{"content":" 📣Transaction Fee Subsidy Plan for Miners\n\nAccording to the agreements in MIP-58, we have 6,669,707.83 SPACE allocated for distribution to miners. This portion has been reserved at the address: 1GK42qyJuhLuRJTQDzkjB7QxxS3GxmWQBb.\n\nWe have been seeking a fair, transparent, and implementable solution to fulfill the distribution commitments to miners outlined in MIP-58. After several months of testing, we have decided to adopt the following plan:\nAll 6,669,707.83 SPACE will be distributed to all MVC miners through transaction fee subsidies.\n\nImplementation:\nThe MVC Foundation will set up a public API interface on the official website, allowing all MVC transactions to call this interface to multiply their transaction fees by five times(Please note that this multiplier may be adjusted slightly based on actual conditions at the time of implementation). For example, if a transaction originally incurs a fee of 1,000 sats at a rate of 1 sat/byte, calling this interface will increase the fee to 5,000 sats. The additional 4,000 sats will be subsidized from the reserved 6,669,707.83 SPACE.\n\nWe will encourage all MVC ecosystem participants to adopt this plan, ensuring that all MVC transaction fees are inflated to five times their original amount when constructing transactions.\n\nLaunch Date: The plan will be initiated as soon as the average hash rate of MVC mining exceeds 100 PH/S for seven consecutive days (the average hash rate in the past two weeks has been around 10 PH/S).\nEnd Date: Once initiated, the plan will not stop until all 6,669,707.83 SPACE has been distributed. The specific duration will depend on the number of users in the MVC ecosystem and the activity level of applications. We roughly estimate that it will take about 3 to 6 years to distribute all 6,669,707.83 SPACE.\n---------------------------------------\nFAQ about this Activity\n-----------------------------------------\nQ: How much additional transaction fee is expected to be generated for miners daily?\nA: This is difficult to estimate, but based on recent transaction fees generated by MVC network, this number could range from hundreds to thousands of SPACE daily. Our goal is to ensure that daily transaction fees on MVC exceed block production as soon as possible.\n\nQ: Will the additional 1,000,000 SPACE reserved for the New User Onboarding plan interact with this plan?\nA: According to the latest plan, the answer is yes. In the preliminary plan for New User Onboarding, most scenarios will involve subsidizing users for the on-chain transaction fees, allowing a large number of users worldwide to enter the MVC ecosystem without barriers and use various MVC applications. Therefore, if the New User Onboarding plan is implemented smoothly, we believe there is a high probability that the majority of the 6,669,707.83 SPACE can be distributed.\n\nQ: Originally, MIP-58 stipulated a distribution of 1/3 to BTC miners and 2/3 to MVC miners. Why has it changed to distribute everything to MVC miners?\nA: Our node technical team spent several months developing and testing, and ultimately assessed that the technical risks were too high. Therefore, while maintaining the spirit of the original terms, we decided to distribute all SPACE to MVC miners. This new plan does not require changes to the nodes and is easier to implement, making it a better option. Additionally, we believe this plan is fairer and more favorable to long-term supporting miners of MVC.\n\nQ: Why is this plan considered fair and transparent?\nA: All 6,669,707.83 SPACE will be distributed to miners through transaction fee subsidies, where miners compete for transaction mining rights based on their hash power. No one can know which miner will mine the next block. To compete for these fees, miners may increase their hash power, thereby enhancing the security and value of the MVC chain. The plan uses MVC's SigHash_Flag technology to ensure the security of transaction construction and guarantees that the related fees will only flow into miners' coinbase outputs, never to any developers, individuals, or designated addresses. All transactions generated by 1GK42qyJuhLuRJTQDzkjB7QxxS3GxmWQBb can be verified on-chain. Therefore, this plan is fair and transparent, and very friendly to MVC miners.\n\nQ: How did the 6,669,707.83 SPACE come about? Why this specific amount?\nA: On January 16, 2025, MVC DAO transferred all remaining 10,169,707.83695962 SPACE from the treasury to MVC Foundation.\nAccording to MIP-58, the MVC Foundation will reserve 3,500,000 SPACE for other purposes, and the remainder will be distributed to miners. For further details, please refer to the Announcement on the Execution of MIP-58 Proposal. Thus, 6,669,707.83 SPACE is allocated for this plan.\n\nShow.now:\nhttps://www.show.now/buzz/f404f237d7e2e7f84a5976b4f458935b454339f8ef13f0b0443cade497ede2ebi0\n\nTweet:\nhttps://x.com/mvcglobal/status/1938543221443018806?s=46\n\n","contentType":"text/plain"}