IMPORTANT
I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.
As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.
Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)
As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.
I would therefore say we are around 45% the way through POW ...
Thoughts?
I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.
As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.
Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)
As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.
I would therefore say we are around 45% the way through POW ...
Thoughts?
So basically because of the amount of staking, POW is going by faster than you anticipated and we should end up with less coins in total than you originally estimated? Since there will less coins in total (due to shorted POW) and the original premine was based on a percentage of the estimated total coins, you will burn the extra coins due to smaller supply in order to maintain your original premine percentage?
If i'm understanding correctly, I'm totally fine with your plan you. It seems you are just pointing out that the premine will be a larger percentage due to smaller total supply, so in an effort to remain transparent and fair, you are going to burn the extra coins so that the original premine percentage matches the acutal total supply.
Yes that is correct. I posted this shortly after discussing this with the dev who coded the coin so it doesn't come as a suprise to everyone and to remain as transparent as possible.
Looking at CryptoID explorer POS has taken 73% of the last 1000 blocks, it could slow down but personally I do not think it will.
I appreciate the openness, and im sure many others in the community do as well. It actually speaks a lot about your team that even without any pressure from the community, you guys already had plans to burn the extra coins. Many other coins have had similar situations with premines and chose not to do the honorable thing, so much appreciated
I think it shows that your team isn't here for the quick profit, which really does help build some trust. Also don't think POS blocks will slow down either
I know at least for me, i'm just trying to catch more dumps on yobit and send them to my wallet to stake! Thanks, I wasn't sure how it would go down and do expect some complaints to follow but it is best to get any potential problems out there as soon as possible and deal with them.
