Block Reward Update
EBTC Block Rewards, Mining Mechanism, and Block Reward Halving Time
Last updated
EBTC Block Rewards, Mining Mechanism, and Block Reward Halving Time
Last updated
EBTC was developed as an improved version of Bitcoin, aiming to increase mining efficiency and network sustainability. With a fixed total supply of 210,000,000 EBTC, EBTC schedules periodic block reward reductions to maintain scarcity and increase the value of the asset. This mechanism works similarly to Bitcoin: after a certain period of time, the block reward will be halved, gradually reducing the new supply on the market and maintaining the long-term value of EBTC.
The block reward is the amount of EBTC awarded to miners when they successfully verify and create a new block in the EBTC blockchain. This is a reward that encourages miners to participate in securing the network.
EBTC is an improved version of Bitcoin, after a certain number of cycles, the block reward will decrease according to the mechanism, limiting the supply, preventing inflation in the market and creating scarcity but still maintaining the development momentum as well as a stable price increase for EBTC.
Unlike the energy-consuming Proof of Work (PoW) mechanism like Bitcoin, EBTC adopts the Delegated Proof of Stake (DPoS) mechanism — an improvement of Proof of Stake. In DPoS, users can delegate voting rights to "delegates" based on the amount of EBTC they hold, who process transactions and secure the network on their behalf. This reduces energy costs, increases processing speed, and maintains stability, while creating a more user-friendly and sustainable network.
Delegates will receive rewards for completing accurate validation tasks, while those who do not comply with their commitments will be removed from the process. This mechanism encourages honesty and responsibility from delegates, while creating a democratic platform where users have the right to decide and participate in network management.
Features of DPoS mechanism in EBTC mining:
Mine EBTC by depositing BNB: To participate in EBTC mining, users need to deposit Binance Coin (BNB) into the system. This is a new approach, which requires less energy and is more user-friendly than traditional mining systems.
Minimum requirement of 0.1 BNB to become a Validator: By depositing at least 0.1 BNB, users can become a Validator. The speed of EBTC mining depends on the number of authorized stakes owned by the Validator.
Network Difficulty and Block Rewards: When the network reaches 50,000,000 EBTC, the block reward will be halved, while the difficulty will double. This is to control the supply of EBTC, maintain the scarcity and value of the coin, while protecting the stability of the network and incentivizing long-term commitment from Validators.
DPoS helps protect and ensure fairness for each mined EBTC. Depositing BNB for mining cannot be canceled, helping to ensure long-term commitment and value for the ecosystem.
Optimized mining process with DPoS:
Improved mining process: The DPoS mechanism is optimized to ensure high security and efficiency during mining, allowing users to easily participate and optimize profits.
How DPoS works:
DPoS (Delegated Proof of Stake) is an advanced consensus mechanism on the blockchain, overcoming many problems of old consensus algorithms such as Proof of Work (PoW) and Proof of Stake (PoS). Some key points of DPoS:
Validating transactions and creating new blocks, which reduces the load on the network and speeds up transaction processing.
Incentivizing honesty: Delegates will receive rewards in the form of new tokens or transaction fees for performing validating correctly. If a delegate is dishonest or fails to complete the task, they will lose their validating rights and be penalized.
Benefits of the DPoS mechanism:
Fast processing: DPoS allows transactions to be processed faster due to the limited number of delegates participating in validating.
High security: This mechanism incentivizes delegates to act honestly because they will lose their benefits if they violate the rules.
Democracy: EBTC holders have the right to vote for delegates, creating a decentralized governance system where users have a say in network management.
As with other cryptocurrencies, the Halving event for EBTC will create scarcity, while helping to balance the token issuance rate and increase the long-term value of the ecosystem.
The halving helps protect the sustainability of EBTC, ensuring appropriate rewards and promoting holding demand, thereby building a strong token economy for users and investors.
With the DPoS mechanism, EBTC not only brings fast processing speed and high security, but also brings fairness, transparency and a sustainable blockchain ecosystem, where users participate in network management through voting and directly contributing to the mining process.
Note: All calculations are estimates only. EBTC block rewards, mining mechanism and reward reduction cycle may change depending on EBTC mining power, Staking, Earn/Claim, Sell, Trade and Circulation. Especially the price of Binance Coin (BNB) in the market.
