SIP1-Fix-Block-Reward-Halving-Time

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Contents

1 Snowblossom Improvement Proposal 1
- 1.1 SIP1: Fix Block Reward Halving Time

Snowblossom Improvement Proposal 1

SIP1: Fix Block Reward Halving Time

Summary</h3
[In testing, the block reward halving time was set to 1 instead of the expected 4 years.](https://github.com/snowblossomcoin/snowblossom/blob/6291ef1738b5b345013a21b38b2b566eb1e3297d/lib/src/PowUtil.java#L178-L193)

This results in a total possible supply of 5,256,000 instead of the expected 21,024,000

The proposal is to correct it to 4 years, resulting in an expected 21,024,000 cap.

Motivation

Public statements, design, intention, and expectations described 4 years.

This means 97% of total supply will be distributed in just 5 years

This is a bug that unexpectedly alters the worth and economy of Snowblossom

This unexpectedly places extreme weight in the advantage of early miners, which stands against the stated values, intention, and expectation communicated to all users.

As it is considered a bug, developers considered just making this change but decided it was more open to have a vote instead.

Concerns

With 4x higher scarcity, coins are worth more. This creates a situation where some early adopters with large amounts may wish to enforce that scarcity, and initial worth.

Voting

Passes when 1000 blocks pass containing 25% voting and >50% agreement

Pools will represent their miners.

Set in your miner or pool configuration file either
vote_yes=1

vote_no=1

Sponsors

Joseph Gleason - Fireduck (slack) - fireduck64 (github)

Zachary Coon - Clueless (slack) - cluelessperson (github)

Tyler Boon - tster123 (github)

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