The team at Waves, the blockchain platform for custom asset/token issuance and trading has informed that miners rewards are about to rise considerably. The terms for miners will be changing, which will make running a node or leasing balances more profitable. Projections from Waves shows that miners will be able to earn up to 5% annually on their balances — not taking into account expected increases in transaction volumes, or the price of WAVES.
Additionally, the Waves platform has just successfully tested the NG consensus protocol, announced early this month and which promises greatly increased speeds and throughput on the blockchain. Once NG is released on mainnet in mid-December, the Waves team says they expect the network to be able to process around 6,000 transactions per minute, making it the fastest production blockchain in the world, with many more transaction fees to distribute.
With the number of transactions rising steadily over the past few months, and ready to increase as NG goes live, there are new opportunities for miners to generate an income from their holdings. Users need 10,000 WAVES and a simple hosted server to run the client, and it does not take any specialist hardware. Those running a node receive all of the transaction fees from the blocks processed, in WAVES and other assets, as well as rewards in the form of the Miners Reward Token (MRT) which can be traded on the Waves DEX. The total annual rewards earned by miners will increase by up to 5% starting from the beginning of 2018.
Waves use a Proof-of-Stake algorithm in which the WAVES you owned (or that have been leased to the user) reflect the mining power. The more owned, the higher the chances of processing the next block and receiving the transaction fees as a reward. Essentially it’s a form of interest on a miner’s balance.
If users don’t have 10,000 WAVES or don’t want to maintain a node, they can always lease their balance to a miner or mining pool. Users can click on the Leasing tab in the lite client and assign their balance to the address of the mining pool wanting to be used. Doing this helps support the network while the user can get paid rewards, but they won’t have to run a node. Leased balances remain in the full control of the owner — they never leave the account — and users can cancel the lease and unlock the WAVES for your own use at any time.