Electroneum Blockchain To Undergo Halving With Reduction In Block Rewards

First Halving At Block Height Of 862866 

The Head of Development at Electroneum Blockchain, Chris Harrison, has announced that the blockchain would experience double halving on July 22, 2020, at the block height of 862866.

He further mentioned that during halving, for the first two minutes the frequency of blocks’ discovery would change slightly but after that, no changes will be taken place.

Harrison believes that the token reduction would help the company in building a healthier environment for crypto enthusiast.

Andre Patta, the blockchain developer, while informing about the recent update, said, “The reduction of ETN reward by 75% signifies that miners would now receive about 400 ETN for each validated blocks, which is in variance to the 1450ETN they have being receiving initially”.

Richard Ells, the founder and the CEO of Electroneum Blockchain, has notified that the company would not move overall token inflationary rate of ETN above 2 percent. Although compared to other cryptocurrencies this rate is very less, it is similar to Bitcoin.

He further mentioned that the blockchain would continue releasing its rewards for promotional purposes at an opposite rate of below 2 percent.

Halving In Every Four Years

Patta mentioned that the Electroneum Blockchain has scheduled a halving session to generate block rewards. In every four years, the blockchain would undergo halving.

Patta also stated that in the future the emission rate of the blockchain would change.

The developer of Electroneum Blockchain also released the future schedule for halving which would happen after this year. In the second halving session which would be organised in 2024, the block height would be 1914066, the next would be in 20238 and the last halving session is scheduled for the year 2032.

Patta has notified that after undergoing halving in 2032, the Electroneum blockchain would not generate blockchain rewards.

Articles You May Read.