Conflux Network Announces Plan to Adjust Basic Reward and Inflation Rate

02/21/2023 14:40 • Crypto & Markets • 84 views

According to the news on February 21, the voting result of the Conflux Network CIP-94 proposal will be activated at block 154536000 (expected at 20:00 on February 22, 2023). At that time, the PoW basic reward will be adjusted from 2CFX to 1CFX, and the PoS basic inflation rate will be adjusted from 4% to 4.08%.

The basic award of Conflux PoW will be adjusted from 2 CFX to 1 CFX. The proposal will be activated on the chain tomorrow

Interpretation of the news:

Conflux Network, a decentralized network that aims to provide a high-performance platform to support large-scale decentralized applications, recently announced its plan to adjust the basic reward and inflation rate of its Proof-of-Work and Proof-of-Stake consensus mechanisms. The decision was made through the Conflux Improvement Proposal (CIP-94) that involved the network’s community stakeholders.

According to the news released on February 21, the voting result of the CIP-94 proposal will be activated on February 22, 2023, at block 154536000. At this time, the basic reward for PoW mining will be adjusted from 2CFX to 1CFX, while the basic inflation rate for PoS consensus will increase from 4% to 4.08%. The changes are expected to impact the network’s overall performance, security, and incentive structure.

The main motivation behind the CIP-94 proposal is to balance the emission schedule of CFX, Conflux Network’s native token. By reducing the basic reward for PoW mining, the network could effectively control the issuance of new tokens and prevent inflation. Moreover, by increasing the inflation rate for PoS consensus, the network aims to promote staking as a viable and profitable option for its token holders. This move could enhance the network’s security and decentralization, as more users participate in network maintenance, governance, and development.

Conflux Network’s decision to adjust its basic reward and inflation rate is part of its long-term strategy to become a sustainable and efficient blockchain platform. The network has been gaining traction lately, as it provides high throughput and low latency, enabling developers to build faster and cheaper applications. The platform leverages a novel consensus mechanism called Tree-Graph consensus, which combines the benefits of both PoW and PoS. The network aims to serve as a bridge between different blockchain ecosystems, and it has established partnerships with several leading companies and research institutions.

In summary, Conflux Network’s CIP-94 proposal to adjust its PoW and PoS basic reward and inflation rate is a significant move that could shape the network’s future. By balancing emission and promoting staking, the network hopes to attract more users and developers, while maintaining its security and decentralization. This decision reflects the importance of community participation in shaping blockchain protocols and highlights the potential of Conflux as a promising blockchain platform.

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