Electroneum go big with a 75% block rewards reduction

Momentum has built around Electroneum’s highly successful game-changing software update that introduces to the crypto industry a unique Moderated Blockchain that is a type of permissioned open distributed ledger system without the unwanted centralisation. It gives Electroneum minimal interference over the network only to guarantee the security to protect ETN users and exchanges.

Another very interesting element to the fork is the staggering 75% reduction of the block rewards bringing in scarcity while extending its longevity amongst other features, as CEO Richard Ells has explained.

“Scarcity is good for ETN, it extends its longevity and reduces emission” adds Electroneum’s founder and CEO. “It also helps us increase scalability and transaction speeds. Everybody is a winner.”

In numbers, the 75% reduction in block rewards means that from the 5 million ETN previously given to miners for validating transactions, now only 1.25 million ETN will be rewarded. In dollars, this means that from US$750,000 when ETN was priced at $0.0045 before the fork, block rewards will only be just under US$190,000.

Many cryptocurrencies go through halvening events. Electroneum has not only halved block rewards, but in the words of Richard Ells, “halved and a half”.

One of the most anticipated halvening events is that of Bitcoin, which is scheduled to happen in just under a year from now, sometime between March and June. The BTC block rewards halvening takes place every 210,000 blocks. Soon, Litecoin’s LTC will do the same.

Ells and everybody at Electroneum are passionate about the reach of ETN and how it is aimed at helping millions of people in hard-to-reach places in developed countries.

Since its inception, Electroneum has focused on mainstream adoption and helping people live more every day, Ells adds. So, the new Moderated Blockchain coined Proof of Responsibility (PoR), helps achieve precisely those goals that are important to the 40-member team at Electroneum, which by the way, is growing.

Also, the new Proof of Responsibility protocol, powered by the Moderated Blockchain, enables Electroneum to handpick ETN’s new trusted miners, who are NGOs that will use their mining rewards to provide people in developing countries the skills that can help them improve their lives.

I helped a family member open an Electroneum Mobile wallet on their Android smart phone yesterday and I asked them how much free ETN they think I should send them as a welcome treat and first transaction.

They said 100 would be nice… I said ETN are now 75% more scarce - so I gifted them 25 ETN.

Pretty generous of me, don’t you think - given this recent good news development :grin:

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Noobs already think, that their mobile mining was reduced - maybe you should explain next time for the mainstream… :wink:

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It’s a joke buddy…

Edit: although it is true I introduced a family member yesterday.

And the announcement was pretty clear that mobile mining isn’t affected.

Little by little it becomes clear to me how it all works. Thank you again.:+1:

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Am i right in thinking that the circulating supply of ETN, which has been increasing by around 6 million daily for a good while, will now only increase by 1.5 million (ie 75% less), it would seem so based on the data, and also am I correct to say that Electroneum will be in control of the number of miners ie. those it deems responsible?
Edit…sorry i should have read the post in full and not just its title…

Richard always says, drop by our community forum if you have any questions and someone will get back to you… They rarely seem to however.

As far as I understand it - we decreased from 6m daily down to 1.5m daily inline with the more efficient PoR.

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Its actually from 5m to 1.25m

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