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Merge pull request #115 from myriadteam/master
merge to 0.14 branch for release
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MIP 3: Longblocks | ||
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Status: Under development | ||
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Motivation | ||
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With the emergence of layer 2 solutions, the need for fast block confirmations | ||
is lessened. Additionally, chainindex bloat is a significant issue to the | ||
long-term health of Myriadcoin. | ||
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This proposal implements a gradual increase in block time from 1 to 8 minutes | ||
using multiple intervals of block time adjustments. | ||
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Additional reasons for this change: | ||
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* Capturing additional improvements from upstream indexing and development. | ||
* Individual block security is improved due to the higher difficulty. | ||
* Orphan count is expected to decrease. | ||
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Implementation | ||
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In three phases this proposal plans an increase in block time while keeping | ||
the reward amount essentially the same. In practice, this requires raising the | ||
block reward at a scale proportional to the block time increase. Myriadcoin | ||
would not see another block halving until the 6th block halving. Then block | ||
halvings continue at the original schedule of ~2yrs. | ||
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Below is an approximate table to show how this progresses. | ||
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| Subsidy Halving Interval | Reward | Block Time | Final Blk | Aprox. Date | | ||
| ------------------------ | ------- | ---------- | --------- | ----------- | | ||
| 1 (967680 blocks) | 1000.0 | 0.5 min | 967680 | Feb 2015 | | ||
| 2 (967680 blocks) | 500.0 | ~1 min | 1935360 | Jan 2017 | | ||
| 3 (967680 blocks) | 250.0 | 1 min | 2903040 | ~May 2019 | | ||
| 4 **(483840 blocks)** | 250.0 | **2 min** | 3386880 | ~May 2021 | | ||
| 5 **(241920 blocks)** | 250.0 | **4 min** | 3628800 | ~May 2023 | | ||
| 6 **(120960 blocks)** | 250.0 | **8 min** | 3749760 | ~May 2025 | | ||
| 7 (120960 blocks) | 125.0 | 8 min | 3870720 | ~May 2027 | | ||
| 8 (120960 blocks) | 62.5 | 8 min | 3991680 | ~May 2029 | | ||
| ... (120960 blocks) | ... | 8 min | ... | ... | | ||
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Halvings would then continue at 120960 block intervals. | ||
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It should be noted that MAX_MONEY is not changed and emission rate vs. clock | ||
time should not be affected. | ||
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Deployment of this rule is through version bit 5. | ||
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Reference implementation | ||
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https://github.com/cryptapus/bitcoin/tree/myriadcoin.master.lngblcks/doc/mip3.md |
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