CandleFocus Zilliqa cuts monthly mining rewards by 50%, leading to ZIL price surge
2024-10-14
Author: Content Editor
Zilliqa, a blockchain network that supports decentralized applications, has announced that a community proposal to halve monthly mining rewards has passed. This move is seen as a significant step as Zilliqa prepares to transition to a proof-of-stake (PoS) network. The news has boosted Zilliqa's price, with an 8% surge in the past 24 hours. Zilliqa is currently on a practical Byzantine Fault Tolerance (pBFT) consensus protocol but also uses a proof-of-work mechanism for node identities and shard generation. The halving mechanism, implemented as a result of a decentralized governance vote by gZIL holders, will reduce mining rewards by 50% each month, starting in October 2024, in preparation for the transition to Zilliqa 2.0. The surplus ZIL tokens generated by the halving will be used for community-driven initiatives and to support gZIL holders and the Zilliqa community. Despite recent price surges, Zilliqa remains significantly down from its all-time high in May 2021.
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