Calculating Ethereum Coin Supply: A Step-by-Step Guide
As part of our ongoing project, we are eager to optimize and improve our database schema to accommodate additional data. Today, we will discuss a crucial aspect of our system: calculating the coin supply for each block height based on all transactions. In this article, we will explore how to achieve this using Python and MongoDB.
Understanding Coin Supply
Before diving into the solution, let’s briefly review what the Ethereum coin supply is. The total number of coins in circulation, also known as the “block reward,” has decreased over time due to a halving event every 4 years. Let’s focus on calculating the remaining block rewards that can be reclaimed from the blockchain.
Data Collection and Preprocessing
To calculate the coin supply at each block height, we need to:
- Fetch all transaction data from the Ethereum blockchain.
- Extract relevant information (block number, transaction hash, etc.) for each transaction.
- Calculate the remaining block reward (i.e., coins remaining after a halving event).
To perform these tasks efficiently, we will leverage MongoDB’s aggregation framework.
Python Code
import pymongo
Connect to our MongoDB databaseclient = pymongo.MongoClient("mongodb://localhost:27017/")
database = client["blockchain"]
collection = db["transactions"]
Set query parametershalving_interval = 4 24 60 * 60
in secondsmin block height = 0
def calculate_coin_supply(block_number):
Filter transactions by block number and extract relevant informationresult = collection.find({
"blocknumber": {
"$gte": min block height,
"$lt": (block_number + halving_interval).toInt()
Calculate the next block height}
})
Initialize the remaining coins for each blockblock_rewards = {}
Loop through transactions and update the coin supplyper transaction in the result:
hash = transaction["transactionHash"]
reward = compute_reward(hash)
Update or add to the block reward dictionaryif block_number is not in block_rewards:
block_rewards[block_number] = 0
block_rewards[block_number] += reward
return block_rewards
def compute_reward(transaction_hash):
Implement logic to retrieve the current coin supply (block reward) for each transaction hash
For demonstration purposes, assume a default valuereturn 1000000000
Replace with actual reset logic
Usage examplemin block height = 0
block_rewards = calculate_coin_supply(min_block_height)
print("Remaining block rewards:")
for block_number, coins in sorted(block_rewards.items()):
print(f"Block {block_number}: {coins} coins")
Explanation
This Python code snippet illustrates the calculation of the coin supply at each block height from all transactions using the MongoDB aggregation framework. We define two functions: calculate_coin_supply and calculate_reward.
The calculate_coin_supply function examines all transactions within a specified range, extracts the relevant information (block number), and updates or adds to a dictionary (block_rewards) the remaining coins for each block.
The calculate_reward function is not implemented for demonstration purposes. You will need to replace this logic with the actual recovery mechanism to get the current coin supply (block reward) for each transaction hash.
Conclusion
By following this article, you will have gained a deeper understanding of how to calculate the Ethereum coin supply at each block height from all transactions using the MongoDB aggregation framework. This efficient solution should be easily scalable and suitable for your project requirements. Happy coding!