Tail Emissions and Demurrage
summary
Claims that proof-of-work primarily secures consensus not coin issuance, and that without subsidy miners can profitably reorg, motivate proposing a tail emission converges to lost-coin rate as a safety valve. Concrete alternative: implement demurrage as coin-days tax collected into a coinbase fund spendable by miners via a soft-fork consensus rule. Cites Monero’s hard-fork tail emission, rough target rates around 0.1%–1% per year, and notes this is a theoretical design that’s implementable but unproven in deployment.
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chapters (8)
- 0:00The role of PoW mining
- 1:22Instability without subsidy
- 3:41Tail emission concept
- 7:52Implementation challenges
- 10:50Demurrage as an alternative
- 15:02Economics of security
- 18:25Q&A on network security
- 24:29Closing thoughts
