Tokens for Dual PoS Consensus Rewards
There are 10% of total token supply for PoS Consensus rewards
Before discussing about block rewards, it is important to know the latest specifications of Gitshock Networks developed by Gitshock Labs.
Block Time : 3 seconds
Gas-Fee range : 20-35 Gwei
Latency : 2-5 s
Tx/second : 200 tx/s
Based on the latest block time design (3 seconds), we can calculate new blocks as follows:
| Gitshock Chain (EVM) | Neware Chain | as dual chain combined | |
|---|---|---|---|
Block time | 3 s | 3 s | |
New Blocks/day | 2,880 | 25,920 | 28,800 |
New Blocks /year | 1,051,200 | 9,460,800 | 10,512,000 |
Number of Validators | 10 | 90 | 100 |
Bonded tokens | 25,000,000 | 225,000,000 | 250,000,000 |
New Blocks Generated in 10 years
There will be a constant additions of blocks for every new years. Based on 3 seconds block time, the total new block on dual PoS must be ~ 10,512,000 blocks every year since the first day of mainnet.
Dual Proof of Stake Block Rewards System
The Dual PoS rewards pool will be rewarded for valuable Validators (88), network keepers (5%) and Gitshock Treasury (7%). The Proof of Stake consensus will be affecting on the birth of new coins from the Proof of Stake Rewards. The validators will receive their validating rewards directly from Proof of Stake Rewards pool. The transaction fees occurred by network users on the chain will go to Gitshock Treasury and will be used to power the ecosystem and if the staking rewards pool is almost empty it can be added to the pool rewards.
There will be several factors that will affect the amount of Block rewards that must be delivered to validators, treasury and network guards. They are gas price and gas tracker. Currently the gas cost for regular transactions in Gitshock Networks is 21,000 and the gas price is 20 gwei. Assume that there are 100,000 daily transaction on chain rom this data we can calculate the rewards for block validating.
| Daily Transactions | Gas Price | Gas ammount | GTFX rewarded/day | Est. Annual Rewards |
|---|---|---|---|---|
100,000 | 20 gwei | 212,500 | 425 | 425,000 |
1,000,000 | 20 gwei | 212,500 | 4250 | 1,551,250 |
The amount of annual rewards can be diverse, based on the parameter above. There are several unique terms for keeping the health of the supply each year.
Every 1 year block (10,512,000), it will be a default reward reductions, by reducing 2% in gas amount, to prevent over producing rewards*.
*However these default system can be changed by the DAO proposal for the sake of effective democracy.
If we keep reducing rewards each year for 10 years on a constant annual transaction ammount. we can project the annual token releases as follows.
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