Pearl’s money.

The whitepaper sets the supply parameter at 2,100,000,000 PRL. It calls the smallest supported unit, one hundred-millionth of a PRL, a grain. The supply parameter is not the amount already circulating.

The founders’ no-pre-mine statement describes how coins are initially issued. It does not mean founders or investors cannot mine, buy or subsequently hold PRL. Nor does it establish how broadly ownership is distributed.

The supply curve and the distribution of holdings answer different questions: one concerns issuance; the other concerns who owns the coins.

INT whitepaper, section 5.4 ↗ · Hear the no-pre-mine statement ↗

The specified interval is 194 seconds, or 3 minutes 14 seconds. Actual time between blocks varies. Difficulty adjustment aims to keep the average near the target as mining conditions change.

That interval is not a guarantee that a payment is irreversible after 194 seconds. Inclusion, additional confirmations and the possibility of a chain reorganization are separate considerations.

For issuance charts, it also means that “year four” is shorthand: the whitepaper’s characteristic height is 650,226 blocks, roughly four 365-day years at the target interval. Real calendar time depends on the blocks actually produced.

INT whitepaper, sections 2 and 5.4 ↗

Instead of periodic halvings, the stated subsidy declines each block. The ideal cumulative curve reaches half of the supply at height 650,226; another equal interval brings it to two thirds, not three quarters.

A longer issuance tail continues to fund block subsidies. Whether that produces a desirable security budget depends on reward value, mining costs and participation; the schedule alone cannot establish it.

Let S = 2,100,000,000 PRL, H = 650,226 blocks, and t be the number of blocks since genesis. The whitepaper’s ideal cumulative allocation is:

Issued PRL = S × t / (t + H)

The discrete subsidy for block t, starting at t = 1, follows from the difference between consecutive cumulative values:

E*(t) = S × H / [(t + H)(t + H − 1)]

The actual specified subsidy is rounded down to whole grains at each block. The explorer uses that discrete formula for the subsidy, and the ideal cumulative formula for the total; it does not sum all rounded historical block rewards.

Check the equations in section 5.4 ↗. Verified against page 24 of the supplied INT whitepaper printout.

A limited supply describes the issuance rule. It does not create demand, guarantee returns or tell us what PRL should trade for. A smoothly declining subsidy also does not remove changes in mining competition or operating costs.

The more interesting project question is how the token connects to a service. The founders describe an ambition to turn PRL back into compute; whether a payment market is available, and how it settles, needs separate evidence.