We have some exciting new changes coming to the PAL token that should make those of you that have been accumulating over the past 2 years very happy! We will be cutting inflation by 75% going forward, we will also be putting a much heavier emphasis on staking and mining, and we should also see the first dApp that will be using the PAL token exclusively release within the next week or so.
In simple terms this means:
- The number of tokens being issued per block is being reduced
- PAL rewards allocated to blogging are reduced
- Miners will be allocated more PAL
- New incentives for staking PAL
There are a few reasons we have decided to change the distribution model. When we launched PAL token we were the first tribe and had no idea what type of eco-system would develop. There are now plenty of niche tribes for blogging that have a distinct purpose. Palnet is a community and not a niche topic, so while allocating such a large percentage of rewards towards blogging has been a fantastic opportunity for distribution, we feel it no longer makes sense. Our initial idea of developing a specialized front end has become increasingly unnecessary due to the fantastic work of integrating tribes and communities by the Peakd team.
We have been evaluating all these developments and feel it's now time to increase rewards for those who have invested in the PAL token!
Over the next week you can expect to see a revamped whitepaper to reflect the post-distribution phase of PAL’s new changes. There will also be an announcement about a cool new dApp for the HIVE ecosystem that will not only give incentives for holding PAL, but also offer opportunities for PAL holders to grow their stake in multiple ways while adding significant utility to the token and a new tool unique to the HIVE blockchain.
It’s taken a while to get the token distributed as fairly and freely as we could and of course developing new dApps takes time, but hopefully you have been hanging in there and collecting your PAL tokens. Over the next couple of weeks, things are going to get a lot more interesting. Thanks for being a part of our community and happy HODLing!
As always feel free to hop into the PALnet discord if you have any questions!