What should SmartCoin's new block reward be?

[smartcoin]

Due to massive inflation, we're looking to lower the rewards as there is too much SMC coming into market at the moment.

Take your vote and participate in the future of SmartCoin!

[Symbiont]

Maybe we should collect the thought about this here as well. There were some interesting proposals in the main thread.

Like new block halving time - 3, 6, 12, 24 month - and so on.


Maybe we would change it at block 111.000 for example:

Block 1: 400,000 SMC
Block 2-999: 1 SMC = 998 SMC
Block 1000-110,999: 64 SMC = 7,039,936 SMC

in total = 7,440,934 SMC (2 month)

next 400,000 blocks (+6 month) x 32 SMC = +12,800,000 SMC

in total = 20,240,934 SMC (8 month)

next 400,000 blocks (+6 month) x 16 SMC = +6,400,000 SMC

in total = 26,640,934 SMC (14 month)

next 400,000 blocks (+6 month) x 8 SMC = +3,200,000 SMC

in total = 29,840,934 SMC (20 month)

next 400,000 blocks (+6 month) x 4 SMC = +1,600,000 SMC

in total = 31,440,934 SMC (26 month)

next 400,000 blocks (+6 month) x 2 SMC = +800,000 SMC

in total = 32,240,934 SMC (32 month)

next 400,000 blocks (+6 month) x 1 SMC = +400,000 SMC

in total = 32,640,934 SMC (38 month)

... this will last forever


Let´s see how BTC is doing it:

50 BTC every 10 minutes = 144 block x 50 BTC per day = 7,200 BTC per day = 0,00034285714% of all BTC per day

Let´s see what this will be for SMC:

0,00034285714 x 51,200,000 = 17,555 SMC per day / 2,160 blocks = 8,13 SMC reward per block!!!


BTC block halving every 210,000 blocks = 4 years


My 2 cents are:

Let´s have 2x the BTC reward (=16 SMC) and 18 month halving time.


in total = 7,440,934 SMC (2 month)

next 1,200,000 blocks (+18 month) x 16 SMC = +19,200,000 SMC

in total = 26,640,934 SMC (20 month)

next 1,200,000 blocks (+18 month) x 8 SMC = + 9,600,000 SMC

in total = 36,240,934 SMC (38 month)

next 1,200,000 blocks (+18 month) x 4 SMC = + 4,800,000 SMC

in total = 41,040,934 SMC (56 month)

next 1,200,000 blocks (+18 month) x 2 SMC = + 2,400,000 SMC

in total = 43,440,934 SMC (74 month)

next 1,200,000 blocks (+18 month) x 1 SMC = + 1,200,000 SMC

in total = 44,640,934 SMC (92 month)

...

[Crypto Whale]

Im going with either 16 or 8..lets bring this baby back to life !

[smartcoin]

Maybe we should collect the thought about this here as well. There were some interesting proposals in the main thread.

Like new block halving time - 3, 6, 12, 24 month - and so on.

Added more options.

[metstijl]

4

[silencesilence]

DEV -  start preparing new wallet ... it is clear that everyone agrees should be reduced awards ....
must be prepared as quickly as possible - every day is important

[metstijl]

DEV -  start preparing new wallet ... it is clear that everyone agrees should be reduced awards ....
must be prepared as quickly as possible - every day is important

still alive bro ?
lolz

[Crypto Whale]

DEV -  start preparing new wallet ... it is clear that everyone agrees should be reduced awards ....
must be prepared as quickly as possible - every day is important

still alive bro ?
lolz

Come on brah no need for that..ot lets get some more votes!

[silencesilence]

DEV -  start preparing new wallet ... it is clear that everyone agrees should be reduced awards ....
must be prepared as quickly as possible - every day is important

still alive bro ?
lolz

Yes 

Up ...

Please Vote

[Symbiont]

...


Maybe we would change it at block 111.000 for example:

Block 1: 400,000 SMC
Block 2-999: 1 SMC = 998 SMC
Block 1000-110,999: 64 SMC = 7,039,936 SMC


...



