Satoshi Nakamoto is God and Bitcoin’s design is perfect. Or is it? There’s one feature of the protocol that keeps bugging me: the Halvening (halving, whatever). I’m sure Naka thought this over. His first Bitcoin must have had an incremental reduction of the supply per block. But the final design, the one we know, cuts the block reward in half only after every 210,000 blocks (every four years). Obviously, this decision had a tremendous impact on price action, volatility, and adoption. Unfortunately, it’s not the best supply scheme. Let’s explore.
Halvings
Bitcoin, as we know it, has a supply schedule adhering to the following hard coded rule:
The mathematical formula of the supply decrease.
For the non-mathies, this is the sum (Σ) of all the new coins supplied per block from launch till 32 halvings into the future. During the first 210,000 blocks (i=0) the block reward was 50 (50/(20) = 50/1 = 50). The first halving follows (i=1) and the block reward for the next 210,000 bl
We współpracy z: https://bitcoinmagazine.com/technical/satoshis-mistake
