| CIP No. | Title | Author | Status | Type | Created |
|---|---|---|---|---|---|
10 |
Mining Reward Finalization |
Fan Long <longfan@confluxnetwork.org> |
Final |
Spec Breaking |
2020-07-24 |
Change the initial mining reward to 7 CFX per block. The decay of the mining reward starts at the 48 months. It decays every three months in a speed that will cause halving every four years. It stops decaying once it reaches 1.75 CFX per block.
Adjust the block reward to its final number for the Phase 3 network launch.
The amount of block reward is critical for the economical and technical security of Conflux. It can be viewed as a collective fee payed by the community to the miners for maintaining the security of the network. We want to avoid either overpaying or underpaying.
When assigning block reward, for the first 252288000 blocks, the block reward will remain constant as 7 CFX. Afterward, for every 15768000 blocks, the block reward will decay with a factor of 0.958. Until it reaches the reward amount of 1.75 CFX. Therefore, the first decay will happen at 252288000 + 15768000. The last decay will happen at the block number 2270592000.
We believe 7 CFX is a good amount because it puts Conflux to generate block reward on par (and slightly higher) with other major GPU minable coins like RVN, Grin, etc.. It gives Conflux enough edge to attract miners from the start.
We expect block reward would be the main income of miners for at least 3-4 years. We want to maintain this constant so that we have a stable environment to grow the network. As the network grows, miner will have both transaction fees and stake interests as additional income sources.
This is a specification breaking change.
It is tested in:
tests/secondary_reward_test.py tests/rpc/test_get_block_reward_info.py
This PR in Conflux-Rust implements this change:
Conflux-Chain/conflux-rust#1709
There is no security related consideration about this change.
Copyright and related rights waived via CC0.