Block reward and block time


#1

What is block reward and block time?


Expected 1080 Ti performance
Info about the AE currency
#2

Hi @sammy007
The block reward is the amount awarded to the miner for mining a key block. The amount itself is according to the height of the key block as we aim at a little bit slower starting. You can read about it here. Keep in mind that there is a delay of attributing the award - miner receives the reward after 180 blocks.
The block time is the timestamp when the block had been mined.


#3

Once again, What is block time?


#4

Hi @sammy007,

Expected block mine interval is 180s.


#5

So ethereum is 15 seconds block time and AE is 180 seconds?


#6

Hi @sammy007

Although this is technically right, comparing AE with ETH in this regard is very misleading. AE uses Bitcoin NG protocol. It consists of generations. Each generation has a key block and zero or more micro blocks. Key blocks are expected to be mined every 3 minutes, but they do not contain any transactions. Those are included in the micro blocks, that are produced when the current leader decides to, but are limited to once every 3 seconds.

You can read all about AE Bitcoin-NG consesus here.


#7

So reward schedule is specified for key blocks and will be divided between micro blocks or ??


#8

if I read that correctly the key block is the one being rewarded.

The current block leader can create a microblock to fill it with transactions, it can’t have more than 60 microblocks per keyblock. I also think there is some limitation on creating microblocks if no transactions are going into those microblocks.

This means, effectively, you can have transaction being performed and recorded outside of key block boundaries thanks to micro-blocks that are hashed and stored in the current key block’s leader.


#9

What a point of mining microblocks then?


#10

I think you missed the point…
You only create microblocks if you are the key block holder/leader, no one is competing for this, this is an inexpensive operation in comparison to mining. This increments your reward in some networks, not sure if in AE you get paid by the fee of the transactions.

Everyone else is mining the next key block to become the leader and be able to create microblocks, everyone is competing for this, which you get a reward for if you mine the lead block, the reward was 10AE in most testnets but I am not sure what the reward is now.


#11

Key block is 180s, and micro block is 3s. If you send a tx, only 3s needed.
I have calculated, there will be 533.54 mm AE in total. Inflation will be 21% in 2019, and 10% in 2020. All AE will be mined before 2134.


Æternity Inflation Rate
#13

I still don’t think you understand the point.

BTW, Calling scam because you don’t understand it doesn’t make it so.


#14

@sammy007
I am afraid you did not understand the document above.

Miners are rewarded for:

  • mining key blocks - this is the newly mined amount, that increases the total amount of tokens according to the inflation curve. Those are rewarded to whom mined the key block
  • including transactions in micro blocks - those are the transaction’s fees that do not increase total amount of tokens. Those are split 40/60 between miners that mined the previous and the next key blocks

As you can see, miners have a strong incentive both to produce micro blocks and later to mine the next key block on top of the latest micro block. Those percentages are formaly proven to be a sweet point in the Bitcoin-NG paper.


#15

You can also get more info about inflation in https://www.pivotaltracker.com/story/show/158105175 (there is an archive with nice diagrams and a breakup of coinbase rewards according to block heights https://www.pivotaltracker.com/file_attachments/93367062/download?inline=true).


#16

When will an OpenCycle AMD version be available? I’m eager to mine ae.


#17

The fear is that the mining reward is to high. And might cause inflation which will lead to market crash before even governance set in and if governance coming the miners might have accumulated enough coin to give them control over descion making what do you say


#18

What are you talking about ?

  • Token transfers not possible
  • Unresolved and Unexplained Block overwrtiting issue (thread: Overwritten chain )
  • Decision making is already completely skewed towards the miners controlling the chain now

#19

Mining reward is computed accordingly to the expected inflation curve. You can see it expained here. For the whole first year inflation will be 20% and then it goes steeply downwards so miner will not be in control of the decision making process. I’d say that a few miners had mined for a little less than a week now will give them control - that would probably be exaggeration.