Very interesting:
The Revamped Monetary Policy
A revamped monetary policy has been high up on Ethereum Classic’s priority list for some time.
The project started increasingly differentiating itself from Ethereum since the split. Ethereum Classic is in no rush to move to proof of stake, for example, and it recently diffused the “difficulty bomb” that would have forced its developers’ hands. Part of the distinguishing effort, some suggested that a change in monetary policy would help investors properly evaluate the classic ether token (ETC).
“Ethereum will adopt a new monetary policy when they move to proof of stake mining,” Ethereum Classic’s pseudonymous project coordinator, “arvicco,” told Bitcoin Magazine. “We won’t switch to proof of stake anytime soon. But in order for a platform token to be viable, the monetary policy could not be ‘undefined.’”
The upcoming monetary policy is formalized in ECIP 1017 (Ethereum Classic Improvement Proposal 1017), drafted by Matthew “snaproll” Mazur. Resembling Bitcoin’s gold-like properties, ECIP 1017 places a hard cap on the total amount of tokens to be issued on the Ethereum Classic blockchain. Specifically, it is “tithing” a 20 percent reward reduction about every two years, meaning the supply will be capped around 210 million ETC. The vast majority of coins should be mined around 2070.
While ECIP 1017 was not the only contender for a monetary policy change, it did take an early lead. And now, it’s the only concrete proposal left, arvicco said:
“No competing technical proposals were adopted by any teams, and the key stakeholders in the ecosystem expressed their support for ECIP 1017.”