DDK Halving/Block Reduction

[zmeldg 53]

Staking  is I guess the best thing that ever happened in blockchain and cryptocurrency. Revolutionizing the usual mining of cryptocurrency which require deep technical knowledge and computing power to solve complicated algorithmic puzzle. To better understand the difference between mining and staking, you may refer to the link pasted below:

https://www.tokens24.com/cryptopedia/basics/staking-vs-mining-cryptocurrencies#:~:text=The Advantages of Staking&text=The amount of coins grows,machines to participate in staking.

Understand that although we said staking or proof of stake revolutionize the reward allocation and distribution of incentives to all stakeholders, it has also a share of disadvantages. As mentioned in the article, you automatically lock your funds and can't withdraw if you immediately need it. But I guess this is advantage to majority whose money are just sitting in Banks waiting to be devalued (well this is another interesting topic to discuss). Overall, the advantages of staking outweigh its disadvantage. Literally, staking is making your money work for you while you sleep.

With the DDK, the staking reward and scale was predefined as shown in the image below. As we all notice the rewards is in a descending pattern until all the 41 Million DDKoin are issued or are all considered circulating supply. This pattern is called DDK halving. It is a process  that reduces the issuance rate of the staking rewards at a certain period or block. In the reward scale below, staking rewards which started at 10% reduce by two percent after a year and decreases two more percent every six months until it reached 2% which will the prevailing rate until all DDK are issued. 

The big question is that, WHY IS IT THAT IT WAS IN AUGUST 2018 THAT DDK BLOCKCHAIN MAINNET WAS LAUNCH AND WAS THEN STARTED ISSUING 10% STAKING REWARDS IS STILL ISSUING THE SAME RATE EVEN AFTER NEARLY TWO YEARS (this August 2020)? Is it a misrepresentation on the part of the management? Is the smart contract not delivering what was specified in all documents specifically the whitepaper? The answer is No, the management will never misrepresent and has been true to their commitment in delivering all that was said. The content of the documentation has also been consistent with what is being delivered. Then why was 10% staking reward was extended up to two years and when will the halving or block reduction will really happen?

To answer the question, we have to understand that the period  (one year or six months) reflected in the reward scale for staking should be translated to number of blocks so that halving should happen in very specific time and manner. Before we can answer as to when the next halving is projected to happen, we should learn to translate one-year to a number of blocks. In many documentation it was shown this computation. 

• 1 Block = 10 seconds
• 1 Minute (60 seconds) = 6 blocks
• 1 Hour (60 minutes) = 360 blocks
• 1 Day (24 Hours) = 8,640 blocks
• For 1 Year (365 Days) = 3,156,000 blocks

Hence the 1st DDK Block Halving will  occur once the block reached 3,156,000 block. Please refer to this document:  https://ddkoin.com/documentation/Booklet_ARP.pdf

As of 9:00 PM yesterday (14th of June 2020), the current block is at 2,412,684. That is already 76.45% of 3,156,000 blocks. At the current average daily rate of 0.17% increase in number of blocks, it is expected or projected that DDK Halving will happen in 5th of November 2020. This might possibly change depending on the number of transaction being done by all the stakeholders. Below is the the performance of blocks created and the projection done.

 

 

What is then the possible reason that it took more than two years for the halving to happen? The DDK CORE 1.0 runs a transaction performance of 250 transactions per 10 seconds per block using real-time voting combined with a social system of reputation to achieve the consensus. At the current rate though, the average transaction done per minute is only ranging from 3-4 transaction per minute. I have pasted an example of number of transactions done in 1 minute. Only 3 transactions was done at 10:04 PM, between 10:03 PM and 10:05 PM. We are not therefore maximizing the power of the DDK Core. The main driver therefore is how the community actively transact and make DDK an enticing assset in the crypto world. The power is in our hands. We create opportunities. Although the incoming halving will reduce our gains, it will also reduce the potential circulating supply in the market and we can all work together to create demand and we expect that halving will reduce the supply, then it is a very good formula to increase the value of DDK. In the end, what we have work hard for will be beneficial to all of us. After all,  with DPOS we have simply done staking, voting, gaining and staking cycle. 

Keep staking,

Z

[zmeldg 53]

The expected halving has been extended to Nov 9 from the original projection of Nov 5th, an indicator that we are not maximizing the capability of the blockchain. Fewer transactions have been done

[Iamced 86]

Designed block generation per minute should be 6 blocks (10secs per block).

But as observed, 6 blocks per minute weren't achieve at all times. Sometimes it generating 2 blocks per minute only.

Since halving  need a certain number of height before it take effect which is 3,156,000 and was pre-calculated to be reach in a span of a year, then we could expect that this would take more than the pre-calculated date if the rate of block generation would continue like this.

So for the sake of our own awareness, what are the factors affecting the block generations?

I encourage everybody to share their ideas regarding this matter.

 

[zmeldg 53]

We really need to increase the number of transactions in generating new blocks. More transactions would mean more activities in the blockchain. This can only be achieved if there are more coinholders who will benefit from this technology. Currently, the increase in the addresses being created or new account being created stayed with a consistent and seemingly flat daily growth or rate is almost consistent. This calls for more effort to educate people who will believe in the power of this technology and the underlying benefit if they engage themselves in this unconventional way of financial life. 

Are you all ready to take the challenge? Educate more, stake more!

