IFLT Update: 08/15/2017: Proof of Stake Mining interest rate reduced to 80% APR
Hello just wanted to give a quick update on the current status of the Blockchain. We checked through the code with our team at thecryptochat.net and found that the max supply rules aren't enforced but instead the developer designed a 10x reduction in stake mining rewards every 525,600 blocks with a minimum of 4% APR after 3 years. I think this will give more new investors a chance to receive benefits along with the staking being able to promote future programs we have in store and services.
Why did it go past the prescribed max supply? Because proof of stake is dependent on user participation, the original developer coded reward limits with reductions based on specific block periods. Neither exchanges or the original founder staked their tokens so it was all dependent on user participation and how much funds users dedicated on their personal home wallets each day. Since November when we took more interest and development in the coin, we went from a block explorer network with only 8 users to a more thriving community with now over 112 wallets online 24/7 according to the
Block Explorer, and a consistent trading market with volume which exceeds the current supply.
If necessary in the future we could introduce a hard fork to cap the supply and not include the 8% and 4% future interest rates years later on, but for now we will stick with the current model and continue to create more developments and services for this asset. The crypto market is full of high uncertainty, so it's good for people to have a chance to spend some of their assets and remain in cryptocurrency without having to exit fully into the earlier fiat system.
From Inflationcoin
source code, main.cpp lines 1109-1135
static const int YEARLY_POS_BLOCK_COUNT = 525600;
int64_t GetProofOfStakeReward(int64_t nCoinAge, const CBlockIndex* pindex)
{
int64_t nRewardCoinYear = MAX_PROOF_OF_STAKE_STABLE;
int nPoSHeight = GetPosHeight(pindex);
int64_t nSubsidy = 0;
if(nPoSHeight < YEARLY_POS_BLOCK_COUNT)
{
nSubsidy = 200 * nRewardCoinYear * nCoinAge / 365;
}
else if(nPoSHeight < 2 * YEARLY_POS_BLOCK_COUNT)
{
nSubsidy = 20 * nRewardCoinYear * nCoinAge / 365;
}
else if (nPoSHeight < 3 * YEARLY_POS_BLOCK_COUNT)
{
nSubsidy = 2 * nRewardCoinYear * nCoinAge / 365;
}
else
{
nSubsidy = nRewardCoinYear * nCoinAge / 365;
}
return nSubsidy;
}
