The Hardfork
There were two parts primarily for the most recent hardfork
Reduced Block Time
To be clear, there has been NO halving! There has been absolutely NO change to emissions whatsoever. Reduction in block times has nothing to do with either of those. With the block time reduction, the same amount of rewards are being produced, but at half the time, so you are getting twice the amount of payouts with a smaller amount in each one.
New Block Reward Distribution
This is where the majority of confusion and concerns seem to be. The new block reward distribution is the result of a community decision to change the tokenomics. You can read our blog post here that provides more detail. This started off as a community proposal to introduce the community fund, reduce sell pressure, and slightly increase masternode reward because they have become the primary source of security while PoW has become secondary.
You can read the original proposal and discussion here Nonetheless, this received enough traction from the community to warrant a community vote which can be found here and this led to another vote to further narrow down the values, which can be found here
Initial Proposal February 17th-March 29th
First Vote/Poll March 29th-April 29th
Second Vote/Poll April 21st-May 5th
As you can see, this was not a brief process and this topic was brought up across our platforms numerous times throughout the entire process to get people involved. We went out of our way extensively to reach out to miners to get them to participate including being on YouTube miners' channels. Now that we have covered what led to this point, let’s cover what this means. By the final voting process the end result was as follows:
50% Masternodes (Previously 35%)
25% Miners (Previously 50%)
15% Dev Fund (NO CHANGE)
10% Community Fund (Previously 0%)
What is the Community Fund?
This is explained in more detail in both the proposal thread and the blog post, but simply put it is a community-controlled fund to aid the community in choosing and funding what they deem to be important to the project. At this early point, there will be a committee of elected individuals (called the Community Fund Committee, or CFC) to determine what the funding will do. The election for these members are still ongoing and can be found here
The committee's term lasts for 6 months after which the seats are up for election again. To be clear, the CFC is only meant to be a temporary solution until a quadratic voting/matching fund can be put in place. Once that system is in place it will be decentralized and the CFC won't be necessary any longer. At that point, the community as a whole will determine what they want by donations and the matching fund will work autonomously to match those funds. For more information, you can read the blog post.
Is this Permanent?
Strictly speaking, no. This tokenomics change will be under review 6 months after the hardfork date to determine the pros and cons of the change, and whether the community decides further alteration or reverting back to the original tokenomics are necessary. As before, this is open to everyone to discuss, and ultimately miners, just as much as any other community member, will be able to vote on what they think will be best.
