Do you think the minting reward should be increased? The current 1% reward is not much of an incentive to get people to leave their clients on 24/7. I think if peercoin wants to grow it needs more nodes and raising the mint reward is a good way to get more people minting.
Increasing the reward only increases dilution. The real incentive for individuals holding large stakes is securing the network and keeping up with inflation.
Also, making the reward higher punishes smaller and/or daily users, which is the opposite of what I think we would want.
Finally, I’m not so sure that there is a strong reluctance toward minting at this time. On the contrary, I’m actually quite shocked by the number of blocks that are still being minted on top of forks from last month. Obviously, people aren’t having a problem leaving their wallets minting while not paying close attention to the blockchain! (…or else it’s a fleeting attempt at a deliberate attack???)
The minting reward rate should be increased because it will give an incentive to a larger pool of people to run their nodes but it will also increase supply of Peercoins.
I have been following Peercoin for some time now and the original supply forecasts from 2013 or so had the supply reach about 100mln Peercoins in about 40 years, today we know that at current POW difficulty and 1% POS rate we will struggle to get to 40mln Peercoins in 40 years. The development of ASIC architecture was quite impressive over last couple of years and is it added competition on the Bitcoin side, it significantly lowered the Peercoin supply forecast by raising the POW difficulty.
I believe that the percentage reward can be used to strengthen the backbone design of the Peercoin, and just like any other interest rate can be changed from time to time. That could be aligned with some particular timeline (like every year or so) or with releases of new clients that force hard forks anyway. We should have some guidelines in place that would limit an increase or decrease of the minting reward for a specif period. As an example, we could come to a concusses that it would never be lowered or increased by more than 1% a year and it would never go below 1% and above 10%.
Even now as our yearly reward rate stands at 1%, the true yearly supply increase is way below that. Every time we have a transaction on the network the minting accumulation days for that transaction are destroyed. There are not enough POS blocks to cover every transaction out there, and the over all return for minters is way below the 1%.
Increasing the reward now would not only increase the Peercoin supply over the long run, but would also add to stability and security with higher number of running nodes, it would make it more attractive to long term investors and it would clearly distinguish itself as backbone or SAVINGS currency vs BTC’s gold or LTC’ silver comparisons.
If peercoin changes into something else (some other altcoin with other properties than peercoin) than I call it quits and sell everything.
This is BS :’(
Not a good time now.
Not a fan off that idea. If i recall correct sunny choose 1% because thats how much the gold supply increases every year and i really like that idea. The amount of coin supply has no absolut limit but there is no risk off serious inflation. A variable band of 1%-10% just asks for trouble in the long run.
Everyone knows more nodes more security. But do we need, and can we afford to make more nodes on-line at present,
at the expense of increasing the inflation rate of PPC? And I think the inflation rate is a very critical parameter for the ecosystem of PPC as a currency and should only be changed with utter most care and when absolutely necessary.
To be honest, current numbers of users and devs involved are very low and the price of PPC is very fragile. Although many nice work has been done in ppc-core and peerunity, I think there are many good features out there to be explored yet. Maybe we should be more patient and give more time to Sunny and other devs to progress forward, to form a bigger user base, slowly but steadily? I think eventually we will accumulate enough momentum to fly.
Increasing the reward to 2% is not a real incentive. You just have to open your wallet from time to time.
wee, a poll! haven’t seen one of these in a while ;D
High interest-rate proof-of-stake coins are coins only for nerds.
Once crypto reaches out to everyday users, most people will want to buy a few PPC simply as a diversification to FIAT savings, just as people buy a few silver or gold coins. Most won’t care about minting, because it will be widely known that it’s hard to find a block when you have fewer than 100 or so coins. They will just accept that some large holders will be rewarded a tiny 1% on their stakes for running the network.
See the opposite example, Xcoin/Darkcoin/Dash, the instamined ever-renaming currency, which had its total supply cut from 84 million to 17 million.
High Masternode rewards are one of the things that keeps me away from buying Dash. If you can’t afford to spend $8000 to buy 1000 Xcoins/Darkcoins/Dashcoins, then you are effectively p***ed off, because you can’t run a Masternode to cash in on the high rewards. Now you could argue that Dash was more successful than Peercoin over the last two years, but that was because of more marketing and more new features, not because of the high Masternode rewards. Look at their distribution, there are many addresses with just over 1000 coins, and then it drops off drastically.
Everything is relative. With a price of $ 1,000 per PPC, 1% of mint enough.
I am not an expert fiat currencies, and cryptomonete, but I think the main goal is to create a much expanded decentralized network, this can be also encouraging mining, as mining, more people, more transactions; tie mining and transactions with low extraction costs.
I think this may allow the development of a distributed network, decentralized, with many transactions and nodes …
sorry for my English, I use google translate. :