BlockStamp Node Updated to Support Trezor, Encourage Solo Miners, and Stabilize Inflation
We’ve updated the BlockStamp node!
Be sure to download the latest version here.
We’re achieving several things with the update. Some of them probably won’t make a noticeable difference for everyday BlockStampers, i.e.
- There will be improved multi-wallet support for BlockStamp Games. This will make BlockStamp Games work better, but it won’t impact how the games function or anything like that.
- There will be a configurable option to store information about all transaction fees in a given block. This will mainly help our team’s debugging efforts.
But there will be a few things that you will certainly notice:
The BST address format will meet Trezor hardware wallet requirements.
Up to now, you’ve been able to store your BST in the BlockStamp desktop app and the online wallet, which supports industry-standard security features like 2-factor authentication.
Now we’re also supporting addresses generated for cold storage in the Trezor hardware wallet.
Previously generated addresses will continue to be supported as usual.
Should you choose cold storage over the other options? It’s up to you. We’re here to give you those options! We’re looking to add support for other hardware wallets in the future as well.
We’re reducing the mining reward to 1 BST to encourage solo miners.
The BlockStamp blockchain is a fork of the Bitcoin blockchain. As such, until now BlockStamp has shared the same halving schedule as Bitcoin. Obviously we began following this schedule later than Bitcoin did, but the schedule has been the same.
With this node update, we’re taking this fork a bit further in an important way:
Starting with BlockStamp block #685385, mined blocks will be rewarded with 1 BST, which mirrors Bitcoin’s current block reward of 1 BTC.
In other words, we’re skipping the halvings that we would have made over the coming years if we were to stick to Bitcoin’s halving schedule.
We’ve made this decision to create a more favorable environment for solo miners. This environment will be more in line with our overall vision for the project and the BlockStamp community.
Cryptocurrency mining is competitive by design, but we’d like to distribute this competition over a larger number of smaller miners, especially solo miners. As opposed to fewer miners or mining pools chasing higher block rewards.
No more halvings. We’re hardwiring the BST to function more as a medium of exchange than a speculative asset.
Bitcoin-style halvings are a great approach to monetary policy. Especially compared to fiat-style quantitative easing or whatever euphemism think of next for printing money.
But halvings do tend to create a certain amount of speculative “noise.” Theoretically, a drop in the number of new coins entering circulation — such as exists after a halving — means prices go up. But then there are questions about when the halving gets “priced” or recognized by market participants.
Crypto traders love this stuff, and that’s all well and good. Speculation is a normal part of the cryptosphere or any free market for that matter.
But the BlockStamp project is not just about speculation. We’re about solid, unique crypto use cases. We want the BST to be a coin that people use to do things they can’t do with any other coin.
That’s why we’re setting the block reward at 1 BST and keeping it there. We don’t expect it will eliminate speculation. But we do believe it will encourage more rational bets on the BST as an increasingly popular medium of exchange for doing interesting things apart from just storing value!
You can read all about some of those interesting things in our other articles here! Or just start shooting for big wins at BlockStamp Games :)
Make sure you’re part of the BlockStamp social community and feel free to ask any questions there!
About BlockStamp:
BlockStamp is a Bitcoin blockchain fork hosting an ecosystem of fair play apps, including a true-odds multiplayer crypto gambling platform, a decentralized marketplace listing optimizer, and a private messenger with sword-in-the-stone encryption (launching soon).
