Quote from: elmo40 on Today at 03:59:31 AM

5k is the block reward.
2250 to someone
2250 to someone else
500 TO THE MINER

appears to me that coinbase IS the block reward since miner gets 10% of 5,000, which is 500.

The first post even says this: miners (10%), dividends (45%) and donations (45%)

wtf is a dividend, and why is that wallet not being used? where are donations being spent?

One wallet has 486,045,000 SMLY, another 27,826,000. Nothing out, only in. More than one of these wallets earning, too. Each block shows other wallets for the 45%.

The 'official' coin fund( I assume dividends) is at 9,543,133,975.82 SMLY (25% of all coins produced, by the way)
The 'official' Charity fund(donations is most logical) is at 2,619,266,032.25 SMLY.

All of this is detailed in a peer-reviewed professional publication, which you can find here: https://ledger.pitt.edu/ojs/ledger/article/view/103

I've removed the reference to "block reward" since it's not really a "reward" and I suspect most of us think "miner's reward" when we hear "block reward".

Allow me to summarise, first the coinbase split. The coinbase is currently 5000 SMLY:

Miners receive 10% of the coinbase, currently 500[/li)
- 45% form a donation: paid in a rotation to 10 income streams for charities - payments from every block to the SmileyCharity
- 45% automatically pays dividends to those who hold 25M SMLY in one address - rotating payments from every block
Next, allow me to explain some of the addresses which are at the top of the rich list:
- The SmileyCoinFund is a formal fund with a Board, to support edTech and related activities. To date the only applications have come from the SmileyTutor, which has a reward scheme used to support students in African slums who borrow tablets in libraries to study. As they progress in their studies, the students earn SmileyCoin which they can use to purchase foodstuffs, sanitary pads, airtime or even the tablets themselves. This is currently used in 45 SmileyLibraries in Kenya. These coins were set aside back in 2014 and subsequently moved to a formal fund which is designed to be a traceable as possible: Each transaction out of the fund is described with a plaintext string describing where the funds are being sent. Four organisations each have one member on the Board.
- The donation address for the SmileyCharity is the next one on the list. When the students purchase tablets or purchase foodstuffs in the SmileyStores, these items have in fact been donated by the SmileyCharity which therefore receives the actual SmileyCoin payments.
- Most of the donations in the 10 income streams are still unused. One income stream is used to test Universal Basic Income in African slums and another two are simply paid forward to 40 other charities.
The dividends are simply rotating payments to any address containing at least 25 M SMLY. The reason for this is that these are the HODL-ers who have purchased SmileyCoin to support the project. If the amount in such an address falls below 25M then the address stops receiving dividends. If any spending occurs from the address, then it moves to the back of the list. The point is to encourage support for the coin.

Some history for those of you who are new to the coin:
When the coin started i 2014, a 50% premine (24 bn SMLY) was set up to support the SmileyTutor. The intention was to spend the premine roughly at the same speed as the miners generated new coins. Today the SmileyCoinFund has 9bn left whereas 12bn have yet to be mined, so the spending from the fund is a bit more than new coins from mining, but the mining is also a bit behind schedule.

In 2017 the coinbase split was set up. There were many reasons for this, among them was incredibly difficult logistics introduced by mining pools who aggressively mined the coin (using bad allocation algorithms) and then left it with an extremely high difficulty (this is actually why the mining is behind schedule). This was also why we changed the coin to allow mining using several mining algorithms.

If we had known in 2014 that we could simply split the coinbase, then we would probably have doubled the coinbase and gone with a coinbase split directly to the SmileyTutor but no premine. It's easy to be clever in hindsight.

gstefans

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