The basic award of Conflux PoW will be adjusted from 2 CFX to 1 CFX. The proposal will be activated on the chain tomorrow
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%.
Interpretation of this information:
The Conflux Network has a new development that will have an impact on its reward system starting at block 154536000, which is expected to activate on February 22, 2023, possibly at 20:00. Following the voting result of the Conflux Network CIP-94 proposal, the PoW basic reward will be adjusted from 2CFX to 1CFX. This means that miners will receive half of what they were initially rewarded for mining on the network. PoW refers to proof-of-work, which is a consensus algorithm used to verify the transactions within the network.
On the other hand, the PoS basic inflation rate is set to increase from 4% to 4.08%. PoS stands for proof-of-stake, which is another consensus algorithm used to validate transactions in the blockchain network. This change means that holders of CFX, the platform’s native token, will be able to earn more rewards for staking. The inflation rate is the measure of the extent to which the money supply is increasing, which means that there will be more CFX tokens in circulation.
The Conflux Network is a public blockchain project created to solve the problems of scalability and high latency associated with other blockchain networks. It uses a tree-graph architecture that sorts transactions in a way that reduces network traffic, making it faster and more scalable. The network also claims to have a higher throughput capacity, meaning that it processes transactions faster than other blockchain networks.
In summary, the Conflux Network CIP-94 proposal that was voted for will result in a reduction in the PoW basic reward from 2CFX to 1CFX following the activation at block 154536000, expected on February 22, 2023, possibly at 20:00. At the same time, there will also be an increase in the PoS basic inflation rate, which will rise from 4% to 4.08%. Consequently, CFX miners will receive fewer rewards, while CFX holders will stand to benefit from increased rewards for staking.
This article and pictures are from the Internet and do not represent 96Coin's position. If you infringe, please contact us to delete:https://www.96coin.com/42748.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.