Online Blockchain announced on Tuesday that its ‘Brazio’ cryptocurrency had hit another “significant” milestone.
The AIM-traded firm explained that Brazio, which it described as a listed secure digital currency for residents of Brazil, underwent its first ‘halving’ on 13 May.
It said that galving is a cryptocurrency event where the issue of new coins is halved, meaning that ‘miners’ of Brazio would see their block reward reduced from 200 coins to 100.
There are currently 83 million Brazio coins in existence, with allocation capped at 210 million.
Online Blockchain said the lower supply, along with reported existing high demand, was expected to be a positive signal for the currency’s price.
The proof-of-work currency, designed for unbanked citizens of Brazil, had an average daily volume of 250,000 on SouthXchange, and was apparently seeing around 3000 claims a day on the cryptocurrency hub FreeFaucet.
Online Blockchain also said that, unlike other cryptocurrencies, Brazio’s mining distribution was optimised for everyday computers, rather than specialist mining hardware.
The next halving was expected to occur in about two years, the board said.
“This is a coming of age moment for Brazio and we are excited by both the currency’s development and popularity,” said chief executive officer Clem Chambers.
“Brazio’s excellent security, fast transactions and decentralised governance is a compelling proposition in Latin America, a region which is seeing a continued rise in cryptocurrency adoption.”