Mandatory Update Version 1.1.0.0 - Flat Staking Reward!After great consideration, we are releasing an update that will fundamentally change staking for Synergy. The change is very simple in that block rewards will be a flat 1 SNRG for about 8 years. Obviously, this idea comes from Hi-PoS. It has also been implemented as the long term PoS system for a coin that I can't remember right now. So yes, we stole the idea. But I like to think that it is intelligent to have a good idea but brilliant to recognize it as such.
The flat block reward should ease staking management for users in that consolidation transactions are unnecessary. The flat block reward should also strengthen the network. For users, it means that the stake splitting helps to increase rewards rather than reduce them, as with an interest rate based system. For the network, it means that users have more of an incentive to stake smaller transactions, which increases the network stake weight considerably. It also means that there is a strong incentive to keep wallets open and staking, even with the relatively short maximum age that Synergy already enforces.
After 8 years, the inflation rate (not interest rate) reduces to a fixed 1.566% per year. At this time, the block reward will reset to about 0.155 SNRG and increase very slowly. The table below shows the yearly inflation rate for the next 10 years.
These block rewards are based on the money supply, which is a new idea to my knowledge. (Alas, investors get a little innovation with this update!) Also, investors should be assured that the few lines of code that went into this update do not represent my only work on Synergy for these last couple of weeks. We do have further improvements in the pipeline. I should mention that the inflation schedule significantly rewards early adopters who also stake.
Changes will go into effect in
2 weeks, so update now!
Mac and Windows are linked in the OP and web site. My absolute next task for Synergy is to make a Linux Qt wallet for this release. I forgot to do that for the Turbo Stake Dashboard release, but I will do it for this release before I do any further development. We will also get Megaupload links available within 24 hours for users who live in countries that block access to google. This latter issue was recently brought to our attention.
Inflation Rate, 10 Year Year | Inflation Rate |
1 | 40.00% |
2 | 28.57% |
3 | 22.22% |
4 | 18.18% |
5 | 15.38% |
6 | 13.33% |
7 | 11.76% |
8 | 10.53% |
9 | 1.566% |
10 | 1.566% |
Thereafter | 1.566% |
Awesome, will check it out when you guys upload to mega.
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