Correct issuance rate in the first year (should be 8% per annum, not 8.5%).

Author: lyulka

docs/concepts/staking/block_reward.md

@@ -7,49 +7,46 @@ tags:
 
 # Staking
 
-
 ## Block Reward
----
 
-Block rewards in a blockchain serve as an incentive for validators who actively contribute to the creation of new blocks within the blockchain network. This rewarding process, commonly referred to as validation, is particularly relevant in **delegated proof-of-stake (DPoS)** blockchains.
+Block rewards in a blockchain serve as an incentive for validators who actively contribute to the creation of new blocks within the blockchain network. 
 
 In DPoS blockchains, validators are selected to validate transactions and generate new blocks based on the quantity of XPLL they have staked within the network. As a reward for their contributions, validators receive a share of the transaction fees and a portion of the block rewards for successfully creating new blocks. 
 
 Block rewards play a crucial role in blockchain networks by serving multiple purposes. They incentivize miners and validators' participation in the network's consensus process, thereby upholding the security and integrity of the network. Additionally, block rewards facilitate the introduction of new XPLL into circulation, ensuring the long-term sustainability of the network.
 
+This document provides a rough overview of the calculation of block rewards. The exact formulas that Fullnodes use to calculate rewards are specified near the end of the ["next epoch" section](https://github.com/parallelchain-io/parallelchain-protocol/blob/master/Runtime.md#next-epoch) of the Runtime chapter of the ParallelChain Protocol specification.
 
-Reward formulas can be found in the technical documentation [parallelchain-protocol](https://github.com/parallelchain-io/parallelchain-protocol/blob/master/Runtime.md).
 
 ### Reward Rate
 
-The block reward amount gradually decreases as additional blocks are incorporated into the blockchain over time. This process, which is known as the **block reward halving**, is a characteristic found in various blockchain networks, such as Bitcoin. By implementing the block reward halving, the supply of cryptocurrency is regulated, effectively curbing inflationary pressures.
+The block reward amount gradually decreases as additional blocks are incorporated into the blockchain over time. This process, which is known as the **block reward reduction**, is a characteristic found in various blockchain networks, such as Bitcoin (where it is popularly called "halving"). By implementing the block reward reduction, the supply of cryptocurrency is regulated, effectively curbing inflationary pressures.
 
-The reward rate is calcuated as following:
+Block rewards in ParallelChain Mainnet gradually reduce according to the following formula:
 
-- First year: 8.5% per annum
+- First year: 8% per annum
 - Reduce 15% per annum
 - After 10 year (3650 days): keep at 1.5% per annum
 
-
 The **total amount of rewards (issuance)** introduced to the network is calculated as follows:
 
 $$
-\operatorname{Total amount of stake} \times \operatorname{Issuance rate}
+\text{Total amount of stake} \times \text{Issuance rate}
 $$
 
 For example, if the *total amount of stake* of a validator is `100,000 XPLL` currently, and the *issuance rate* is `0.001`, then the *total amount of XPLL to be issued* to that validator in the next epoch will be `100,000 * 0.001 = 100 XPLL`.
 
 
-The issuance rate is calculated as follows:
+The **issuance rate** is calculated as follows:
 
 $$
-\operatorname{Issuance rate at n-th epoch} = 0.0835 \times \frac{0.85^{\frac{n}{365}}}{365}
+\text{Issuance rate at n-th epoch} = 0.0835 \times \frac{0.85^{\frac{n}{365}}}{365}
 $$
 
-but after 10 years, the formula will be changed to:
+after 10 years (or equivalently, after $n >= 3650$), the issuance rate will become a constant:
 
 $$
-\operatorname{Issuance rate} = \frac{0.0150}{365} 
+\text{Issuance rate per epoch after 10 years} = \frac{0.0150}{365} 
 $$
 
 ### Delegator Reward
@@ -59,12 +56,12 @@ Delegators receive a portion of the newly issued rewards based on the amount the
 Let's assume that in the upcoming epoch, the validator `V` will receive a *total reward* of `100 XPLL`. `V` has set a *commission fee* of `1%`. Additionally, one of its delegators, `D`, has contributed `10%` of the total staked amount to `V`. Then in the next epoch, `D` will be rewarded:
 
 $$
-\operatorname{Reward} = 100 XPLL \times 10\% \times (100\% - 1\%) = 9.99 XPLL
+\text{Reward} = 100 \text{ XPLL} \times 10\% \times (100\% - 1\%) = 9.99 \text{ XPLL}
 $$
 
 --- 
 
 Note:
 
 - The values provided in the examples are approximate estimates and may not be exact. The accuracy of calculated values can be influenced by factors such as decimal truncation in integer division and the order of arithmetic operations. 
-- The formulas are valid since protocol version v0.4 but could be subjected to change in future protocol versions.
+- The above formulas are valid as of protocol version v0.4 but are subject to change in future protocol versions.