My 2 cents are:

Let´s have 2x the BTC reward (=16 SMC) and 18 month halving time.


in total = 7,440,934 SMC (2 month)

next 1,200,000 blocks (+18 month) x 16 SMC = +19,200,000 SMC

in total = 26,640,934 SMC (20 month)

next 1,200,000 blocks (+18 month) x 8 SMC = + 9,600,000 SMC

in total = 36,240,934 SMC (38 month)

next 1,200,000 blocks (+18 month) x 4 SMC = + 4,800,000 SMC

in total = 41,040,934 SMC (56 month)

next 1,200,000 blocks (+18 month) x 2 SMC = + 2,400,000 SMC

in total = 43,440,934 SMC (74 month)

next 1,200,000 blocks (+18 month) x 1 SMC = + 1,200,000 SMC

in total = 44,640,934 SMC (92 month)

...

DEV: What are you thinking about 16 SMC and 18 month???

[gavgav]

8 smartcoins a block is the way forward!! This would massively increase the value of our holdings!!

[Invisible Hands]

32 halving 3 months is the logical choice, 16 is too extreme and you won't like the results

even 32 halving 6 months is good

[gavgav]

8 smartcoins a block is the way forward!! This would massively increase the value of our holdings!!

Best way by far!

[metstijl]

8 smartcoins a block is the way forward!! This would massively increase the value of our holdings!!

Best way by far!

+1
Hurry up before we hit 0.
Chop chop.

[Symbiont]

16 SMC / block is the right way. But 6 month block halving time isn´t working!



18 month is much better. BTC has a block halving every 4 years!!!

[buttonmc]

I would suggest a decrease in half for reward paired with an increase length for block rewards:

example:

16 coins / 3 months

8 coins / 6 months

4 coins / 12 months

2 coins / 24 months

1 coin / 48 months


This will help bottle neck the high influx of coins for the short term while still preserving long term mining efforts.

[Symbiont]

I would suggest a decrease in half for reward paired with an increase length for block rewards:

example:

16 coins / 3 months

8 coins / 6 months

4 coins / 12 months

2 coins / 24 months

1 coin / 48 months


This will help bottle neck the high influx of coins for the short term while still preserving long term mining efforts.

I´m sorry, that doesn't work:

[roslinpl]

8 smartcoins a block is the way forward!! This would massively increase the value of our holdings!!

Best way by far!

+1
Hurry up before we hit 0.
Chop chop.

Indeed We don't wanna hit the floor so soon but gravity is so so force

[metstijl]

update???

[buttonmc]

I would suggest a decrease in half for reward paired with an increase length for block rewards:

example:

16 coins / 3 months

8 coins / 6 months

4 coins / 12 months

2 coins / 24 months

1 coin / 48 months


This will help bottle neck the high influx of coins for the short term while still preserving long term mining efforts.

I´m sorry, that doesn't work:

How about this: Add a 32 coin block reward step and it works out much better. I think this transition holds an advantage over a constant 18 month time interval for block rewards. The coin needs a well thought out bottleneck in current production that also doesn't kill mining in the future. Let's be realistic, unless smartcoin is an extremely valuable coin down the road, no one will ever mine it for a .0001 SMC block reward. Adding a 32 coin block reward in the mean time might be a good idea as well; smartcoin mining might die all together if the block reward drops to 16 at current prices.

Reward      Blocks         Month          New                 Total
400000      1               0             400000              400000
1          2-999             0               998                  400998
64     1000-111000       2            7040000             7440988
32        200000            5            6400000           13840988
16        400000           11            6400000           20240988
8         800000            23            6400000           26640988
4         1600000          47            6400000           33040988
2         3200000          95           6400000            39440988
1         6400000          191          6400000            45840988
0.5      12800000         383          6400000           52240988 * mining capped at 51.2M leaving a mining time table of ~30 years