We hereby want to inform you that the development team of Gulden has finished the code for the changes in the supply and rewards structure of the Gulden blockchain today. Earlier today, lead developer Malcolm MacLeod has committed the changes to Github. (for the techies, check the commit here).
This means, that when block 1.400.000 is minted, the changes to the block reward will be active. Block 1.400.001 will then be the first block with the new block rewards. This is in approximately 50.000 minutes from now (time of publication). And is expected to be around July the 1st this year (2021).
The new block reward structure after activation will be:
- Mining 10
- Witness 15
- Dev 65
- Total 90
With this change, also the 4-year halving mechanism will be activated. This means that from that moment, every four years the above block rewards will be cut in half, creating more and more scarcity.
Important: Extra change in total supply to 700 million NLG
The GAB, as representatives of the Gulden community, after intensive discussion with the community, recently decided to lower the total supply to 750 million Gulden. When these calculations where made, we used the Block reward we proposed (total of 120). Since then in consultation with the devs an even lower reward was chosen (total of 90).
This results in a little extra, a cherry on top of the Gulden cake.
Reaching the exact amount of 750 million NLG has become impossible on a four year halving schedule with these new rewards. Therefore the decision has been made to reduce the total supply of Gulden even further to 700 million NLG instead, after extensive research by lead developer Malcolm MacLeod. 750 million would not be possible to achieve without substantially changing the halving intervals, or the initial rewards, or pushing back the activation of these changes several months so that 50 million more supply enters the market before the reduction occurs. Since we didn’t want to delay the process, or once again reconsider the block reward decision and halving intervals, this was considered the cleanest way. The developers had a big task to make sure the total supply would end up on a clean number of exactly 700 million, as this is a rather fiddly affair to get exact.
For people who are interested in the exact changes in the code, we refer to the commit on Github. Where, for example, you can see how the halving scheme looks for the future of Gulden.
// Halvings as follows: // 5 mining, 7.5 witness, 32.5 development // 2.5 mining, 3.75 witness, 16.25 development // 1.25 mining, 1.87 witness, 8.12 development // 0.625 mining, 0.937 witness, 4.06 development // 0.312 mining, 0.468 witness, 2.03 development // 0.156 mining, 0.234 witness, 1.01 development // 0.0781 mining, 0.117 witness, 0.507 development // 0.0390 mining, 0.0585 witness, 0.253 development // 0.0195 mining, 0.0292 witness, 0.126 development // 0.0976 mining, 0.0146 witness, 0.634 development // 0.0488 mining, 0.0732 witness, 0.317 development // 0.0244 mining, 0.0366 witness, 0.158 development // 0.0122 mining, 0.0183 witness, 0.0793 development // 0.0061 mining, 0.0091 witness, 0.0396 development // 0.0030 mining, 0.0045 witness, 0.0198 development // 0.0015 mining, 0.0022 witness, 0.0099 development // 0.0007 mining, 0.0011 witness, 0.0049 development // 0.0003 mining, 0.0005 witness, 0.0024 development // 0.0001 mining, 0.0002 witness, 0.0012 development