Dear JOKER.ONE Members,
Firstly it reveals the result:
The production reduction scheduled by 1st April was originally expected to be 12% , but now it’s been changed as at least 80%.
We developed JOKER POOL, the unique model of mining. But as innovation is always accompanied by unknowns and uncertainties, we discovered some irrationalities of JOKER POOL (JOKER mining follows the given quotas though when there’s no new staking volume added).
This to some certain extent increase the miners’s mining cost, causing possible selling pressure to JOKER coin, which violates the principle of mining by staking. We must protect the interests of miners, as well as protecting every member of JOKER.ONE ecosystem.
In the process of developing joker.pool, we meanwhile conducted the mulsig and code audit, and after a multi-party communication, we determine to renovate JOKER POOL through the smart contract, as it’s relevant to the deflation mechanism and no super node is willing to take the potential responsibility brought about by upgrading the contracts. It’s seriously sated here: the EOS staked to JOKER POOL is completely secure that no human factor is reachable to it, except for the redemption by the miners.
By that time, the part of JOKER waiting to be mined will be automatically transferred to the new address of JOKER POOL by smart contracts.
The new address of JOKER POOL has been updated with the rules unchanged. After minor modification, it’s more complete and reasonable.
After a miner puts an EOS into the new JOKER POPL, each EOS represents 1 staking value, and the staking value will start daily reduction at a rate of 1%.
When the Whole Network Staking Value gets greater than <1,300,000>, <2,600> JOKER coins will be mined, which will be distributed to the miners according the ratio of their respect Staking Value and the Whole Network Staking Value.
When the Whole Network Staking Value gets smaller than <1,300,000>, the mining throughput will decrease proportionally. For example, if the Whole Network Staking Value is <130,000>, the Today Throughput will be <260> JOKER coins.
The formula is: Individual Today Mining Capacity=(2600/1300000) * Individual Today Staking Value
Four Side Updates of JOKER POOL as following
1. The maximum daily throughput is sharply reduced, which is determined by the current price of JOKER.
When there doesn’t reach sufficient EOS staking, it only supports a given volume of JOKER for mining, and each JOEKR is supported by a staking of 5 EOS (based on current price). In this way, it guarantees people’s expectation to JOKER that when the price rises, the staked EOS will form a positive correlation with the price. This method protects all participants without affecting the miners’ profits.
2. When the growth rate of EOS staking slows, or when it gets lower than <1.3 million>, new production of JOKER will be proportionally reduced, which greatly reduces the impact of inflation onJOKER.ONE. This solves the fundamental problem of unreasonable inflation.
3. The production reduction mechanism is removed.
4. The threshold of 540,000 EOS staking to trigger mining is removed.
Important Issues
At 00:00 (GMT), 1st April, 2021, we’ll officially launch the new JOKER POOL, then the abandoned JOKER POOL won’t be available to claim JOKER. During the period after the announcement is published to 00:00 (GMT), 1st April, 2021, all miners are still able to access the current addresses to claim or redeem assets. The new JOKER POOL keeps using the domain of https://pool.joker.one, while the pages will be updated. If you are to redeem your assets at the old JOKER POOL after 1st April, you need to perform the action through a third-party browser. The specific instructions will be detailed at the ‘Support’ section of JOKER.ONE official website.
Disclaimer: Since the multisig is done, we’ve lost the right to upgrade the smart contracts. But on the road of innovation, unexpected situations are always accompanied no matter how it deducts and resume. Even the most credible smart contract retains the right to update the iterative contract. JOKER POOL will also retain this right. This is the greatest protection for JOKER.ONE and all Jokers. If this makes you feel insecure, you can choose to redeem or sell all your JOKER at any time.
JOKER.ONE will get better and better!
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