SysCoin changes

From the SysCoin team blog post:


As communicated earlier the total coins are being reduced from 2bill (max, ever) to 6.68mil (6688630 to be exact). This means the current supply will convert at a ratio of 299.4 SYS1 to 1 SYS2. The conversion will occur by importing your SYS1 private key into your SYS2 wallet. There is no time limit for the conversion. If you coins are on exchange the conversion should happen automatically. Also Syscoin 2.0 features a new burning/inflation mechanism tied to how heavily the special Syscoin services are used, when blocks are not fully filled the fees are burned increasing scarcity, but as usage picks (and blocks fill up) up an inflation mechanism kicks in- we’ll be posting a followup blog with more details on this prior to launch. This burning/inflation mechanism was designed specifically to scale with transactions per second (TPS) so that once we achieve VISA-network level TPS the design of this mechanism will allow us to scale the Syscoin services.

Mining is also being modified in this release. In addition to switching from merge mined Scrypt algo to merge mined SHA256 (bitcoin) algorithm we’ll also be reducing the block rewards because Syscoin is constantly merge mined. The rewards will start at 8.25 coins per block and will half every 7months (314,159 blocks).


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