Birthdays and Block Rewards!
Greetings community!
As some of you in the community may be aware, Phore celebrated its third birthday last week!
Three years ago on September 12, 2017, the blockchain had its “genesis” block — marking the official start of a new journey after the KryptKoin rebrand. Phore brought a modern brand design and fresher, more efficient blockchain to the Marketplace project that KryptKoin had built. For a throwback, check out the old KryptKoin Marketplace promotional video on Youtube here.
We’ve come a long way in the past three years, and we can’t thank the community enough for their ongoing support. As a community governed project, Phore would quite literally be nothing without all of you!
Block Rewards
With the anniversary comes a reduction in Block Rewards. Similar to a Bitcoin “halvening”. As of block 1,562,399, the Block Rewards changes for users are:
- 1.62 PHR per block to Masternodes
- 1.08 PHR per block to Stakers
The PHR which goes towards the Development Fund remains the same.
This represents the final annual reduction in block rewards. These numbers will continue on in perpetuity.
With PHR’s block time averaging at 1 minute per block, there will be approximately 3,888 new PHR minted for users each day (discounting the Dev fund). This extrapolates to about 1.4M PHR per year.
Typically, block reward reductions (or “halvenings”) are seen as bullish for the project due to the reduction in supply (less selling pressure on the markets).
As Phore continues to expand its utility use case, even a small uptick in demand can create a large market impact. Similar to the Bitcoin community, we view the “halvening” as a positive thing — a sign of PHR coming to maturity!