Okcash Block Staking Reward to Halve

The Next Okcash block staking/mining reward halves on block number 1,523,771, which is approximately on March 9, 2018
09 March 2018   596

OK is a hybrid cryptocurrency that started with PoW mining on November 2014 to then turn into a full Proof of stake currency. OK requires 10 confirmations for transactions, the block time is 72 seconds, the staking times are: min 8 hours - max 1 year, and the stakes require 64 confirmations.

According to the official Okcash Block Reward Halving Countdown, the Next Okcash block staking/mining reward will halve on block number 1,523,771, which will approximately occur on March 9 2018 at 20:20:36. The yearly coin percentage reward will decrease from 10% to 5% yearly over the staked coins.

At the moment of press these are the main parameters of Okcash:

  • Approximate block generation time: 72 seconds
  • Approximate blocks generated per day: 1195.020746888
  • Difficulty: 637,311
  • Okcash inflation rate per annum: 10.00%
  • Okcash inflation rate per annum at next block halving event: 5.00%
  • Approximate OK coins generated per day: 10,755
  • Actual Staking/Mining Percentage: 10.00 % / Year
  • Total OK coins in circulation: 73,862,747
  • Total OK coins to ever be produced: 105,000,000
  • Percentage of total OK coins mined: 70.3455%

7 Accounts blocked by EOS BP without Going an Arbitration

EOS is facing another issue just days after its mainnet activation, as the newly elected block producers have frozen 7 EOS accounts on suspicion of being stolen
19 June 2018   51

The backlash began as the block producers did go over arbitration, an integral part of the EOS’s governance system. The critics are certainly questioning the credibility of the project. Jackson Palmer, the creator of Dogecoin and a well-known person in the blockchain industry, questioned the very governance process constructed by EOS and the role of EOS Core Arbitration Forum (ECAF).

The structure of EOS’s governance has been parted into 3 distinct groups - block producers, arbiters, and token holders. This separation resembles the executive, constituency, and judicial, of any governed system respectively. 

On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised. The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.
EOS New York, in their recent post

So, in this case, the block producers did not go with the arbitration, rather they only conferred with them. Then the post added:

Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.
EOS New York, in their recent post

This is not the first problem EOS is facing amid its mainnet activation, as within 48 hours of that, the network suspended because of some bug. Though the error only led to a 5-hour network blackout, that is surely not something the team would have expected.