On the 21st of June marked an incredible milestone for the #ergo network and ecosystem.
Nearly 8 months ago, core developer, Alex Chepurnoy, proposed an adjustment to the emission schedule of $ERG.
Nearly 8 months ago, core developer, Alex Chepurnoy, proposed an adjustment to the emission schedule of $ERG.
Why ?
The reason for this is simple: extend the mining rewards beyond the original eight year schedule.
This would give the #ergo team more time to effectively develop the necessary crypto economic SECURITY for the long-term sustainability of the blockchain.
The reason for this is simple: extend the mining rewards beyond the original eight year schedule.
This would give the #ergo team more time to effectively develop the necessary crypto economic SECURITY for the long-term sustainability of the blockchain.
However the original emission schedule was set to release 75 $ERG/block for the first two years.
Then After two years - the emission rate was set to decrease by 3 $ERG.
With an additional reduction of 3 #ERGO/block every three months.
Then After two years - the emission rate was set to decrease by 3 $ERG.
With an additional reduction of 3 #ERGO/block every three months.
That schedule would have depleted the mining rewards after approximately8 years which would have been bad for the #ergo ecosystem.
The network would then rely on transaction fees and Storage Rent to compensate miners
and this is one of the main reason the upgrade was necessary
The network would then rely on transaction fees and Storage Rent to compensate miners
and this is one of the main reason the upgrade was necessary
So what's the solution ?
With EIP-27 upgrade - the emission curve is extended by about 17.38 years instead of 8 years giving the team more time to focus on quality work for the ecosyste,.
With EIP-27 upgrade - the emission curve is extended by about 17.38 years instead of 8 years giving the team more time to focus on quality work for the ecosyste,.
Here's #Ergo plan:
The amount of the block rewards so that a portion of the supply is put into a remission contract that will release block rewards until approximately 2045.
The amount of the block rewards so that a portion of the supply is put into a remission contract that will release block rewards until approximately 2045.
The original plan to continue decreasing block rewards every three months is still in place.
Therefore the next reduction in rewards took place on July 2, 2022.
At which time, block rewards will reduce another 3 $ERG/block.
Therefore the next reduction in rewards took place on July 2, 2022.
At which time, block rewards will reduce another 3 $ERG/block.
Congrats to the #Ergonauts community and the team. Such unique development are necessary for long term growth.
With this and consistent BUILDING . I believe #ergo can show it's true potential.
With this and consistent BUILDING . I believe #ergo can show it's true potential.
Alright , that's it for #ergo
#erg #Ergonauts
If you'd like to keep up to date with time sensitive opportunities then follow
@cyrilXBT
Also every Thursday I write the communities top voted project. 🧪
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#erg #Ergonauts
If you'd like to keep up to date with time sensitive opportunities then follow
@cyrilXBT
Also every Thursday I write the communities top voted project. 🧪
Everyone deserves FREE impactful knowledge.📚
Let me know if you found this thread helpful. #ergo $erg #Ergonauts
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