Ethereum Classic sets limit on Total ETC Mined
3 years ago Crypto News Comments Off on Ethereum Classic sets limit on Total ETC Mined
A recent post Carlo Vicari, community management at IOHK confirms support on setting a limit on the total Ethereum Classic Mined. The initial reduction is set to take place by the end of the year in December. This could be great news for early ethereum classic investors as the new hard limit will be 210-230 Million ETC coins. With almost 90 million ETC coins in circulation now, we are already near having 50% of the total supply mined. Below is an excerpt from IOHK’s Post:
- We understand that a monetary policy has been proposed that establishes an upper bound on the total number of ETC that will ever be issued, and that this policy was the result of extensive discussions within the community. The policy also defines a method of reducing the block reward over time. It is available in English here and in Chinese here.
- The new monetary policy sets a limit for the total ETC issuance. The block reward will be reduced by 20% at block number 5,000,000, and another 20% every 5,000,000 blocks thereafter. Uncle block rewards will also be reduced. Due to variations in the reward rate of ETC, we anticipate the total supply to be approximately 210 million ETC, not to exceed 230 million ETC.
- We will continue to work with the Ethereum Classic protocol development community to develop, in public, a safe hard fork procedure based on the proposed monetary policy. ETCDEV Team will provide an implementation of the monetary policy for both the geth and parity clients after the hard fork procedure is agreed upon.
- We will run consensus systems that are compatible with Ethereum Classic clients, which will eventually contain the ECIP 1017 monetary policy and the hard-fork, in production.
Please read the post in full here; https://iohk.io/blog/ethereum-classic/a-joint-statement-on-ethereum-classics-monetary-policy/
Also be sure to watch IOHK’s latest meeting