verge: Block Subsidies - New halvings or not?
Block subsidies
Many proposals are coming up at this very moment for proper consolidation and consideration, we want to gather all ideas and maybe one proper solution within this thread.
Problem:
We have the following solution to support the idea of a healthy monetary network to find and develop more ideas to create a living economy. We want to keep our miners running and support them at their jobs thus we just don’t want to stop the rewards by May 2020, thus we want to give them the chance to keep their services running until we found a proper solution for our problems.
State of the art:
0 -> 14000
Reward Per Block: 200000
14000 -> 28000
Reward Per Block: 100000
28000 -> 42000
Reward Per Block: 50000
42000 -> 210000
Reward Per Block: 25000
210000 -> 378000
Reward Per Block: 12500
378000 -> 546000
Reward Per Block: 6250
546000 -> 714000
Reward Per Block: 3125
714000 -> 2124000
Reward Per Block: 1560
2124000 -> 4248000
Reward Per Block: 730
Implementation Proposal:
0 -> 14000
Reward Per Block: 200000
14000 -> 28000
Reward Per Block: 100000
28000 -> 42000
Reward Per Block: 50000
42000 -> 210000
Reward Per Block: 25000
210000 -> 378000
Reward Per Block: 12500
378000 -> 546000
Reward Per Block: 6250
546000 -> 714000
Reward Per Block: 3125
714000 -> 2124000
Reward Per Block: 1560
- 2124000 -> 4248000
+ 2124000 -> 3528000
Reward Per Block: 730
+ 1st 1051200 (~= 1 year of verge blocks assuming 30secs per block)
+ Reward per block: 256
+ next 1051200
+ Reward per block: 128
+ next 1051200
+ Reward per block: 64
... and further until the 7th year is reached
or the real implementation as of right now:
Proposals:
The ideas would be the following: (14 years plan)
The ideas would be the following: (7 years plan)
Implications of keeping it as is:
- Miners would stay “nearly” (living by the fees) unpaid, setting a high pressure on many sides
- unknown economical implications
- Transactions fees must raise in favor of the mining process
About this issue
- Original URL
- State: closed
- Created 5 years ago
- Reactions: 6
- Comments: 57 (37 by maintainers)
1 - I dont consider ‘miners’ a static group, many miners change coins\algos on a daily basis and ‘follow the money’. Miners that are loyal to Verge should be retired by now and stay on the chain regardless of payout if they are that OG.
2 - If you divide the Verge max supply of 16.5 billion by the approx. amount left, you get around 33 slices of pie - half a billion each . . theres only one slice left . . with some serious market appreciation that everyone expects for all of crypto in the next few years, the value of the proposed payout extension could easily still prove worthwhile.
3 - Either of the 2 proposals (7 or 14 year plans) should give more than enough time for new tech to come out which can be adopted which will secure the chain for years to come.
Rather than a jarring halving, why not adopt the “1% let month reduction” that DigiByte had. It makes for a much smoother supply curve and there’s no immediate “Must be worth X to continue supply at Y hashrate” because it goes up and down a little with MultiAlgo, and, being 1% less per-month is surprisingly efficient.
Just a thought that may also be worth considering 🙂
This discussion was supposed to be civil. Please dont ruin it guys. If you have an explanation, do provide it but staying within civil standards of an ethical conversation
On Sat, 11 May 2019, 15:47 sunerok, notifications@github.com wrote:
@karanpatel863 definitely not, but it would be nice to not feel time constrained while looking into all of the algorithm options we have on the table.
No, it hasn’t been put to an end, but we definitely need more time in order to get this researched/implemented, thus we want to make sure to not run out of steam in the meantime.
We are actively developing a lot of stuff, thus we have to prioritize things in a working manner. And privacy and consensus algorithms share a fair place together, but as we started the v5 codebase it makes sense to also directly continue with ring-sigs and further topics, thus we want to raise the subsidy timespans a bit more in order to finish the rest first. At this point, we just have a lack of manpower for doing everything simultaneously.
btw, the pools I have spoke with support longer pow. one expressed they would have to leave verge if we had no block rewards other than 1 coin, and I completely understand. theyd be crazy to stay. @tpruvot @HashUnlimited any comments on our suggested pow revamp?
For miners, it is best to keep the halving as it is now. After the block rewards end, they will move to another coin with block rewards. It is the best financial outcome for them. It is not profitable to mine only for tx fees. On the other hand, for the Verge POW network security it cannot end next year. Therefore it is logical to change the halving schedule.
@standarduseraccount I see the problem in the long term run for miners and each and every validation node. Currently, it is sustainable but at a certain point, we have to think about a way of keeping the currency running after dropping the emissions. That’s why we need more time to prepare/think about everything.
Verge for me is not only about privacy, but moreover about having privacy within a sustainable, low fee and environmental healthy currency, which is by design built for everyday usage, offering high usability for its users, low transaction cost/time and enables high privacy and security standards.
My point of view is definitely against PoW in the long run, it’s neither sustainable for the currency nor for the environment. As soon as we run out of rewards I would like to have a plan to switch away from POW. Thus we can finally get rid of the rewards and enabling the money flow without any doubts of dropping hash rates, dropping nodes, etc.
My wishes:
This is my personal view and doesn’t represent Verge’s view, which should be mainly about the community’s view.
We are rather talking about a 7-year-plan, which ensures that we have enough time to also develop a lot of things around Verge instead of having a high time pressure to come up with the best solution for Verge and its community.