SIP1-Fix-Block-Reward-Halving-Time
Contents
- 1 Snowblossom Improvement Proposal 1
- 1.1 SIP1: Fix Block Reward Halving Time
- 1.1.1 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.
- 1.1.2 Concerns
- 1.1.3 Voting
- 1.1.4 Sponsors
- 1.1.1 Summary</h3
- 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)
- vote_yes=1
- vote_no=1
