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Will there be unlimited issuance of Elastos (ELA) coins?
Elastos (ELA) is a native cryptocurrency with a capped maximum supply, subject to ongoing issuance and adjustments based on block rewards, burn mechanisms, and ecosystem milestones.
Jan 05, 2025 at 12:47 pm
Key Points:
- Elastos (ELA) is a cryptocurrency native to the Elastos ecosystem, a blockchain-based platform for decentralized applications (dApps).
- ELA serves multiple roles within the Elastos ecosystem, including governance, transaction fees, and ecosystem development.
- While ELA does have a maximum supply, the exact amount is subject to change based on certain factors and milestones.
Understanding Elastos (ELA) Coin Issuance:
Maximum Supply:
- ELA has a maximum supply capped at approximately 33 million coins.
Initial Coin Offering (ICO):
- During the ELA ICO in 2018, 27 million coins were issued, distributed to token purchasers.
Ongoing Issuance:
- Additional ELA coins are issued through block rewards to operators of Super Nodes and Carrier Nodes within the Elastos network.
Factors Influencing Issuance:
Block Rewards:
- Elastos nodes receive ELA rewards for processing transactions and maintaining the network.
Burn Mechanism:
- A portion of ELA transaction fees are burned, reducing the circulating supply over time.
Ecosystem Fund:
- 10% of ELA transaction fees are allocated to an ecosystem fund, which can be used to support developer grants and other initiatives.
Future Issuance:
Milestone Thresholds:
- The rate of ELA issuance through block rewards is adjusted based on specific milestones achieved by the Elastos ecosystem.
Governance Decisions:
- The ELA community can propose and vote on changes to the issuance scheme through the Elastos DAO.
FAQs:
Will there ever be more than 33 million ELA coins?
- Theoretically, it is possible that the maximum supply could be increased through a community vote.
Can I participate in running an Elastos node and earn ELA rewards?
- Yes, you can operate a Super Node or Carrier Node on the Elastos network and be eligible for block rewards. However, requirements and technical expertise are necessary.
How does the burn mechanism affect the long-term value of ELA?
- By reducing the circulating supply, the burn mechanism can potentially increase the scarcity and value of ELA coins over time.
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