Canada eCoin Volume 2, New Territories
With volume 01 releasing the majority of the available tokens into circulation, we want to do something that will allow us to continue our efforts for years to come; decades even. Volume 01 lasted for around 6 years and our current chain could only really last this long. Volume 01 put out about 1 million blocks per year (current: 6m+ blocks), along with 99% of the total minable supply. This is the cost of 30 second block times, a short life span.
With volume 02 bringing segwit and lightning network capabilities, we have decided to slow the chain speed down to just over 5 minutes per block. This will allow the mainnet to consume just under 100k blocks per year. The speeds you know and love from the Canada eCoin project will still exist, but within the lightning network and our sidechain features.
Volume 2’s reward structure increases our total supply, giving the Canada eCoin community time and space to re-establish itself.
- The first 499 blocks will be reward free while our team mines blocks and performs the transaction migration.
- reward increases to 1 CDN reward per block on block 500 to block 499,999 (5 years)
- reward increases every 5 years by 1 CDN per block to a maximum reward of 4 CDN per block (years 2025 to 2040)
- reward decreases every 5 years by 1 CDN per block back down to 2 CDN per block (years 2040 to 2050)
- then, reward halves every epoch (5 years) until rewards are depleted (2070)
This reward structure gives the Canada eCoin project another 50 years of solid, stable rewards before the mining reward diminishes. This structure increases Canada eCoin’s total supply from 100 million to just under 108 million; extending CDN’s max supply by 8,499,500 for volume 02.
side note: Adding supply to our coinbase (our total supply) is generally a lousy idea and our core dev’s realise that. We also find there is no other way to keep Canada eCoin viable for the long term. This choice came at a cost, and we apologise to everyone here and now. One thing to keep in mind is that the developers here are working hard towards sidechain/hivemind technology that will ultimately help consume tokens, lowering the total supply of our mainnet over time; this is the only reason why the Canada eCoin developers even considered adding to the coinbase.
After about 50 years; starting on epoch 10 / block 5,000,000, the subsidy again be likely too small and the chain will again be fat and resource hungry. We do expect, however, that the Canada eCoin Developers of the future will intervene before this time, to create a Volume 3 chain, as any blockchain with more than 5 million blocks is way to big.
Thank you for taking the time to read about our up-coming chain-pivot, keep an eye on our website/news and-or join our keybase team to let us know what you think. If you have any questions or concerns at all regarding the reward structure please do reach out.