Many of our community miners are asking the million-dollar question:
What’s next after the initial 10 million NETA are mined from the GetBlok.io Smart Pool?
Hopefully this post will shed some light on what is next, what may be next, and potential endeavors.
The anetaBTC Smart Pool was originally designed to operate on a smart contract with a total supply of 10 million NETA with a bonus 22% extra rewards for miners. The Smart Pool went online on June 11th.
Quickly, it became the hottest Proof-of-Work destination with over 1000 miners at any one point in time and over 1 TH/s of hashrate, many due to the support from YouTube legends Son Of A Tech, Rabid Mining, and community member CW. Smart Pools such as the anetaBTC SubPool has shown the cryptomining community that ERGO provides a phenomenal platform for projects to work together in a cost-effective and productive manner, giving miners a value-added capability in this bear market.
So what’s next? It was always our plan, together with the anetaBTC team, to roll out additional phases of the Smart Pool function for the NETA asset. In summary:
- Phase 2 will commence following the emission of initial 10 million NETA. This phase will extend emission by an additional 5 million NETA (Total 15 million) with a reduced bonus reward of 15% (from original 22%). This makes the total ERG-equivalent reward 115% in NETA.
- Phase 3 will incorporate increased rewards for miners holding NETA Angels. More details of this initiative will be released in due time.
The GetBlok.io team is also actively exploring how Smart Pools can bring external contributors from both ERGO and other blockchains into the ecosystem, further enriching rewards and value-added capabilities for those miners supporting the ERGO blockchain. While we cannot share much further, we can promise you that the future looks extremely bright and innovative in ERGO. Many of the lessons learned in this incredible journey has given us great proof points on what works, and what does not work, in the Proof of Work community.
We are actively developing ways to speed up payment processing, expand the ecosystem of utility tokens and NFTs, as well as partnerships with those who we believe are the future in Blockchain aligned with our mission: “Empower humanity through Blockchain”.
What happens when the 15 million NETA allocation is exhausted/mined?
If the total 15 million available NETA from Phases 1 and 2 are paid to miners, before Phase 3 is delivered, GetBlok.io will automatically redirect all miners currently in the anetaBTC SubPool to the community main SubPool “GetBlok.io Default Smart Pool“. In this SubPool, miners receive regular ERG mining rewards.
To ensure balances are paid prior to available NETA supply being exhausted, minimum payments will automatically be set to the minimum to ensure timely payment processing.
Miners can, as they always have been, move to any other Sub Pool at any time of their choosing by updating their miner settings.
Any shares pending processing in the anetaBTC will be processed and paid until the 15m limit is reached, then those shares will be moved to the “GetBlok.io Default Smart Pool” and paid through normal processing.
All block processing phases for mined blocks remain the same, as does the 20 confirmation threshold.
As always – we want to thank the ERGO community for the phenomenal support, patience as we scaled the Smart Pool, the anetaBTC for entrusting us with this incredible opportunity, and the ERGO devs who keep pushing the boundary of what’s possible.
We welcome you to keep in touch and stay tuned for our upcoming announcements via the following mediums: