First, I am a backer of XGR all the way. In the top 20, I've mined it, I've bought it, and I've put my faith behind it. This is not FUD, it is just my own confusion, which admittedly happens quite often.
Up until now, I've never really closely examined the numbers, and now that I have, I could use a little clarification from someone that knows what they're talking about. Perhaps what I need is a class on how the blockchain works. I am unfamiliar with how coins get minted after the POW phase(if they do at all), I am still very new to crypto, and I am not an accountant or finance major so if it could be explained in as simple of terms as possible, that would be great.
according to block reward structure from op...
up to block 100 = 10,000 coins (100 blocks x 100 coins/block)
up to block 500 = 120,000 coins(400 blocks x 300 coins/block)
up to block 10,000 = 5,700,000 coins(9,500 blocks x 600 coins/block)
up to block 50,000 = 12,000,000 coins(40,000 blocks x 300 coins/block)
up to block 100,000 = 5,000,000 coins(50,000 blocks x 100 coins/block)
I'm not against the premine and understand its importance to XGR, and I know this isn't that important, but correct me if I'm wrong, due to the premine and according to the block explorer, the first couple lines should be changed as follows...
up to block 1 = 1 coin (1 block x 1 coin/block)
up to block 2 = 4,000,000 coins (1 block x 4,000,000 coins/block)
up to block 100 = 9,800 coins (98 blocks x 100 coins/block)
up to block 500 = 120,000 coins(400 blocks x 300 coins/block)
up to block 10,000 = 5,700,000 coins(9,500 blocks x 600 coins/block)
up to block 50,000 = 12,000,000 coins(40,000 blocks x 300 coins/block)
up to block 100,000 = 5,000,000 coins(50,000 blocks x 100 coins/block)
According to these numbers, a total of 26,829.801 coins should have been mined through the end of POW.
Now, this is where my blockchain confusion/ignorance kicks in, so bear with me. According to the block explorer, the total coins minted is approx. 16,754,250. I noticed this number fluctuates. Is this due to trading and/or movement between wallets, or something else?
Why is there a discrepancy of 10,075,551 coins between total POW coins(26,829,801) and total coins minted(16,754,250) according to block explorer? Where are these extra coins? Does this have to do with how the coins are stored, traded, staked? I am clueless here.
The block explorer also has a pie chart on the stats page which shows the stats of total coins mined 16,754,250 and the total of unmined coins 11,245,750, which adds up to 28,000,000 coins. These numbers move, but will always add up to 28,000,000. How do the unmined coins become mined coins and vice versa? Also, where does the total of 28,000,000 coins come from?
This may be a more related to how the POS/blockchain works, but still, I am curious. There have been almost 9000 blocks added to the explorer since block 100,000 was mined, are these from transactions/trades? How does a new block get created, and how does this tie into the total amount of coins?
Now, lets look at an older block, a random block, for example, block 1977. Value out=9185.33474637, transactions=19. How does the value out get to be 9185.xxx?
I guess, to sum it up, if my other questions don't make sense, or can't be answered individually, what I would like to know is how does it work? Can someone show me how all these numbers(POW, POS, premine, interest, stake, or whatever bit I'm missing) add up to 40,000,000 total coins?
I'd be willing to bet that a good explanation would be beneficial to a lot of people here. As simple as possible, nothing too in depth.
I apologize for all the potentially stupid questions. Please let me know if I said or asked something that is confusing, or doesn't make sense at all.
Thanks.
Hi CryptoJJ! You are correct. I should change the block reward structure according how blocks generated. And now, to explain the difference in numbers. POS started at Block 1, therefore, POW and POS blocks generated after one another, which means almost every 2nd block was a POS block! But, according to the source (program) POW block generation stop at block 100k. So as POS blocks "took" away places from POW blocks, rewards did not generated as it was written in the OP.
At block 100k there was around 16 mill coins out instead of 28 mill. It is not an error, it is how things are now.
How the rest of the coins will be mined? Through POS rewards, which means, the rest of the coins will be given out by the 10% annual interest, which means in every year coin count will increase with 10%, so next year will be 17,6 mill coins in circulation, in 2016 there will be 19,36 mill and so on, till we reach the 40 mill maximum coins, where we settle down.
To keep up the interest for this coin, I am contacting some existing multipools to consider adding XGR to their range.
