Backpackercoinhas moved a step forward towards full decentralization. We are introducing thisnew hard fork which would improve the current blockchain in various ways. Wehave upgraded the codebase to make the Backpackercoin blockchain more stronger,faster and reliable. This is proof of our commitment towards turningBackpackercoin into a major network with higher transaction capacity andpractical real-life use.
This makeover has so many changes that this article won't be able to cover them all. Hence, we will talk about some of the most impactful ones.
Now our users can enjoy at least 30% quicker transaction speeds. To make it better we have also increased the block size to 4 MB, so more transactions will fit into a single block, hence improving the rate of Transactions per Second (TPS).
With this hard fork we have reduced the circulating supply without burning the coins. The current supply which was 6,769,914 has come down to 4,476,380. Rather than burning the coins, whatever pre-mine coins we had, are now back into blockchain, and are meant to be minted in future via staking. We believe that the less circulating supply will lead to an increased price.
We have introduced a new reward structure, which is technically not halving, but better. Now after every 2 years (every 100000 blocks) the block reward will be reduced by 25%. We tried to keep the curve smooth, the chain will emit less coins hence providing favorable conditions for a price rise.
We firmly believe that these major updates would open more possibilities and enhance the user experience. We are continuously striving to make Backpackercoin a global blockchain and would need all the support from the community to help us realize this goal.
New Mining Reward Details
Mining awards are as under:
Block 1 to 100 : Premine 4000000
Block 250000 to 1249999 : Reward 5 BPC per Block
Block 1250000 to 2249999 : Reward 3.750000 BPC per Block
Block 2250000 to 3249999 : Reward 2.812500 BPC per Block
Block 3250000 to 4249999 : Reward 2.109375 BPC per Block
Block 4250000 to 5249999 : Reward 1.582031 BPC per Block
Block 5250000 to 6249999 : Reward 1.186523 BPC per Block
Block 6250000 to 7249999 : Reward 0.889893 BPC per Block
Block7250000 to 8249999 : Reward 0.667419 BPC per Block
Block8250000 to 9249999 : Reward 0.500565 BPC per Block
Block9250000 to 10249999 : Reward 0.375423 BPC per Block
Block10250000 to 11249999 : Reward 0.281568 BPC per Block
Block11250000 to 12249999 : Reward 0.211176 BPC per Block
Block12250000 to 13249999 : Reward 0.158382 BPC per Block
Block13250000 to 14249999 : Reward 0.118786 BPC per Block
Block 14250000 to 14515937 : Reward 0.089090 BPC per Block
Block 14515938 :Reward 0.066817BPC per Block