PlayIconNav
BTC
$99,024.07+0.90%
ETH
$3,316.40-1.77%
SOL
$256.37+0.92%
BNB
$622.72+0.70%
XRP
$1.45+20.98%
DOGE
$0.41510306+8.25%
CD20
$3,298.21+5.62%
ADA
$1.04+28.99%
TRX
$0.20295495+2.94%
AVAX
$41.35+15.77%
SHIB
$0.00002524+2.76%
WBTC
$98,116.99+1.11%
Ad
Markets
Election 2024

230 Million: Ethereum Classic Community Backs Limit on Total Tokens

The community around ethereum classic is planning to putting a cap on the total amount of blockchain tokens that will ever be created.

By Stan Higgins
AccessTimeIconMar 1, 2017 at 4:46 p.m. UTC
Updated Aug 18, 2021 at 5:52 p.m. UTC
Presented By Icon

Election 2024 coverage presented by

Stand with crypto
coins-8

The community of companies and startups supporting the ethereum classic blockchain is planning to put a cap on the total amount of tokens that will ever be created by the protocol.

In a new blog post released today, signatories from the network's development, infrastructure and investment ecosystem threw their support behind a plan to upgrade the network in the coming months. Notable signatories include startup IOHK, which is led by former ethereum CEO Charles Hoskinson, Digital Currency Group, and major mining pools including F2Pool.

VolumeMuteUnmute

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0

    • The plan for the "monetary policy" envisions a limit being implemented, with an eye to start releasing software clients this summer.

    The blog post explains:

    "The new monetary policy sets a limit for the total [classic ether (ETC)] issuance. The block reward will be reduced by 20% at block number 5,000,000, and another 20% every 5,000,000 blocks thereafter. Uncle block rewards will also be reduced. Due to variations in the reward rate of ETC, we anticipate the total supply to be approximately 210 million ETC, not to exceed 230 million ETC."

    Activation of the upgrade could come as early as the fall, and should the upgrade be adopted by network supporters, the block reward decline will begin in December.

    If enacted, the development would mark a significant milestone for the project, which arose from a split in the ethereum community last year.

    Disclosure: CoinDesk is a subsidiary of Digital Currency Group. 

    Image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.