Bitgesell, a project which takes the BTC blockchain and improves it, will complete its first ever halving tomorrow, March 28<\/i><\/b>th<\/i><\/b>, 2021.<\/i><\/b><\/p>\n
Bitgesell announced today that it will successfully complete its first ever halving \u2013 reducing the block rewards on its\u2019 BGL blockchain by half. This will be the first block reward halving since the genesis block was mined in April 2020 giving rise to the revolutionary \u201cnew digital gold\u201d currency.<\/span><\/p>\n According to <\/span>Coinmarketcal<\/span>, a halving countdown calculator, the halving will happen at block number 52500 at around 12.00 AM on Sunday, 28<\/span>th<\/span> March, 2021.\u00a0<\/span><\/p>\n Bitgesell<\/span> was founded by Emma Wu, following Bitcoin\u2019s codebase and rectifying the problems and challenges faced by the top blockchain & other proof-of-work (PoW) chains in the past. The blockchain is named after German entrepreneur, Silvio Gesell, who\u00a0 is best known for his forward-thinking writings on rampant inflationary practices & policies and plans to create \u201cexpiring money\u201d.\u00a0<\/span><\/p>\n During the financial depression of 1890 in Argentina, Gesell created a new kind of paper money that would have an expiration date. To avoid expiration, the bills would have to be periodically stamped for a fee. No new stamp meant that the bills would become worthless \u2013 such that storing or saving this money makes it worthless.\u00a0<\/span><\/p>\n \u201cSavings, in other words, would have a negative interest rate,\u201d<\/span><\/i> an <\/span>NPR post<\/span> reads<\/span>.\u00a0<\/span><\/i><\/p>\n \u201cOnly by spending or investing it would you be able to avoid stamp fees.\u201d<\/span><\/i><\/p>\n<\/blockquote>\n Similar to Gesell\u2019s vision, Bitgesell employs a unique deflationary asset model that aims to constantly increase the value of BGL tokens. The blockchain has a similar maximum hard cap as Bitcoin \u201321 million BGL tokens \u2013 that will be mined possibly till 2054. However, unlike BTC, the rate at which halving happens on Bitgesell has been cut in four.<\/span><\/p>\n \u201cWhereas Bitcoins halvings occur every 210.000 blocks, Bitgesells halvings will occur every 210.000\/4 or 52.500 blocks,\u201d a Bitgesell spokesperson said. \u201cRoughly one year between each halving instead of four.\u201d<\/span><\/i><\/p>\n<\/blockquote>\n Since the halving, every block mined rewards the miner 100 BGL tokens from 200 BGL token rewards in 2020.\u00a0<\/span><\/p>\n While Bitcoin gains its value from scarcity \u2013 given only 21 million BTC will ever be mined \u2013 Bitgesell aims to make its tokens even scarcer by burning the tokens. According to the spokesperson, over 90% of the transaction fees on Bitgesell will be burnt by the time the last block on the blockchain is mined. This is expected to increase the value of the coin as supply decreases \u2013 probably making it more valuable that the \u2018king of crypto\u2019.\u00a0<\/span><\/p>\nCreated with a Revolutionary Vision<\/b><\/h3>\n
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Bitgesell: Deflationary at the Core<\/b><\/h2>\n