Block Subsidies - New halvings or not?

[marpme]

Block subsidies

Many proposals are coming up at this very moment for proper consolidation and consideration, we want to gather all ideas and maybe one proper solution within this thread.

Problem:

We have the following solution to support the idea of a healthy monetary network to find and develop more ideas to create a living economy. We want to keep our miners running and support them at their jobs thus we just don't want to stop the rewards by May 2020, thus we want to give them the chance to keep their services running until we found a proper solution for our problems.

State of the art:

0 -> 14000
    Reward Per Block: 200000
14000 -> 28000
    Reward Per Block: 100000
28000 -> 42000
    Reward Per Block: 50000
42000 -> 210000
    Reward Per Block: 25000
210000 -> 378000
    Reward Per Block: 12500
378000 -> 546000
    Reward Per Block: 6250
546000 -> 714000
    Reward Per Block: 3125
714000 -> 2124000
    Reward Per Block: 1560
2124000 -> 4248000
    Reward Per Block: 730

Implementation Proposal:

0 -> 14000
    Reward Per Block: 200000
14000 -> 28000
    Reward Per Block: 100000
28000 -> 42000
    Reward Per Block: 50000
42000 -> 210000
    Reward Per Block: 25000
210000 -> 378000
    Reward Per Block: 12500
378000 -> 546000
    Reward Per Block: 6250
546000 -> 714000
    Reward Per Block: 3125
714000 -> 2124000
    Reward Per Block: 1560
- 2124000 -> 4248000
+ 2124000 -> 3528000
    Reward Per Block: 730
+ 1st 1051200 (~= 1 year of verge blocks assuming 30secs per block)
+  Reward per block: 256 
+ next 1051200 
+  Reward per block: 128
+ next 1051200
+  Reward per block: 64
... and further until the 7th year is reached

or the real implementation as of right now:

https://github.com/vergecurrency/VERGE/blob/d7f6546c298fbcbc4130f5e147bb58093cbc0d8a/src/validation.cpp#L1202-L1218

Proposals:

The ideas would be the following: (14 years plan)

The ideas would be the following: (7 years plan)

Implications of keeping it as is:

• Miners would stay "nearly" (living by the fees) unpaid, setting a high pressure on many sides
• unknown economical implications
• Transactions fees must raise in favor of the mining process

[marpme]

So for further procedure I would like to present you those snippet which will be responsible for further halvings: https://github.com/vergecurrency/VERGE/blob/d7f6546c298fbcbc4130f5e147bb58093cbc0d8a/src/validation.cpp#L1202-L1218

Furthermore I would also please anyone interested to have a look into #904 for more implementation details.

Otherwise I at least considered the „% per month“ proposal but it feels like that there’s too much change for miners. They would’ve to re-evaluate their mining operations on a monthly basis, I don’t really see any further benefits other than having a smooth downtrend

[Positivism]

Late to the conversation and I'll have to read upwards later, however, do consider changing XVG to have an interminable supply and a static (and higher than the current 730) block reward. There is an incredibly low correlation between price difficulty and reward amount for XVG, mining itself is literally simply less profitable as either price, difficulty, or coin reward changes and it doesn't actually adjust accordingly as it should in theory.

[SwenVanZanten]

So are we doing this? And is the pull request the only thing needed for this change? It's almost September ;)

[marpme]

Option 1: We are not doing this UNTIL miners can really work with the V5 Option 2: Implement it for both v4 and v5 and make sure to release both (then we can do it rn) Option 3: Just do v4 and leave v5 open for later (nearly no one is mining on the v5 right now :)

[marpme]

And the calculation aka PR says that block 3,580,000 would be the last irregular block. We are around 300,000 blocks away from it, which leaves us with ~ 100 days left until the critical point is reached :)

[SwenVanZanten]

Option 1: We are not doing this UNTIL miners can really work with the V5 Option 2: Implement it for both v4 and v5 and make sure to release both (then we can do it rn) Option 3: Just do v4 and leave v5 open for later (nearly no one is mining on the v5 right now :)

option 2 & 3 could work.

[SwenVanZanten]

And the calculation aka PR says that block 3,580,000 would be the last irregular block. We are around 300,000 blocks away from it, which leaves us with ~ 100 days left until the critical point is reached :)

Yes as I said it's almost time 😛