What are Voxels and Voxelus

23 Feb 2016

Voxelus is an overarching virtual reality content and gaming system that is powered by its own internal currency called the Voxel - or VOX for short - think Linden's but with open source software and 3-D headsets. The Voxelus system allows users to create, purchase and sell content on the Voxelus market place where all the items are priced in VOX. 

What is VOX?

Vox is the underlying currency behind the ecosystem that Voxelus is trying to create. The idea is based on similar virtual reality systems but adopting various different elements such as an open source nature to product and the games themselves that can be created. In this sense it imitates bitcoin's open source nature, second life and mine craft - giving individuals to create and sell inside a walled virtual world.

Another important part behind voxel's is its backers and crowd fund buyers who include Anthony Watson, who has pivoted the focus of BitReserve and rebranded it to uphold, as well as Halsey minor who has had numerous start ups in various arenas. 

How was Voxelus Funded?

Voxelus has 210 million units available where 15% were sold in a funding presale in November 2015. Of this 15% offered in the presale, 1.2million VOX were sold to private investors - probably at an extremely preferential rate. The rest of the 15% were sold on a crowdsale lasting 30 days and managed by Erik Voorhees of Shapeshift. The price was increased throughout this crowdsale from $0.34 to $0.45. 

The rest of the 85% voxelus are to be released for sale at Voxelus and Uphold. Some Voxels will be used to incentivise marketers and developers - although this is not yet known in terms of quantity. How the rest of the 85% will be sold is also not clear - it is only noted that they will be sold in relation to public demand.

How is Voxelus Mined?

The short answer is that Voxelus isn't mined as it was all premined. The coin still acts like a crypto currency with blocks that are 2.5 minutes apart and with a 30 minute difficulty retarget. The Company behind voxels recommends that you don't mine as there aren't any block rewards - it is not clear if there are transaction fees levied. Another point that is not clear is the ability to perform a 51% attack on the network which is scrypt based.

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