I am going through the Coin definitions and I see that it has a maximum coin amount of 84,000,000 coins.
With the current payout of 100 coins per mined block and the halving happening at block 840,000. The halving of the coin will happen at the Max supply of the coin. At the current rate, I foresee less than a year of mining the coin before we reach the maximum supply of the coin. I have some interesting ideas for the coin, I would like to see a longer lifetime for the coin, without changing the PoW base of the coin.
I need some input from the community of XMINE (MineCoin) owners on how we handle the halving or the maximum supply of coins.
- if we do nothing the coin will be mined to the maximum number of coins and then mining (and the blockchain) will stop.
- Option 1: change the halving of the coin to happen sooner than later, and modify the maximum supply of coins to to align with the halving block number.
- ex: if the halving were to occur at every 600,000 blocks then the coin supply would be re-calculted based on that number.
- Option 2: a more drastic change in the mining reward by dropping it an order of magnitude (from 100 coins to 10 coins per block) to extend the lifetime of the coin. And then again later on, another drop in order of magnitude from 10 coins to 1 coin per block as a mining reward.
- Option 3: other suggestions from the community.
Before I start committing changes to the coin I would like to hear feedback on the options for MineCoin.
