Recent POW Project Overview Dynex, Microvision Chain, Neurai

Recent POW Project Overview Dynex, Microvision Chain, Neurai.

Author: Duoduo, LD Capital

After Ethereum switched to the POS mode, most of the attention in the market has been focused on the public chains that adopt the POS mode. However, the POW mode is still in development. Representative projects such as KAS have proposed a new POW blockchain model. Due to the continuous rise of KAS, new POW projects have gradually attracted the attention of funds and communities. This article introduces several POW projects with decent recent market performance.

1. Market Performance

Source: coingecko, LD Capital

Note: The data in this article is up to August 1, 2023.

From the table above, it can be seen that these projects have been listed for less than a year, with a market cap below 50 million US dollars, and have achieved decent price gains in the past two months.

In addition, the teams behind Dynex and Neurai are anonymous and have not disclosed any information publicly. The co-founder of Microvision Chain (Twitter: @Jason_K0001) is Chinese, and the official website does not disclose specific resume experience.

2. Narratives

The new POW projects have proposed their own narrative focuses based on the current market environment and hotspots.


Dynex is a neural morphology supercomputing blockchain based on the DynexSolve chip algorithm. It proposes the Proof of Useful Work (PoUW) method to improve the speed and efficiency of decentralized networks.

DynexSolve can run “neural morphology chips,” which outperform traditional computing methods in a series of computational tasks. Neural morphology computers are natural platforms for many artificial intelligence and machine learning applications. Dynex aims to provide computing power for artificial intelligence, machine learning, financial technology, biomedicine, and other fields based on this.

Dynex mainly utilizes GPU computing power. According to the statistics of the computing power management platform, DNX’s current computing power accounts for 14%, making it the largest POW token within the scope of the platform’s statistics.

Microvision Chain

The goal of Microvision Chain is to establish a POW public chain with high scalability, serving as the second layer of Bitcoin to improve efficiency and reduce costs. The protocol mainly proposes three improvements: 1) Smart contracts based on UTXO accounts, which can establish applications; 2) Built-in decentralized identity protocol, supporting cross-chain operations, and all data on the chain belongs to the same ID; 3) To attract new users to participate, there is no need to purchase or hold cryptocurrencies to use Web3 applications.

According to the official website, the core members of the project published a patent on UTXO model expansion methods and applied for a patent in November 2021. The patent is titled “Method and system for hierarchically cutting data in blockchain transaction, and storage medium.” The testnet was launched in May 2022, and after verification by the High-Performance Computing Center of the University of Science and Technology of China, the execution speed of smart contracts exceeded 5K TPS.


The goal of Neurai is to create a comprehensive platform that utilizes artificial intelligence algorithms to perform data analysis, predictive modeling, decision-making, and connect blockchain assets to IoT devices. In comparison to Bitcoin and Ethereum, the main technical parameters of Neurai are as follows:

Source: Neurai Official Website

As can be seen, Neurai aims to increase the number of transactions per second, reduce transaction fees, and support the implementation of smart contracts in the future.

III. Computing Power

According to data from mining pools, the computing power of various projects is as follows:

Source: Mining Pool, LD Capital

Note: The unit for computing power is H/s, which represents the number of times a computer randomly collides hashes per second. The abbreviation for this unit is H/s.

1KH/s = 1000H/s, 1MH/s = 1000KH/s, 1GH/s = 1000MH/s, 1 TH/s = 1000GH/s, 1 PH/s = 1000TH/s, 1 EH/s = 1000PH/s.

Compared to the computing power rankings of some well-known POW public chains with high market value, BTC ranks first in computing power, BCH ranks 7th, BSV ranks 12th, KAS ranks 29th, DASH ranks 31st, and LTC and DOGE rank 38th and 39th respectively. It can be seen that Microvision Chain has a relatively high computing power ranking.

It should be noted that according to statistics from the computing power management platform, DNX currently accounts for 14% of the computing power, making it the largest POW token within the GPU computing power range surveyed by the platform, surpassing the computing power of the KAS token. There are significant differences between its statistics and those of Miningpool, which may be due to different statistical methods.

Source: Hiveon

Below are the computing power change charts of various protocols displayed by Miningpool:

Dynex: Overall, it is in an upward trend. The recent algorithm upgrade has caused a decrease in computing power.

Microvision Chain: The computing power is in a oscillating state, with no significant growth or decline.

Neurai: The computing power has been growing recently, mainly contributed by individual miners, while the computing power of known pools is declining.

Overall, Dynex has an advantage in GPU computing power and shows an overall growth trend, although there has been a recent decline due to algorithm upgrades, which is expected to gradually recover. In addition, KAS has now shifted to using specialized mining machines, and its previous GPU computing power has been converted to participate in DNX mining, thereby further increasing DNX’s computing power. Microvision Chain has a relatively high computing power ranking, but it is highly concentrated and centralized, and the computing power is in an oscillating trend. Neurai has a higher level of participation from individual miners, indicating a higher level of decentralization, and its computing power is in a growth trend.

4. Economic Model


No ICO, no pre-mining, and no team reserves. The total supply is 100 million tokens, of which 64.61 million tokens have been released, accounting for 64% of the circulating supply. The release speed is relatively fast, and it is estimated that the circulating supply will account for approximately 80% after two years. The following chart shows the token release schedule and the token reward per block schedule. The token reward per block decreases continuously based on a specific formula, forming a smooth curve.

Currently, the reward per block is approximately 173 DNX, with one block produced approximately every 2 minutes. Based on this, the monthly emission of tokens can be calculated to be approximately 2.67 million tokens, with a value of approximately 2.2 million USD released each month, calculated at a price of 0.6 USD.

Microvision Chain

The token release of Microvision Chain is not purely based on the POW model. It also includes project reserves and DAO builder reserves, making it more like a combination of POW and POS models.

Based on this release rule, the monthly token release for the first 1000 days is approximately 274,000 tokens, with an annual release of approximately 3.28 million tokens. The total release after 3 years is 9.86 million tokens, with the circulating supply accounting for 47% after three years. If calculated at a price of 12 USD, the monthly value released would be 3.28 million USD, and the annual value released would be 39 million USD.


The total token supply is 21,000,000,000 tokens, with a circulating supply of 5,873,595,098 tokens, accounting for 28% of the circulating supply.

If calculated at a price of 0.00081, the monthly increase in value would be approximately 810,000 USD, which is about 17% of the current market value.

It can be seen that the token distribution of Dynex and Neurai is purely based on the POW model. Microvision Chain has 65% of tokens distributed not according to the POW model, giving the project team significant control. The early release proportions of all three tokens are relatively high, with early participating miners holding a large number of tokens. These tokens are both potential selling pressure and potential driving force for price increase.

5. Issues

The most easily questioned aspects of the above three projects are their team strength and technical feasibility. In the Dynex and Microvision Chain communities, there are occasional FUD (fear, uncertainty, doubt) towards the project teams, mainly claiming that the project teams’ papers are a “patchwork” of multiple papers and that the videos demonstrated by the project teams do not represent new technologies, but are merely ambiguous concepts.

The narratives of these three projects require strong scientific research capabilities and technical development abilities. Dynex and Neurai have anonymous teams with undisclosed member information. Although Microvision Chain has a semi-real name co-founder (publicly active on Twitter and participating in interviews), they lack industry recognition and involvement in other well-known projects.

Currently, many investors participating in such projects are funds that have profited from investments in KAS. There is a certain degree of overlap in the community.