Important information regarding PowShares Blockchain

Technical Specifications

Name: PowShares

PowShares Blockchain, in all its simplicity, goes by the name "PowShares." This moniker encapsulates the essence of this cutting-edge blockchain technology. PowShares aims to revolutionize various industries by harnessing the power of decentralized networks and distributed ledger systems.

Ticker: XPS

The ticker symbol for PowShares, which serves as the primary "short name" for the coin, is an integral component of its identity. This symbol represents PowShares in the world of digital currency, acting as a unique identifier for trading and financial purposes.

Max Supply: 5 Million

The maximum supply of the PowShares coin is capped at 5,000,000, ensuring that there will never be an excess amount in circulation. This predetermined limit guarantees scarcity and helps maintain the value and integrity of the coin over time.

Circulating: <100K

As of the current date, the circulating supply of PowShares stands at less than 100,000 XPS. However, it is important to note that this number will gradually increase over time. With each passing day, more PowShares coins will enter circulation, contributing to the growth and expansion of this digital asset.

Block Rewards

As of now, the block rewards for PowShares are set at 4 XPS per block. However, it's important to highlight that these rewards will undergo a halving event every year. This means that the number of XPS awarded per block will decrease by half during each halving event. This mechanism is implemented to ensure a controlled and gradual reduction in the issuance of new coins over time.

Block Creation

The block creation rate for PowShares is firmly established at one block per minute. It's important to note that this parameter is designed to remain constant throughout the entire lifespan of PowShares. This unchanging block creation rate ensures a consistent and reliable network operation, allowing for smooth transaction processing and overall system stability.

2% Premine

Initially, the project's premine accounted for 1% of the total coin supply. However, it is worth noting that an additional 1% will be allocated for mining purposes, specifically to support the security and smooth operation of the blockchain.

Yearly Halving Cycle

The block rewards for PowShares are set to undergo a halving event every year, precisely every 525,600 blocks. This deliberate mechanism is implemented to gradually reduce the issuance of new coins and promote a sustained increase in circulation over an extended period.

Algorithm: Scrypt

PowShares utilizes the Scrypt algorithm as its chosen method of cryptographic proof, commonly known as Proof-of-Work (PoW). This algorithm facilitates mining through various hardware options including GPUs, CPUs, and ASICs. By adopting Scrypt, PowShares aims to strike a balance between providing a fair and accessible mining process while maintaining network security.
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