Other Bitcoin protocols had their halving in early April 2020. This recent halving could now impact the way that different Bitcoin protocols are used, as the total number of Bitcoins that successful miners can win (when they negotiate to process a block of transactions) has halved.
Why is this different?
Halving events have happened twice before -- four and eight years ago -- yet the mining rewards have steadily risen. What is so different this time?
Blockchain transactions are processed for a fee by computer nodes -- also known as miners. New transactions are grouped into a block and broadcast to the network. Each block contains information about the previous block -- in a SHA-256 hash -- which links it to the previous block, forming the term blockchain.
Halving means that it is more difficult for miners to make money -- as there are fewer blocks around for miners to process, for the same processing cost. In previous halving events, the price of BTC Bitcoin has increased after each event, and it is predicted to rise further.
So, what does this mean for digital commerce? Bitcoin can encode, store, and compute any thing in the world. Larger and larger transactions can move data around the blockchain -- bringing enterprise scalability and speed --which is what enterprises need.
Blockstack's proof-of-transfer (PoX) uses the proof-of-work cryptocurrency of an established blockchain to secure a new blockchain, allowing network participants to earn a reward in a base cryptocurrency by actively participating in the consensus algorithm.