SmartRewards = Pyramid?


#1

Hi,

It’s an inflammatory Topic Title - i do apologise :slight_smile:

i’m trying to understand how the SmartRewards can work in the long-term. It looks like there’s a finite amount of SMART, 5 billion. What happens when this approaches?


#2

The coins dedicated to SmartRewards are the share of new blocks from mining. (for examle in bitcoin new blocks from mining go to miners in full) This share is getting lower and lower each cycle - the reward for new block generation decreases. Eventually in far future miners would earn more by commissions rather than from generating new blocks. SmartRewards rate will be much much lower than currently. SmartRewards also directly depends on the total amount of all holders.


#3

Thanks. How long does it look like before all the coins are mined?

Also, with a comparatively low reward for miners, as it becomes more difficult to mine (i presume?) what will entice people to continue to mine? I see that you promote mining as something that anyone can do on any device, do you have any information on how long it would take for someone to mine [amount] on, i dunno, a fairly standard i3 or i5 or so PC with a modest video card?


#4

These questions may be addressed to developers or guys from support hive. I heard that all coins won’t be mined during our lifetime.

Mining costs are balanced with demand for SMARTs. Currently, we expect SmartNodes to come out - technology with proof of stake algorithm that would make mining more energy efficient and smooth. It would allow instant payments.

As for current mining stats, I don’t know for sure. You may estimate it here: http://whattomine.com/coins/197-smart-keccak

Although the numbers wouldn’t be exact - difficulty changes constantly.


#5

Thanks for the info :slight_smile: