🔢Torq Halving
What is Halving And Why It's Important?
The concept of halving is not new in the web3 space. Other popular cryptocurrencies like Bitcoin and Litecoin also employ a halving mechanism. It is essential for any crypto project to have a mechanism that reduces the rate at which coins are mined, ultimately impacting the total supply of the cryptocurrency.
As we know, the price of a crypto asset depends on the delicate balance of demand and supply. When the supply is reduced, the price tends to rise due to increased demand.
At Torq Network, we recognize the importance of maintaining a healthy balance between supply and demand. To achieve this, we have implemented a similar concept in our ecosystem. After a certain number of users have registered , we reduce the base mining rate.
This approach not only contributes to increasing the price of Torq but also decreases the overall supply. Additionally, it rewards early adopters who have been part of the Torq ecosystem from the beginning. These early users benefit from a higher base mining rate compared to those who join later.
This Table Shows How The Base Mining Rate (BMR) Decreases With Respect to The Total Number of Registered Active Users Due to Halving Mechanism.
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