Electroneum is set to launch a new hard fork update on its blockchain network to reduced miners’ reduce block rewards by 75%. This announcement was made by the blockchain platform on its Twitter page with further explanation on its blog.
Electroneum’s head of blockchain Chris Harrison explained in the blog post that the double halving is set to take place on the 22nd of July at the block height of 862866. This hard fork will also bring about an update of the Electroneum blockchain network from V8 to V9, hence, a reduction in the block reward by 75%.
The update which is also a move to reduce the number of ETN tokens mined daily,according to Harrison, would create a better trading ecosystem for new holders who would enjoy an ideal financial landscape.
Hard fork Follows Electroneum CEO Pledge to Curb Inflation on its Blockchain.
This latest move by Electroneum is part of the recent pledge by CEO Richard Ellis to reduce ETN token inflation rate to below 2%.
Ellis had proposed a move to reduce the number of ETN block rewards and this hard fork is geared towards achieving this purpose.
Electroneum is currently behind Bitcoin on the list of popular coins inflation charts.
According to the latest tweet from Electroneum, the hard fork will go live for regions in America and Caribbean this evening. While users across the world will get the new update on July 23.
Electroneum: a Growing Force in the Crypto Space
Electroneum has been steadfast towards it’s quest for adoption in recent months. The blockchain platform has continued to expand in offering solutions to people in regions with poor access to banking facilities.
Its native token ETN has been used by several businesses in Africa. The blockchain platform recently launched a service in four African countries that would enable users to top-up electricity bills using it’s platform.
There are also plans by Electroneum to expand its services with its freelance platform Any Task, currently one of the fastest growing apps within the remote work niche.