New soft fork
Dear UltraNote community we are now reaching the end of year 2019 and it is of utmost importance for UltraNote to transit into year 2020 under the most optimal conditions. As we prepare to launch New Year 2020, We are delighted to announce that the fork which happened earlier today on the 28th of December 2019 to reduce the maximum coin supply from 85 Billion to 20 Billion was a success.
UltraNote Blockchain is as stable as it should be and pools, exchanges as well as our partners’ platforms have been updated promptly by their operators. We have already notified the relevant Cryptocurrency tracking websites like CoinmarketCap and Coingecko to update UltraNote’s specs on their respective platforms. Since it is the holidays season, we nevertheless do not expect to see any updates before the first week of January 2020.
As a privacy blockchain when UltraNote was launched 2 years ago, it was important for development team to ensure that while being ultra fast and highly scalable; UltraNote was also liquid enough to provide an affordable ecosystem for UltraNote users. Taking into consideration all the features that UltraNote offers namely: Coin Deposit, Messaging, file transfer and Privacy Payment, at the time we believed that 85 Billion coins as maximum supply would be an ideal number. A large enough maximum target supply where even if high amount of coins are being deposited to generate monthly or yearly revenue for most holders. We would have enough coins being mined to cover for messaging, payments as well as file transfers services along with a constantly growing number of depositors. But it seems that we overshot by a few multiples.
As UltraNote grows; we learn, we acquire experience, we adapt and we develop clearer strategic market insights and these are exactly what brought us today to reduce the maximum coin supply to 20 Billion. Over the past 2 years we have carefully observed the behavior of miners, holders as well as the overall cryptocurrency community towards UltraNote and the cryptocurrency industry globally. We observed that 85 Billion maximum supply for UltraNote was quite high given the actual as well as forecasted global market dynamics. In order to align ourselves with global market expectations, we believe that the new market supply will contribute massively in our efforts in making UltraNote the privacycoin it is being developed to be. The Ultimate Privacy Blockchain Solution delivering an affordable, ultra fast, highly scalable, liquid and prosperous ecosystem.
A relatively low circulating supply together with a lower maximum supply given the nature and utility factor of UltraNote Blockchain is expected to direclty result in a much lower distribution cycle which should rebalance our ecosystem dynamics. Based on our calculations we are now left with approximately 650 Million coins to be mined over the next decade, after which no new UltraNote coins will be created but only miners fee will be distributed among miners.
It is important to note that this fork to reduce Maximum Supply comes as the 2nd step in our progressive approach to rebalance our ecosystem dynamics. The 1st step was completed a few months ago with the fork to reduce mining rewards from 1500 UltraNote Coins per block to 300 UltraNote Coins per block.
As we all gear up for the new calender year, we take this opportunity to wish you all a Wonderful New Year 2020.
See you all with more exciting news in January.