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Important Update: Upcoming Adjustment in Crankk Token Rewards

By January 22, 2024March 26th, 2024Announcement, News, Update

Imminent Reduction in Base Reward: Currently, the base reward for token distribution in our system stands at 0.9132 CRKK for both beaconing and witnessing activities. In alignment with our latest tokenomics proposal, which you can find detailed at, and our ongoing commitment to a sustainable and evolving tokenomics system, we are nearing a pivotal moment.

Trigger for Change:

Our tokenomics strategy includes a carefully implemented decrement function. This function is set to activate once our daily token distribution exceeds the threshold of 43,836 CRKK. We have designed this mechanism with the long-term viability and fairness of the Crankk Network in mind.

Initial Implementation and Monitoring:

The decrement will first be applied when our system records a daily distribution that goes beyond the 43,836 tokens threshold. This initial application is essential for us to monitor and ensure the smooth implementation of our latest proposal. If this initial step proceeds without issues, our automated oracle process will then regularly monitor the distribution on an hourly basis.

What This Means for You:

Upon activation, the base reward for beaconing will decrease by 0.0001 CRKK. As before the total witnessing reward that’s distributed among witnesses is equal to the beaconing reward and the consensus node gets 10% of the beaconing reward. Those remain relative to the base reward. This reduction is a deliberate and necessary action towards achieving our objective of a balanced and sustainable ecosystem. It ensures equitable and fair distribution of rewards as our network expands, aligning with the Crankk community’s long-term vision.

Your Role and Our Commitment:

Your understanding and support are crucial during this transition. We encourage you to stay informed and involved as these changes take effect. Our team is committed to closely monitoring this transition, ensuring minimal disruption, and maintaining transparency with our community.

We are enthusiastic about this new chapter in our journey and are profoundly thankful for your ongoing support and trust in our vision. Should you have any queries or require additional information, please feel free to place your questions in the ⁠💬・crankk-chat

Thank you for being an integral part of the Crankk Community. Together, we are forging a truly extraordinary future.