Hassan Maishera
On Monday, the Zilliqa team announced via a blog that the Zilliqa network has implemented a halving mechanism for block rewards earned by miners. This reduces mining rewards by half monthly to align with the network’s shift to Proof-of-Stake with Zilliqa 2.0.
The change was implemented in line with Zilliqa’s decentralized governance protocol. On September 28th, the proposal was published for public voting, allowing gZIL holders to vote on whether it should be implemented. By the time voting closed on October 12th, more than 97% of voting power favored implementing the halving mechanism.
The halving of mining rewards aligns with the ongoing development and future migration to Zilliqa 2.0, which will forgo Proof-of-Work in favor of a consensus built on Proof-of-Stake.
Zilliqa (ZIL) is one of the world’s first blockchains being built on a sharded architecture and features smart contracts written in the platform’s proprietary programming language: Scilla. ZIL is trading at $0.01548, up 3% in the last 24 hours.
