Shift: Block Reward Decrease
As scheduled, on July 2nd the block reward for delegates that successfully forge blocks shall be lowered from 1.1 SHIFT to 0.9 SHIFT. Thanks to an active discussion and vote among our delegates, we have also reached a majority consensus about how the project will be self-funded: the 0.1 SHIFT that formerly was added to the initial 1.0 block reward to support voluntary donations to the Shift Project has now been replaced by a hardcoded reward of 0.1 SHIFT to a team wallet, meaning a 9.09% (1.0-1.1 / 1.1) reduction has been implemented, to 1 SHIFT generated per 27 seconds. The scheduled reduction of Shift’s inflation rate, along with the implementation of the hardcoded forging reward donation to the project wallet, will both support Shift’s competitiveness in the market as we execute some of the plans over Q3 and Q4 that shall be outlined in the forthcoming Introductory Business White Paper.
Decreasing a block reward means that miners supporting the cryptocurrency mainnet will receive a lower reward for found block. Typically, the block reward is halved and leads to a decrease in cryptocurrency emission, which can positively affect the growth of its value.
7 brand events
2 exchange events
2 general events
1 hard fork
1 event related to testing of new functions