The Electroneum Blockchain is set to launch a new fork to update its blockchain from version 8 to version 9, to significantly reduce its blockchain reward emissions of ETN by 75%. Aside reducing the block reward of the cryptocurrency, the blockchain firm pledge to drop the inflation of the token from 4% to 2% and to possibly increase the demand for ETN.
As announced by the Electroneum blockchain, Head of Development, Chris Harrison, the double halving would be launched on the 22nd of July, 2020 at the block height of 862866. He explained that the frequency of discovery of blocks will remain unchanged from its initial two minutes.
Harrison explained further that a healthier trading environment will be established for cryptocurrency enthusiasts after reducing the amount of Electroneum minted daily, emphasizing those deflationary measures will benefit investors in the crypto space.
Speaking about the update, Andre Patta, one of the Electroneum blockchain developer, said the reduction of ETN reward by 75% signifies that miners would now receive about 400 ETN for each validated blocks, which is in variance to the 1450ETN they have being receiving initially.
Electroneum CEO Vows to Control Inflation
The founder and CEO of the award-winning blockchain network Electroneum, Richard Ells, had vowed that the Electroneum blockchain will maintain ETN’s overall token inflationary rate below 2%, which is lower compare to other cryptocurrency but similar to Bitcoin.
Ells went on to assure that the Blockchain will continue to release ETN rewards for promotional purposes at a rate parallel to containing the Electroneum blockchain’s overall token below 2%.
Electroneum Halving Schedule
Andre Patta further elucidated that the Electroneum blockchain has introduced a halving schedule, where block rewards are henceforth scheduled to experience halving every four years, up to a 50ETN limit per block.
Patta reiterated that the Electroneum blockchain will not change its emission rate in the future and that what is programmed in the new fork is unchangeable as regard emission rate.
The Halving Schedule as explained by Patta:
2024 at the height of block 1914066: a reduction from 400ETN per block to 200ETN
2028 at the height of block 2965266: a reduction from 200ETN per block to 100ETN
2032 at the height of block 4016466: a reduction from 100ETN per block to 50ETN
However, Patta said there is no plan for block reward reduction after the 2032 halving.