💻POW Mining
Miners are computing power providers, guardians, transaction verifiers, and smart contract executors of the MVC chain. It provides sufficient decentralization and MVC security for the MVC chain; it is also responsible for verifying each transaction and smart contract, and plays a part of the data storage function, which is the most important part of the MVC ecosystem. The MVC network is open and permissionless to global miners. The MVC miner model is compatible with the Bitcoin miner model, so all miners on the Bitcoin miner network are potential miners of the MVC network.
MVC BLOCK OUTPUT
Block interval: about every 10 minutes
Difficulty Adjustment Algorithm: DAA
Mining algorithm: SHA-256 (BTC\BCH compatible)
Block size: initial upper limit of 4G (later dynamically expanded according to the situation)
BLOCK REWARD
In MVC, the block reward is a reward for the investment of early miners, as well as a subsidy for miners to participate in network packaging transactions under the background of early applications and a small number of users. This subsidy will decrease over time. In MVC's miner economic model, most of the miner's income in the later stage should be composed of transaction fees rather than block rewards.
TRANSACTIONS FEE
In addition to competing for block rewards through computing power on the MVC chain, miners will also obtain corresponding handling fees by confirming and verifying transactions. The transaction fee is linked to the volume of the transaction. The larger the transaction volume, the higher the transaction fee. Although the average transaction fee per transaction may be less than $0.01, the goal of MVC is to carry a large number of Web3 applications and users, so the number of transactions contained in each block will also be a large number of transactions generated by many applications, and the accumulated transaction procedures The fee will also be considerable, and with the maturity of the application and the increase of users, the transaction fee per block will surpass the block reward within a few years and become the main source of income for miners.
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