Waves (WAVES) has announced a move to a self-regulating monetary system that’ll allow the community to determine the reward for block generations and the cryptocurrency’s supply.
According to a recently published blog post, the company detailed it’s upgrading its protocol version Node 1.1, which will see block rewards increase if network participants agree on doing so. The post reads that every generate block will add 6 WAVES to its circulating supply, which was capped at 100 million WAVES.
It adds that each period of 100,000 blocks – around 69 days – can see network participants increase or decreased rewards by 0.5 WAVES, or leave them unchanged. This new model could benefit those securing the network, as it allows them to express their preference to increase their revenues.
The organization’s blog post reads:
The reward can be changed in increments of 0.5 WAVES at a time. For the reward size to be raised or reduced, over 50% of all block generators will have to vote for it. Otherwise, the reward size will remain unchanged for the next period.
Earlier this year Waves saw its price surge ahead of the release of the Node 1.0 update, which came with a new programming language called RIDE that started enabling the development of decentralized applications on the WAVES blockchain.
In May, the company revealed it was working on improving its decentralized exchange (DEX) for it to become a “standalone, trading-focused product.” Its developers have added support for Ethereum’s ERC-20 tokens to it.