Ethereum Classic will run today update to reduce the rewards of its mining

In a few hours the hard fork of the EthereumClassicnetwork will be carried out, where the reward of the mined blocks will be reduced by 20%. It will also be reduced the reward of the blocks not accepted but that are paid (blocks uncles).

This new bifurcation will include a limited cryptoactive generation stop and shall be effective from the height of the 5 million block of the Ethereum Classic Network (ETC). It is likely to affect the median price in the long run.

This bifurcation proposal was raised since November 20, 2016 and is known as ECIP-1017, as indicated on its GitHub. This proposal was generated as a “monetary policy”, whose motivation is to reduce the supply of Cryptoactive ETC. They estimate that it increases the price of the same and attracts more miners to participate in its network. This will generate a more secure network that stimulates investor confidence to create its applications on it.

Ethereum Classic will run today update to reduce the rewards of its mining
Ethereum Classic will run today update to reduce the rewards of its mining

Before this bifurcation each block mined generated a fixed reward of 5 etc, amount to be reduced to 4 etc. With that adjustment, it will also reduce the extra reward of the blocks uncles who initially paid 0.15625 etc to 0.125 etc per block. In addition, the reward has been reduced to the winning miners who generated uncle blocks and were added to the Blockhain from 7/8 to 1/32 of the fixed reward.

Each 5 million of blocks (from now on will be called eras) will produce a 20% reduction in the payments of the mined blocks. With this they induce a limited total distribution of coins of 231,447,751 ETC, which could finish of undermining last the year 2059.

It is an interesting move on the part of the developers of ETC, which probably benefits the value of it by limiting the offer to a growing demand for criptoactivos on the part of the market. The increase of it may encourage more developers to generate more applications on their network and I generated a greater stimulus to compete with their original chain, Ethereum.

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