is true, however, Soferox is not a traditional blockchain. Our rule chain is where all rules, programming requirements, etc. and because of this we can have a transaction chain, that can also contain child or sub-chains, that is immutable to forks or coin changes. This is one of our greatest strengths as different programmers to create rules that will cater to their needs, as well as, business can create processes that they need for whatever kind of dApp they might want to make.

What is Soferox?

There are a lot of things circulating around right now about what we are and what we are trying to do. So let’s get to some of these and address them now

We are a Decentralize network

Simply put, Soferox is a decentralized network such as Ethereum, Bitcoin, NEM, or even Stratis. We are not utilizing old fashion methods such as Proof of Work, like Bitcoin, or Proof of Stake like Ethereum. Soferox uses a new, innovative way to secure blocks called Proof of Pact. What this means is two things:

    1. When a person/user/entity submits a transaction they first “self-mine” the transaction. What this means is they verify against the rule chain that what they are submitting is valid and does not break the rule they are trying to go against. Why is this important? This is important for an array of reason, but to outline a few:
    a. There will be no more invalid transaction submitted as they are already verified.
    b. This won’t waste time of miners as they only have to do work to find the nonce. This is very important as miner time and resources are something they find very valuable.
    c. This will decrease transaction time as the chances of corrupt blocks, or blocks being altered are very low, and almost impossible.
    d. This will also allow us to create a trust system. If a user constantly breaks rules action can be taken as they are either doing something wrong and we can assist, or they are trying to hack or break down the system.
    2. The other side to PoP is the transaction mining process has become much more simplified. Before mining was about buying the most expensive rigs and whoever had the most power benefitted most and we see that as a very unfair advantage to those who want to mine. PoP utilizes a brand new method of trust mining. Users basically reserve a block, and whenever a transaction comes into play they can submit that block and get the reward. The more blocks they submit the more trust they develop and eventually once enough trust is established they will begin to see a priority and get transaction more frequently. Users can only reserve 1 block per CPU at a time. So if you have 10 CPU based systems you could have 10 blocks reserved at any one given time. This allows users to prioritize how they mine. Instead of running at full power all the time this will allow you to sit idle and when you come up in the queue you then process the transaction and get the reward for success. This is huge as it will make Soferox one of the most power effective mining platforms to date. No more expensive energy bills, just rewards!

We are a cryptocurrency

Soferox is indeed a cryptrocurrency and are token is called SFX. To send SFX from one account to another usually takes 1-10 seconds. After being mined successfully in about 2 minutes the transaction will be seen as immutable in the transaction chain.

We are a framework for other users

Soferox also has dreams of seeing others take this technology and turn it into some truly spectacular through apps, dApps, software, and any other kind of project. Our API and SDK will allow you to create your own sub-chain and develop applications on the blockchain. Our main SDK is in C#, but can be extended to other languages and will be as time goes on. This means you can develop whatever you can dream of from social projects, games, finance applications, messenger programs, exchanges, online market places, IoT apps, and so much more.

We are a twin-chain with sub-chains

You are able to deploy your own projects with Soferox and that is something we firmly believe in. When Microsoft first introduced c++ they had no idea it would become the gaming industries language of choice overnight. That is something we hope for.

The sub-chain is a fully customizable blockchain, free of other users or spam. Any needs to require for this sub-chain can be submitted into our rule chain and maintained as YOU see fit. You can create a perfect environment and tailor it to your needs.

In order to prevent spam on a blockchain there is always a token of value which is required to save any data on the blockchain. In your sub-chain you can either use SFX tokens from the mainchain, or an entirely new custom one you have created.

In the case you want to use mainchain SFX tokens within your sub-chain you have one limitation. You can’t simply transfer tokens between different blockchains. Remember, a sub-chain is a completely new and independent blockchain! You also can’t send Litecoin to the Bitcoin network.

That’s why there is a special transaction type to transfer SFX tokens from the mainchain to a sub-chain. Practically, the SFX tokens never leave the mainchain. They simply get transfered to the sub-chain owners SFX account (on the mainchain!). At the same time, the equal number of SFX tokens will be replicated on the sub-chain and can be used by yourself as normally. Basically it is an exchange of tokens, but in a simpler way that doesn’t require an actually exchange.

That means in the case of a badly written sub-chain or blockchain application, all SFX tokens are safe and can be retrieved easily by the sub-chain owner. However, this also means that you have to trust the sub-chain owner. This doesn’t make sense for all types of blockchain applications, only for some owned by startups or reputable individuals.

In the event you want to develop a decentralized and trustless application, and you don’t want to use SFX tokens, you can simply issue your own token in your own sub-chain and use it as a completely new cryptocurrency. That means you can distribute them in an ICO or sell them on exchanges. This way your users have full and exclusive control over their custom tokens in a completely trustless way, and can use them inside your blockchain application. To easily exchange custom token against SFX you might implement a mini-exchange system inside your blockchain application.

In the event you discover a bug, or something needs to change, there is no need for a fork. You can simply change your rules and adjust the chain appropriately and the effects will carry down to the sub-chain.

We are a blockchain application platform

All our sub-chains really are, is a decentralized database of blockchain applications, or systems. These applications take advantage of a trustless and decentralized network. For many people this is the most important thing. This allows us to give data and power back into the hands of the people and not companies, entities, or big corporate monopolies.

The Soferox API and SDK not only allow you to create sub-chains, but it also offers the tools to develop an entire blockchain application itself, since we are utilizing C# coding and more to come in the future.

A blockchain application is not just something you run through a command prompt, or a script, but something so much more useful and powerful. It can consist of a consensus algorithm (PoP), sub-chains, a back end and a front end.

It is important to note, that thanks to the Soferox SDK you are not only able to develop the back end of your application (i.e. the functionalities), you are also able to develop a front end (i.e. user interface). This way you can easily create complete blockchain applications ready to download and use in one convenient package. In this case the front end can also be accessed in a decentralized way, what is currently a unique feature within the blockchain industry.

Lastly we are a blockchain and a decentralized directory for application.

What Soferox is not

We are not Ethereum and we don’t use smart contracts

Soferox is many things, but we wanted to be clear as to what we are not. We are not a smart contract platform like Ethereum. The paragraphs above should have made that clear and I hope it has. A few examples how you can implement specific features in a Soferox blockchain application:

Authorization within a blockchain application, Sending a message, writing a blog post, Setting a flag, etc.

We are not a Bitcoin, or Ethereum Startup

To put it simply we are definitely not Bitcoin or Ethereum 2.0. We are so much more we are a blockchain start-up with our very own chain built from scratch and utilizing our own crypto. We have full control on the growth and success of this blockchain.

We are not a pump and dump

This is not an ICO or company designed to increase a little bit and dump all the money into one sale. Soferox is something that can drive the future or business and how applications are built. We encourage users to hold onto funds are we are long term idea, not short term.

Conclusion

Soferox is in its early days, and we hope with the support of community and our ICO we can grow into something incredible. I hope this clears some things up for everyone and we can begin to grow something great together!

Thank you,

Aaron Mathis