Announcement On The Reduction of QuarkChain Block Output Reward
Dear QuarkChain community members and miners,
According to the initial design plan, the QuarkChain mainnet will gradually complete the first reduction in output this week according to the speed of block output. In order to help everyone understand the situation of output reduction, we have created the following special instructions regarding the process of output reduction.
Output of Existing Blocks of QuarkChain Mainnet and Arrangement of Output Reduction:
Duration of a Block: About 60 seconds
For every 525600 blocks, the output will be cut and the output reward will be reduced to 88% of that of the previous year. In 2020, the output reward of the block on the root chain will be reduced from 156 QKC to 137.28 QKC..
Duration of a Block: About 10 seconds
For every 153600 blocks, the output will be cut and the output reward will be reduced to 88% of that of the previous year. In 2020, the output reward of the block on the root chain will be reduced from 3.25 QKC to 2.86 QKC.
QuarkChain’s unique PoSW staking and mining mechanism enhances the security of the entire network. With the reduction of output, the number of staking tokens in the root chain will remain unchanged and the number of staking tokens in shards has also dropped to 88% of that of the previous year.
Note: the information regarding output reduction is built into the code of the QuarkChain mainnet, which means that output reduction has no impact on the whole network operation. However, the QuarkChain mainnet will be upgraded for the first time in the near future. Please upgrade the network in time to avoid losses. Please visit our github repo to view the open source code. https://github.com/QuarkChain