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December 06, 2013, 04:26:19 PM |
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I'd start with a "bump" to reward the early birds for the first couple of years, then taper off similar to how most coins do, and finally settle into a steady state of mild inflation.
With apologies to those who can't see the graphs of equations in their heads, I think the mining reward per block in any given year would be something like ...
50 - (50 x ( Y3/(50 + Y3))) + (3 x 1.03Y)
where Y is the year from the start of the coin. This amount would be paid to miners about once every fifteen minutes, making about 96 rewards per day.
Fifty minus the first complicated term is the "Bump" that plays essentially the same role as starting at 50 and halving it every two years (it goes close to zero after about 26 years) and thrice one point oh three to the Y power is the long term inflation rate.
The minimum payment would be about twenty-three years out, I think, with something like four coins per block. After that the reward would grow at an annual rate of about three percent and the money supply would show a rate of inflation slowly approaching three percent.
Block times - that's hard to say. If it scales to millions of tx per second then it probably doesn't use anything like the same structure as Bitcoin's block chains, so it's hard to say what the question would mean exactly. But as I said, the above for an approximate mining reward per fifteen minutes. It might wind up split among thousands of miners who each contributed in some way to the construction and checking of the "block".
I think I'd try for very quick (10 seconds or so) initial confirmation of small transactions at least (albeit with some *very* small possibility, less than one time in a hundred thousand, of being wrong) because that's consistent with getting something from a vending machine. Larger transactions represent longer-term decisions, so insta-confirm is possibly not as important there. For absolute commitment type confirmations on the level of the way ten blocks means "confirmed" in Bitcoin, an hour or so would be acceptable.
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