Netcoin: Minting / Stake Rewards Block Change coming soon!

Hey all,

As you know (or perhaps don’t know, and are reading this for the first time), we are approaching the 945,600 block for Netcoin.  What that means,is we will be entering the new phase/year of stake rewards.  For those with < 1 million NET, you’ll see your minting rewards % increase.  Those with > 1 million, your minting rewards decrease (but remember, you’ve had all year to take advantage of the higher PIR rates).

These changes were implemented over a year ago after input from the community.  As a quick reminder for some of the folks who are newer to NET (and to minting/staking) you can read the white papers here:

http://netcoin.io/whitepapers/

The PIR change occurs at block 945,600.

We are currently at (time of writing) block 913,227.

This means we have 32,373 blocks to go.

Using an average (past 500 blocks) time of 57 seconds/block, we still have approximately 512hrs left before the PIR rates change.  Simply put:

Approximately 21 days till the PIR rates change for NET!

 

Netcoin PIR Scale:

Netcoin Annual Rates. It is a sliding scale between the values displayed below.

The Timing of Years: is an estimate that depends on the speed of the blocks, which should average roughly 1 per minute.

NET Amount Year 1 (ends Jan 2016) Block # 945,600 Year 2 (ends Jan 2017) Block # 1,471,200 Year 3 (ends Jan 2018) Block #1,996,800
0 10% 20% 20%
1,000 15% 25% 22%
10,000 20% 30% 24%
100,000 30% 35% 26%
1,000,000 80% 40% 28%
10,000,000+ 100% 45% 30%

The number of Netcoins YOU stake determines the Annual interest rate that is applied to the transaction for that reward. This annual rate is then converted to a daily rate and applied to the coins based on their age.