|Author||Dmitry Gubanov <email@example.com >|
We have revised the proposal, added governance (remuneration management by WAVES holders), and described the motivation and goals in more detail.
We propose to introduce a reward for the miners that will not depend on the transaction fee. The reward implies the placement of additional WAVES on the blockchain.
Motivation and Purposes
At the moment, a miner receives 60% of the fee for the previous block and 40% of the fee for each transaction that he puts in the microblock.
It is proposed to enter the reward for each created block. The value of the reward does not depend on the number of transactions in the block and the mining account balance (stake).
The priority of the right to create a block is determined by the size of the stake. Since the amount of reward is constant, the miners’ stakes ratio will not change over time.
The current interest rate of a miner is 0.25% per year in WAVES. Once this proposal is implemented, the interest rate of a miner will grow up to 5% per year in WAVES.
When generating the key block, the system must reward the miner with 4 WAVES. Therefore the total amount of WAVES on the blockchain should increase by the amount of the reward. The amount of reward is not defined finally, it’s chosen to achieve the miner’s annual income of 5%.
The miner should be able to use the received reward at once at his will, i.e. use tokens after the key block.
The miner of the first generated block after the activation of this feature should be rewarded according to the proposed scheme. All subsequent miners should be rewarded with the same amount of 4 WAVES.
The approximate amount of WAVES that participate in the mining right now is 40,000,000.
The number of transactions for the period from 11.2018 to 07.2019:
|Month||Number of transactions|
Fees in WAVES for the same period:
|Month||Total amount of fees in WAVES||Average fees/day|
The ratio of the average annual miners’ income to the total stake is equal ~0.25%.
With the introduction of the miners’ reward, the average income will increase to 5%. At the same time, the number of WAVES will increase by 2.1% from 100 million to 102.1.