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Farewell Party for MRT

Waves | 10.01| 281

It’s the end of an era — and the beginning of a new one. Win prizes as we celebrate the retirement of MRT and the start of a new phase in the decentralization of Waves Platform.

Miners’ Reward Token (MRT) has been an important part of the Waves economy for the past three years. But there’s no standing in the way of progress. Just as horses were replaced by faster, more powerful automobiles, so too must MRT give way for the more sustainable, elegant and decentralized solution offered by Waves’ new monetary policy governance system.

Just like your favourite horse, we want to give MRT a proper send-off to celebrate its long and useful service before we bust a cap in its head and haul it off to the glue factory. That’s why we’re holding the MRT retirement party, with games and competitions to help us mark the beginning of the new era.

Farewell

MRT was launched as a means of incentivizing miners to secure the network, and was issued to nodes with each block generated. It was always intended to be a temporary solution, although once all MRT were distributed, Waves conducted daily buybacks of 500 WAVES’ worth of MRT to continue paying miners.

Obviously this is not sustainable, and with the advent of proper block rewards, we no longer need a centralized solution like MRT. Now that Feature 14, Block Reward and Community Driven Monetary Policy, has been approved, MRT has served its purpose and we want to thank miners and holders as we transition to the new system.

We plan to organize a sixty-day “farewell” party for MRT, in which holders will be able to win prizes totalling 1 million WAVES in leases. The games will take at least two forms:

  1. A FOMO game similar to the well-known “Fifth Element” game, with 7,000 WAVES in leases as daily prizes. The winner will be the last person to buy a ticket.
  2. Two lotteries based on a decentralized randomizer, with prizes as follows:
  • 1 x 40,000 WAVES
  • 2 x 30,000 WAVES
  • 3 x 20,000 WAVES
  • 4 x 10,000 WAVES
  • 18 x 5,000 WAVES

The probability of winning the lottery will be proportional to how many tickets entrants purchase, using MRT. The lotteries will be conducted on 13 December and 13 January.

The total budget of the farewell party will be distributed in leases for a period of 550,000 blocks (just over a year). So, check your wallets, dig out your old MRT tokens and get ready to win some leases! Before the start of the party, we’ll publish a post with details and specific links. Stay tuned!

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Farewell Party for MRT was originally published in Waves Platform on Medium, where people are continuing the conversation by highlighting and responding to this story.

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