At 11th of December, the Ethereum Classic hardfork implemented at block 5 000 000.
Today is the day for ECIP 2017! @ClassicisComing
- No Disruptive Halving Events
- Sustainable Token Emission
- Reliable Monetization via Scarcity
- Optimal Total Investment#EthereumClassic $etc #etc https://t.co/QMuWTqgujE pic.twitter.com/48beYHNYUz
— Ethereum Classic (@eth_classic) 11 декабря 2017 г.
Thanks to the implementation of the ECIP 1017 proposal, the predicted total supply of crypto currency will be limited to 210 million coins (and not 230 million, as it was before). Decrease in supply will be achieved through the implementation of the deflationary model of monetary policy. The latter implies a 20% reduction in the reward for the block now, and then every subsequent 5,000,000 units extracted.
Currently, the production rate of 250,000 blocks is about 40 days. Thus, with the same level of network complexity, the next reduction of the award by 20% will be approximately in two years.
According to the developers of Ethereum Classic, such a monetary model is optimal, since it excludes uncertainty associated with "halves" and makes coin emission more stable. This, in their opinion, in the future should favorably affect the exchange value of the currency.