Considering transparency, stability, security, and scalability, TriumphX will be built on the Polkadot network as a parachain.
Polkadot enables interoperability and scalability by allowing specialized blockchains to communicate with each other in a secure, trust-free environment.
Through the parallelized model of Polkadot, TriumphX will be built as a parachain that can compile into WASM and be connected to the Polkadot network. The Polkadot Relay Chain does not implement smart contracts natively.
However, it’s possible for parachains to enable smart contract functionality and then benefit from the security and interoperability features of Polkadot.
This is the core reason for building TriumphX as a parachain due to the ability to contain our own runtime logic that benefit from the shared security and the cross-chain messaging provided by the Polkadot Relay Chain.
With the high degree of flexibility and customization, TriumphX will be able to customize the chain according to the commercial needs of partners within the network.
TriumphX will be developed using Substrate Core, which grants us the ability to design the entire runtime and implement it from scratch.
TriumphX Council Reward system
Stability is the most important factor of the TriumphX platform services.
In this scenario, validators would exert their utmost effort on the node operation to maintain the stability of their business.
In the initial stage of the blockchain, few business opportunities would be available since the token economy has not been activated.
Therefore, we plan to recruit council members who can form stable blockchain networks for an appropriate level of compensation.
The initial council members will receive an annual compensation of 5% of the amount of trust for a period of time needed to stabilize their businesses.
Such compensation plans will remain effective until 101 companies are registered as validators.
The council members also act as a form of governance for the TriumphX blockchain and will have the ability to vote on key decisions concerning the TriumphX blockchain such as the fees on the platform.
Creating a Sustainable Decentralised Governance Model
As we expect centralized exchanges to hold significant sums of tokens, safeguards will be put in place to ensure that exchanges are barred from the governance process and voting process to prevent manipulation of the network in the interest of the exchanges using tokens which are not owned by themselves.
These safeguards include identification on the blockchain and active governance from the validators to bar addresses that have been identified as exchange addresses on the network.
At the start, there shall be two validators, managed by the creators of TriumphX.
As time goes by, more validators will be opened, up to a total of 101 validators.
Subject to future governance changes by the 101 validators, the number of seats may be further expanded.
Each validator term lasts for a period of 12 months, and after the initial 12 months period, all validators, including the initial two seats controlled by the founders, will be put up for voting by the network users.
This ensures true decentralization of the network.
In the long-term, there may be additional DAOs being created on the TriumphX blockchain to satiate the need for greater coordination outside of the initial validator setup.
These DAOs can be governed by various decision-making processes such as simple 1-person-1-vote mechanism, delegated voting, 1-token-1-vote, or other more complex mechanisms.
Election of Validators Users will need to signal (by time-locking their TRIX tokens to vote for certain decisions on governance of the TriumphX blockchain).
These tokens will not be spent and will be returned to the voters after a certain period of time.
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