Bitcoin Halving Was Actually Inspired from India
The biggest innovation of Bitcoin has been its block halving system - the real proof of its digital scarcity.
Bitcoin Halving Excitement
What an halvening it was!
Yesterday, the whole world was excitedly waiting for the the mining of the first block after its third halving. But that estimated halving time was being delayed as miners couldn't mine a few blocks in the expected 10 minute mining time. Some blocks just before the halving took as much as 20-22 minutes to be mined. This compelled many websites running a countdown timer to reset their Bitcoin halving countdown watches, several times to get it right.
For the last two blocks, most people had assumed that it will take at least 20 more minutes. But it seems like the genius Santoshi Nakamoto had coded some suspension and some thrilling moments into the Bitcoin code for this halving event, just for fun 😜. The last two blocks got suddenly mined almost simultaneously (within less than a minute) ...and voila, the bitcoin halving was done! Welcome to the world of 6.25 bitcoins per block!
But then it seemed that all Bitcoin miners either quit or started indulging in some celebration, that it took over an hour to mine the next two blocks ...lol!
But yeah, the reward halved from 12.5 Bitcoin a block to just 6.5 Bitcoins a block, without any significant change in coin's price.
Oh, I get it. But isn't half the reward is still a reward?
Actually no. That's not how Bitcoin was planned. In terms of Bitcoin mathematics, half reward is equal to or more than the full reward.
Half > Full
We Indians take pride in associating all modern inventions to be our historic achievements. Like airplanes in Ramayana, plastic surgery of Lord Ganesha etc.
So actually, this bitcoin's math formula was derived from an Indian anecdotal story of Mahesh Das.
Once upon a time the Emperor Akbar went for hunting but got lost on his way back. There he chanced upon a village man named Mahesh Das.
Mahesh Das helped the emperor with directions to find his way back to his Palace. The emperor Akbar got so happy that he immediately gave his gold ring to him and told him to come to his palace so that he can give better reward for his service.
After a few days Mahesh went to the palace to meet the emperor. But the guard at the door won't let him in. Mahesh Das showed the guard the Emperor's gold ring and told him that he has called me for more rewards.
Looking the emperor's gold ring, that guard got greedy. Abusing his power, he proposed the villager to share half the reward that he receive from the emperor with him, in lieu of letting him in. Left with no choice, Mahesh Das agreed to it.
When he met the emperor, the emperor immediately recognised him and asked, "Hey, young man! What reward do you expect from the emperor of Hindustan?"
To this Mahesh Das replied, "50 lashes, your majesty!". Surprised emperor offered to fulfill his wishes anyway and ordered his men accordingly.
After Mahesh Das was whipped 25 lashes, he requested the king to stop and to call his guard at the door. When the guard was called in, Mahesh asked him to receive half his reward of 50 lashes.
When the whole story was explained to the emperor, he not only ordered to whip 25 lashes to his guard but also punished him with five years in prison. More over, he rewarded Mahesh Das with a lot of gold jewelry.
Moral of the story:
The value of half gets many folds higher when you actually receive it.
(Cherish & respect your Bitcoin treasure for what's it not worth yet).
The corruption was born in India too.
The technique to deal with corrupt was also devised by Indians.