Z

[Olivierloncin 10]

20 hours ago, zmeldg said:

We really need to increase the number of transactions in generating new blocks. More transactions would mean more activities in the blockchain. This can only be achieved if there are more coinholders who will benefit from this technology. Currently, the increase in the addresses being created or new account being created stayed with a consistent and seemingly flat daily growth or rate is almost consistent. This calls for more effort to educate people who will believe in the power of this technology and the underlying benefit if they engage themselves in this unconventional way of financial life. 

Are you all ready to take the challenge? Educate more, stake more!

Z

I would love to advise my friends to invest into DDK. But where can I find a list of projects based on this technology ?
For too many people, if you limit the interest of DDK to its staking system reward, they will replys saying it's just a Ponzi scheme.
I'd be glad to know how merchants are using DDK to allow payments on their ecommerce website.
Where can I find a list of objective arguments / benefits regarding DDK (in English)  to help me educate people ?

[zmeldg 53]

@Olivierloncin I will not take the liberty to speak on behalf of the management as too the project based on DDK Blockchain but I can share topics written in this forum that may help you introduce the future of DDK to your friends especially potential expansion and 3rd party projects on top of the DDK Blockchain. Please refer to this link below. DDK Management is opening doors as well to the usability and use cases of DDK by introducing merchants who will accept DDK as form of payment. Please check this link too https://ddkoin.com/merchant/list. 

Remember, no one said that DDK is limited to the interest of its staking reward, whoever said it is misinformed and doesn't understand the core of cryptocurrency and DDK is far from Ponzi scheme. I suggest let your friends understand DDK and the technology revolving around it by watching introduction to blockchain.technology and cryptocurrency. This Youtube channel, although has a Filipino touch can guide your friends in their crypto journey. https://www.youtube.com/channel/UCAvZ0uyytGAM8YOMr-kXMDw/featured. The link below the videos directs your friends to a more interesting facts about DDK, blockchain and cryptocurrency. One more broad opportunity available for DDK is through trading, the active part of gaining since staking is somewhat passive. There are ways to earn in trading, earn through the spread, arbitrage and volatility of other altcoins where you can trade DDK. I think the management is so transparent that they have set up a lot of medium in communicating the current events and updates about DDK. Anything outside what i mentioned is not cryptocurrency and should not be entertained even if it involves DDK as a form of payment and promises rewards because it will veer away to the decentralize nature of blockchain. The collective rewards of staking and APR (as long as available) is proven higher than potential promise and is secure, and given as what is written in Smart contract.

After providing information to your friends and allowing them to do their own research with the provided information by the management and they still have reservations, please do not invite them to own DDK because they will not help the community to attend its ultimate objective of making the DDK a valuable asset.

I hope i have provided general information.

 

[Olivierloncin 10]

3 hours ago, zmeldg said:

@Olivierloncin I will not take the liberty to speak on behalf of the management as too the project based on DDK Blockchain but I can share topics written in this forum that may help you introduce the future of DDK to your friends especially potential expansion and 3rd party projects on top of the DDK Blockchain. Please refer to this link below. DDK Management is opening doors as well to the usability and use cases of DDK by introducing merchants who will accept DDK as form of payment. Please check this link too https://ddkoin.com/merchant/list. 

Remember, no one said that DDK is limited to the interest of its staking reward, whoever said it is misinformed and doesn't understand the core of cryptocurrency and DDK is far from Ponzi scheme. I suggest let your friends understand DDK and the technology revolving around it by watching introduction to blockchain.technology and cryptocurrency. This Youtube channel, although has a Filipino touch can guide your friends in their crypto journey. https://www.youtube.com/channel/UCAvZ0uyytGAM8YOMr-kXMDw/featured. The link below the videos directs your friends to a more interesting facts about DDK, blockchain and cryptocurrency. One more broad opportunity available for DDK is through trading, the active part of gaining since staking is somewhat passive. There are ways to earn in trading, earn through the spread, arbitrage and volatility of other altcoins where you can trade DDK. I think the management is so transparent that they have set up a lot of medium in communicating the current events and updates about DDK. Anything outside what i mentioned is not cryptocurrency and should not be entertained even if it involves DDK as a form of payment and promises rewards because it will veer away to the decentralize nature of blockchain. The collective rewards of staking and APR (as long as available) is proven higher than potential promise and is secure, and given as what is written in Smart contract.

After providing information to your friends and allowing them to do their own research with the provided information by the management and they still have reservations, please do not invite them to own DDK because they will not help the community to attend its ultimate objective of making the DDK a valuable asset.

I hope i have provided general information.

 

Thank you very much for these detailed response and insights.
I will go through the links you provided me with.
Should I have a question, I'll get back to you.
I got one just here: do you think there is a plan to increase awareness regarding DDK in Europe or is it more an asian minded project ?... 

[zmeldg 53]

DDK Blockchain is considered public blockchain and therefore it is open to everyone, it is transnational and  borderless. Meaning it can reach any country depending on the education effort of the community. As this is also decentralize it doesn't require any third party who will control your asset.

The key for any successful project for blockchain is the adoption of its strong community so increasing the awareness now shouldn't be left alone as a job of the management, although they still implement programs that will increase awareness and increase stakeholders being handled by DDK foundation, such as but not limited to Bounty contest and ARP 2.0.

The community network has actively spread across a number of countries including Malaysia, Singapore, Cambodia, Vietnam, Thailand, Indonesia, Brunei, Philippines, Japan, Yemen, USA and other countries worldwide. There have been awareness effort done in Europe too but again it will be up to the community, with the support of the management, where and how we wanted to make DDK known to the world.

We personally have signed up relatives in Canada and US and its up to them to educate friends, neighbors and co-workers there.