Emission
Where does the emission come from?
Nirmata Network has a hybrid PoW/PoS consensus algorithm to secure the network and therefore emission is generated from two distinct sources:
Proof of Work (PoW) mining. PoW mining creates new NiR coins to reward miners for completing the calculation and therefore contributing to the network. 100% of the block reward goes to miners.
Proof of Stake (PoS) staking. PoS staking also creates new NiR coins to reward stakers for staking their funds and therefore contributing to the network.. 100% of the block reward goes to stakers.
Emission specifications
| Emission | |
|---|---|
| Block Time | 30 seconds |
| Block Reward | 1.618 NiR |
| Maximum Supply | ∞ (uncapped) |
| Fee on TXs (flat fee) | 0.001618 NiR |
Emission motivation
Nirmata made the decision to set the block reward relatively low to avoid unnecessary selling price pressure while keeping the chain safe from TX flood. The block reward is fixed at 1.618 NiR per block. We have an uncapped max supply because the assumption that TX flow and its fees would be enough to cover miners' appetite might not be accurate and Bitcoin might become a sad example of this. Having a fixed and slow emission (backed by strong consensus algo) looks like a more safe choice to us.
Why is the block reward just 1.618 NiR?
Nirmata has a unique consensus system in which in order to perform the classic 51% attack, you need to have at least 51% PoW hashrate AND 51% PoS power there can also be other ratios like 20%/90% and so on. This way an attack becomes very expensive, in particular because the purchase of a significant portion of the coins on the market, would dramatically increase the price. If you try to use a small percentage of PoS coins for the attack, then the PoW power necessary for the attack becomes 800% or more. This makes it possible to establish a relatively low block reward and at the same time provide a high security level for the transaction history. The Fibonacci number or the mysterious number of God is 1.618. It would seem that there is nothing complicated about this number, but it is found everywhere. Nature, living beings, and even galaxies are built on the basic Fibonacci number. Some philosophers and scientists believe that this number is the dominant one in the universe, the basic one for the construction of the entire universe.
Premine
The amount Premine 2 178 309 NiR
50% Foundation fund (1 089 155 NiR) Set aside for marketing, partnerships, and ongoing project expenses. This will be transparent and reported.
50% Founders, team members, and contributors (1 089 154 NiR) Coins are reserved for incentivizing current and future team members and contributors. These coins are blocked and cannot be sold or used for staking for a year after the launch of the network.
Conclusion
Most important to us is the long-term security and stability of Nirmata. This ability to generate income to fund the project continuously is a new and exciting possibility. We’ve spent a great deal of time pouring over the numbers and believe this path forward not only assures success for the team, but also for all holders of NiR coins for years to com