Piggycoin reducing supply, moving to X11 and then full PoS

The Piggycoin development team have announced that the coin will be seeing some rather big changes in the near future, moving to the X11 algorithm before changing entirely to proof-of-stake (PoS). They’ll also be significantly reducing the total number of mined coins.

This move will mean an entirely new blockchain, so you’ll need to trade your old coins for new ones — there’s not much information on this part as of yet, but the developers say they are “working to make this a really simple process”.

The overall coin supply is being reduced from an initial 2.1 billion coins, down to just 500 million — a quarter of what was originally intended.

The change will follow the schedule shown in the following image. Essentially, it goes like this; rewards on the old blockchain will change to zero once 250 million coins are released, then the X11 algorithm will be used to mine until around June 17th, after that the PoS will take over with an annual reward rate of 15%.

The final part of this story is a Piggycoin multipool, which is set to be launched alongside the change to proof-of-stake. This will mean that miners can still acquire Piggycoins by mining other profitable coins and automatically exchanging them for Piggycoin.

Source: Piggycoin Website