RE: Welcome to Steemit! [A Blockchain Guide + Introduction for Creatives]

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RE: Welcome to Steemit! [A Blockchain Guide + Introduction for Creatives]

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garyph (53)in #welcome • 7 years ago

Hi. Good post for newbies.
Question. I knew about new steem being created each day (witnesses). Is there a cap to this? What is to stop this being devalued due to none stop mining by witnesses?
Thanks

7 years ago in #welcome by garyph (53)

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sndbox (77) 7 years ago

Hi there @garyph - we recommend the FAQ page for comprehensive answers here. On the topic of steem inflation here's what they say -

https://steemit.com/faq.html

How many new tokens are generated by the blockchain?
Starting with the network's 16th hard fork in December 2016, Steem began creating new tokens at a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. This will take about 20.5 years from the time hard fork 16 went into effect.