So what is final number of coins? Also isn't 8 coins per block bit much? ..but also depends on question one.
the issue of a hard cap on the amount of total SOIL is something we plan on bringing to the community for a fair vote once we have enough minted coins in the hands of stakeholders to ensure a fair decision. personally, and economically speaking, i am for a cap of 30million SOIL, around the same cap that REDDCOIN has. a hard cap decreases the deflationary pull of a cryptocurrency with unlimited or billions of coins. ive done some of the math, and with the block reward and block times, we should see nearly 2500 blocks a day, minting around 19750 SOIL a day. this will produce a little north of 900,000 blocks a year for a total minting of a little more than 7.2 million SOIL a year. if we look to halve the block reward every 2million blocks, we would be halving the reward every two years. thus, after year2, there would be approximately 14.5 million SOIL minted. after the first halving, there would be 3.8 million SOIL minted a year, or 7.6 million SOIL before the next expected halving. following this schedule, it would take a little over ten years to reach a cap of 30 million SOIL.
other members of the community have asked about a switch eventually to PoS, which, if we waited until 75% of total coins were minted, this would not be an issue until year 6. this would give more than ample time for the difficult algorithms and inherent issues relating to a punitive proof of stake problem. the underlying ethereum platform will naturally have found solutions to these problems by then. by increasing a hard cap of minted SOIL to even 35 million, this would increase the minting lifespan of the coin up to another decade, depending on the stake reward percentage offered at that time.
these will be the sorts of questions that we will seek community consensus from when we have minted enough SOIL to ensure a fair voting process without any one person or small cabal of shareholders having a disproportionate voting bloc. ive already begun looking at third party decentralized voting platforms (such as BitCongress or CryptoVoter, or by building a system like Axiomity onto the blockchain for such a purpose) which would maintain the privacy of an individual stakeholders votes, eliminating vote coercion and reputation effects, and would also defacilitate stategic voting blocs. this would also prevent simple vetos and single transferable voting schemes.
the idea of one person/one vote compared to the one share/one vote paradigm is something we have to decide before that time, although i lean towards the idea that every full verifiable unit of one SOIL would be worth one vote on an issue. the problem with one person/one vote is that each person is essentially recognized only by their private key (wallet address) and that leads to possible manipulation by anyone with multiple wallet addresses. an application to verify the balance of SOIL in ones wallet (or wallets) and weighting a voting score based on that figure seems more democratic in a pseud-anonymous cryptocoin world. this also motivates shareholders to hold their SOIL and not dump them on the markets, producing a supply/demand ratio that will essentially keep the basic value of soil inflating. to ensure a fair distribution of SOIL within an aggregate number of wallets, i think it would be most prudent to have a total mintage of 5 million SOIL before implementing this (about 8 months)
the 8 SOIL block reward was reached as the happy medium from what members of the community suggested, and is something we feel will properly incentivize the mining community to stick with SOIL while maintaining a fair minted release of coins. EXPANSE also maintains an 8 coin block reward, the differnce being that we wont have an 11million coin premine. SHIFT, on the other hand, offers only a 3 coin block reward, which although keeps the total coin mintage low, also deincentiveizes miners from participation. ETHEREUM has a block reward of 5 ETH, but again has a massive premine, which was understandable to fund the development of the platform in the first place and a large development team that needed to receive a reserve for the hard work they did. we have a VERY SMALL core development team with SOIL, and a desire to make SOIL an attractive coin to mine with the possibility of decent profits for the miners. again its all about incentive to ensure miners continue involvement with the project.