Ergopad is launching a Getblok.io subpool! Miners will be able to directly mine Ergopad while also mining Erg. Find out how it all goes down below.
What is a Subpool?
Subpools are a subset of Smartpools on the GetBlok.io platform. The platform uses smart contracts to create mining pools, making it possible to decentralize mining away from centralized pool operators. Subpools are an extension of this protocol, allowing miners to choose to receive some Ergo-based tokens instead of just Ergo while mining.
The Ergopad Subpool
With the help of GetBlok.io, the Ergopad smart pool will be available to miners today, July 31, 2022. It allows miners to receive some Ergopad tokens when they’d otherwise earn Erg. In the Ergopad Subpool, miners still earn 90% Erg, and 10% will be distributed as Ergopad tokens, with a 10% value bonus on top.
To say it another way, if a miner received 10 ERG in a block, 1 ERG would be exchanged to 1.1 ERG worth of Ergopad as mining rewards and the remaining 9 ERG would go directly to the miner.
We are testing this as a pilot program. The goal is to get more Ergopad out there. If we find that miners are using the Subpool only to sell Ergopad on the open market, we will not continue the program, but if they decide to keep them and become Ergopad stakers, we believe those new community members will be beneficial to the Ergopad ecosystem. To test the program, 500,000 Ergopad tokens will be added to the Subpool, and we’ll keep track of the markets while they are being distributed.
In exchange for the Ergopad tokens, the Erg mined will be added to the Ergopad treasury, and used to fund further ecosystem development. Some of that development includes new Oracle functions, NFT sales contracts that anyone can use, generalized off-chain execution bots, Python tools for developers, improved staking contracts, DAO tools, and much more. Our devs have been busy and this additional funding will allow us to continue to grow our team and contribute more to the ecosystem.
We are very grateful to everyone in our community for their help. As we work toward a better future for everyone, we will keep our community up to date on development progress.
Thanks for reading, and see you next time.
-The Ergopad Team