OK Giveaways on Discord during OK Block halving Day!
Okcash was designed as a deflationary currency. Like gold and Bitcoin, the premise is that over time, the issuance of OK coins will decrease and thus become scarcer over time. As Okcash become scarcer and if demand for them increases over time, Okcash can be used as a hedge against inflation as the price, guided by price equilibrium is bound to increase.
What is a block halving event?
As part of Okcash’s coin issuance, miners/stakers are rewarded a certain amount of Okcash coins whenever a block is produced (approximately every 69 seconds).
When Okcash first started, 2000 OK coins per block were given as a reward to PoW miners. After the block number 33,186 PoW evolved to LTSS PoS and halvings have been ocurring at different time schedules taking in consideration 501,257 blocks per year, the block reward halves and will keep on halving until the block 27,589,135 (last halving approximately by year 2070).
Who controls the issuance of Okcash (OK coins/tokens)?
The network itself controls the issuance of OK coins/tokens, derived by consensus through all Okcash participants. Ever since Okcash was first designed, the following consensus rules exist to this day:
- 105,000,000 OK coins to ever be produced
- Target of 69-second block intervals
- Halving event schedule based on 501,257 block/year. (approximately every 1,2,10 years)
- Block reward diminish continually every halving event until block 27,589,135 (approximately by year 2070)
- Last OK coins are expected to be mined/staked approximately by year 2148)
Any change to these parameters requires all Okcash participants to agree by consensus to approve the change.