The Gelaxy team is ahead of schedule encoding all of the changes necessary to implement the tokenomic modifications as determined by the Cyber Republic Council. The modifications, which passed through Cyber Republic Consensus in mid-January, were originally constructed by council member Yipeng Su in proposal 36 (Proposal to Refactor the Supply of ELA).
Su’s proposal establishes a disinflationary token emission model which parallels that of Bitcoin by halving block rewards at 4-year intervals, and setting a maximum supply cap of approximately 28,200,000 ELA to be reached in the year 2105. At this stage, it is projected that transaction fees alone will be sufficient to properly compensate nodes in the Elastos ecosystem.
However, a number of modifications are also being implemented in the near-term which will make ELA more scarce by virtue of reducing both nominal and real inflation. In the upcoming release of ELA Version 0.7.0 Node Program, the Gelaxy team will be implementing all relevant tokenomics modifications in addition to enhancements designed to further decentralize Elastos hybrid AuxPow + DPoS consensus. Below are all such modifications and the quantitative effects they will have on Elastos ecosystem tokenomics:
- Gelaxy has revised the baseline calculation for the flat 4% ELA inflation rate from 33,000,000 to 20,000,000. This revision will take effect at block height 919,800 – to be mined on June 07, 2021. At this block height, ELA rewards received by AuxPoW miners, DPoS supernodes, and the CR Assets wallet address will decrease.
- Gelaxy has revised the annual ELA inflation rate from 4% to 2%. This revision will take effect at block height 1,051,200 – to be mined on December 10, 2021. Thereafter, the ELA inflation rate will be halved at four-year intervals.
- Gelaxy has Implemented a random node selection function. For every 10 rounds of DPoS consensus (approximately 360 blocks), one supernode will be selected at random from the DPoS candidate node pool. This implementation will take effect at block height 932,530 – to be mined on June 25, 2021.
- Gelaxy has added a new feature for the period when new CR Council members claim their nodes in which 36 DPoS supernodes will temporarily sign blocks. This feature will take effect at block height 932,530 – to be mined on June 25, 2021.
- Gelaxy has added and implemented functionality for 36 DPoS supernodes to be responsible for cross-chain block generation and CR proposal uploads. This feature is presently live.
It is recommended that exchanges, mining pools, and DPoS nodes complete this node upgrade on or before May 21st, 2021. For more information, please refer to the following resources:
Manual Node Upgrade Steps:
- Download release_v0.7.0 version node program
- Upgrade Node Program
- Start Node