ElonCoin History

ElonCoin is a proof-of-stake coin for Mars.

ElonCoin was launched on May 26, 2021, by ElonCoin developers. They chose to create a fully Proof-of-Stake system. They implemented what they saw as a fair reward system to auto-balance reward payouts. ElonCoin aimed to become the go-to payment method for peer-to-peer transactions and in-store exchanges.

Coin Supply and Sustainability​

The ElonCoin network allows for 100,000 ElonCoin tokens to be minted per block.

This lack of a maximum coin supply makes ElonCoin function similar to a traditional currency, as inflation is introduced to the system to encourage daily usage and avoid hoarding.

The inflation is around 4% per year, but instead of simply devaluing your currency like the Fed does when it prints Dollars, all those minted coins are going directly to holders of ElonCoin, offsetting the effect of inflation by spreading the profits.

While the coin supply will grow indefinitely, there is a “soft cap” that throttles the rate of inflation imposed by burning transaction fees based on the traffic level of the network. Once the number of transactions reaches a certain threshold, transaction fees are “burned,” meaning that a number of coins equal to the transaction fees are permanently removed from circulation.

Staking

There is a way to earn rewards for contributing to the ElonCoin Network: Staking.

Staking coins are used to secure the network and release new blocks. Any amount of EMC can be staked in the wallet, there is no minimum. A block is created every 71 seconds and a reward is released to the block creator that is chosen at random in their chances proportional to the number of coins being staked.

The more coins you’re holding, the higher your chance, but every staking wallet will eventually receive some rewards. Your expected returns from staking can be calculated using the Returns Calculator.

To learn more about staking coins in the ElonCoin wallet or other opportunities to earn ElonCoin, take a look at the reward page.