2023 Halving (Reward reduction from 1,500 to 750 WEBD per block)
July 7th, 2023
The halving happened on July 7th, 2023, at 11:51:10 UTC
What is Halving?
Validators, by staking their holdings, are rewarded for each block added to WebDollar blockchain, using a Proof of Stake algorithm. When WebDollar started, block reward was 6,000 WebDollars per block.
After an initial forced reward reduction (double halving from 6,000 to 1,500 WebDollars per block), at block 2,158,001 on April 16th 2021, halving is now programmed every 1,576,800 blocks (about every 2 years, giving an average block time of about 40 seconds).
The 2023 halving reduced the reward from 1,500 to 750 WEBD per block, at block 3,734,800 on July 7th, 2023.
Why a halving event?
WebDollar was designed to be a deflationary cryptocurrency. The issuance of WebDollars will decrease and become scarcer over time.
With a halving event every 1,576,800 blocks (about 2 years), the WebDollar total supply is limited and thus WebDollar can be used to beat inflation.