You might have noticed that NKN’s Mainnet has started the genesis block already at 13:10:13 UTC on June 29th, 2019. The main reason is to ensure a smooth Mainnet launch at 04:00:00 UTC on July 1st, 2019, so we started the bootstrap process a day and a half earlier. The seed nodes on Mainnet are run by NKN project, and will phase out when more community nodes join in the next few days and weeks.
So what will happen to the NKN tokens mined during the 40 hours between June 29th and July 1st? These tokens will be donated to a Mining Bonus Address (MBA) which is NKNaaaaaaaaaaaaaaaaaaaaaaaaaaaeJ6gxa. The Mining Bonus Address is a special NKN wallet address that can transfer tokens into it but not out from it, like a deposit-only account. It is intended to provide additional mining rewards to NKN miners. The tokens in MBA will be distributed to miners to increase normal mining reward over long periods of time. Any token transferred into MBA will be added to extra mining rewards starting from the next mining year (1,576,800 blocks), with each year releasing half of the tokens remaining.
Note: We are not changing the original mining schema or the token release schedule. Any rewards that come from the Mining Bonus Address are extra.
With the Mining Bonus Address, we have a mechanism both to boost NKN network expansion in the short term, as well as improve attack resistance over the long time and especially after 25 years when original mining completes.
Initially, the NKN developers and NKN foundation will donate to the Mining Bonus Address. But any individual or organization is welcome to donate to the Mining Bonus Address.
P.S. Quiz: why the hour:minute:second was “13:10:13”?
|
|
|
|
|
Answer: It stands for N:K:N. We mapped the alphabet into numbers sequentially. If letter A is 0, then letter N is 13 while letter K is 10.