Yes, this is a new concept for a newly invented algorithm (invented by Barzolom, our programmer and developer). XtraBYtes will not have POW or POS mining for verification's, we will be using Proof of Signature (PoSign) which creates a stable, low maintenance (bandwidth/resources) method of verifying transactions. There are also no new coins being minted or mined and therefore rewards need to be created. Those rewards come from the 100 XBY fee for each transaction and these fees are distributed to the STaTiC Nodes as payment for their contribution to the XtraBYtes network. Those fees of course go back in to circulation when the node owners decide to sell their XBY or use them to pay for the future services.

Thank you for your interest in XtraBYtes!

Have a great day!