Update of the ESBC Blockchain.
We recently launched the first Platinum Masternode and it doesn’t look very attractive, since the rewards for it are only 2% of the block reward. In spite of this, the overall situation has changed for the better, since the number of coins used for masternotes has increased from 69.5% to 78.5%, this is a very important indicator in the masternode community.
This article will tell you what changes will occur in with the rewards, after the mandatory update of the ESBC Blockchain.
1. To achieve a greater number of blocked coins in order to look even more attractive on the Masternodes market.
2. To reduce total emission — ESBC will become more reliable for traders.
3. Reduce the reward for PoS.
The increase in the number of blocked coins is possible by reducing the reward for PoS, at the moment the reward for PoS is 18%.It is impossible to reach the figure of blocked coins to the level of 90% with such a high reward for PoS. Also from recent events, you should be aware that a big reward for PoS can have bad consequences.
Detailed information and list of changes:
Activation of the new protocol — April 8, 2019 18:00 UTC.
With activation of the protocol distribution of awards will be as follows:
With the activation of the protocol, the average time to generate new blocks will increase, by +10 seconds in each week, until it reaches an average value of 120 seconds, 6 weeks after the activation of the protocol.
With the activation of the protocol, it becomes possible, if necessary, to enable/disable the commission for the development of the project (dev.fee), up to a maximum of 10% of the reward unit. All planed expences from developers side you will find in the Budget article.
All PoS and masternode awards, with an active commission will be reduced by this amount in proportion.
With the activation of the protocol, the recommended / minimum transaction fees increase, the possibility of sending small transactions free of charge, up to 1000 bytes, remains.
All commissions for transactions included in the block will be added to the block reward, and proportionally distributed among the recipients of the block reward (PoS and masterodes)
The minimum quantity for staking becomes 10 coins.
What these changes mean for masternode owners:
For some period of time, Platinum masternode will have the best performance in comparison with other levels. The total issue of coins it will be about 11 million, where ≈1,000,000 are not in the masternode \ PoS
Thus, 10,000,000, according to our estimates, will be used in masternodes, since a 30% reward for the block size is allocated for the Platinum level, it will be more profitable than other Tiers until the Platinum masternode number reaches 12 (10,000,000 * 30%: 250,000)
The most favorable conditions for launching other levels:
Gold: if the network has less than 50 mastersnotes of this level
Silver: if the network has less than 80 masternotes of this level
Bronze: if less than 300 master levels are running on the network
Users and services that have more than 5 Gold levels will launch Platinum. Starting only 3–4 Platinum levels immediately makes the activation of the Gold level profitable, and the participants who used the Silver level for their coins (usually the most profitable one) will replace 2 of their Silver with the Gold level. For services that still use Bronze, it will be convenient to upgrade to the Silver level, in order to increase their own rewards and save resources, we are ready to provide them with a guaranteed amount for the instant node, if necessary. Thus, the entire distribution system will be built from scratch.
Services that Platinum Masternodes will use:
After the first increase in block time, ROI will decline when it reaches 120 seconds in 6 weeks, the release of new ones will be halved, which should favorably affect the price of ESBC.
How to update:
You just need to download and use the new version of the wallet.
It will be available on GitHub, we will definitely announce this and you will have about 2 weeks to update.
Plans for the future development of wallet and Blockchain:
- Finalization of multisend
- Implementation of services from an intranet p2p (peer-to-peer) data transfer based on the network of coin masternodes
Future of ESBC Blockchain:
- Gateway to the betting platform inside the wallet on the basis of p2p network
- The implementation of the wallet light mode, without the need to store the blockchain, using the masternodes as reference nodes for data processing. Additional commission from transactions of such wallets (integration of mobile wallets on top of this system is possible) will be charged
- Avoiding generation of blocks on the basis of pos, on a model with a variable block timing and blocks on demand, based on the masternode network.
We are glad to hear your opinion, leave your feedback on our work, suggestions and questions.