Today, the Historia team is pleased to announce that we will be hard forking and implementing new updates to the Historia software. This post explains what you can expect from Historia own upcoming hard fork.
The Historia team has been working very hard to ensure that the release of Historia 16.3.0 and the hard fork is successful and meets the deadline set for the end of the second quarter. At this time, we are on track to release the full Historia v0.16.3.0 in the next few days.
The updates discussed in the blog post include updates to the Web GUI, role based masternode implementation, coin supply changes, and other new features. The following overview will give you an idea of what new features have been included in the v0.16.3.0 update.
Our development team has been diligently working on the web GUI voting platform. The upcoming cross-platform web application will have a more modern, fast, and responsive user interface meant to improve user experience. It will also be interfaced with the blockchain as well as IPFS to simplify interaction for users, enabling easy submission of records and voting. A beta version of the new GUI voting platform will be demoed on TestNet this coming June.
Since our last technical update, the Historia team has made remarkable progress in building the software to match our vision. The Role Based Masternode System is being introduced in 16.3.0. With the Role Based Masternode System, the Historia network automatically determines and reward nodes based on the collateral level associated with the respective masternodes.
There are two types of split masternodes within the Historia ecosystem:
- Collateral is 5000 coins
- Reward is to 25% of block reward with automatic increases of 2.5% every other month until 50% is reached
- IPv6 address is required
- IPv4 address is required
- IPFS is now fully interfaced with Historia and is required to run with 99% uptime
- IPFS Gateway (Web UI) set up is required.
- Collateral is 100 coins
- Reward is increased to 10%
- IPv4 address is required
- IPFS no longer required
The updated guidelines on how to setup Historia masternodes will be published on our website soon.
As we elaborated on our blog, the Historia project was originally designed to have a near unlimited supply. However, we now have come up with a new mechanism to allow continued funding of masternodes, and approval of proposals and records even after the coins are mined out. This requires changing the coin supply which is why there will be a hard fork that happens in approximately 30 days after the 0.16.3.0 release. The hard fork will enable us to decrease the coin cap dramatically for the long-term sustainability of the Historia blockchain.
The details are as follows:
- Hard fork block: 150,000.
- Role Based Masternode System start block: 151,000
- Coin supply reduction (In Bitcoin, this is known as a halving): Annual reduction rate is 7.69%
- Minimum coin supply: Approximately 12.9 million
- Maximum coin supply: Approximately 15.4 million
- 99% of coins will be mined out by 2060
- Total block reward after hard fork: 5 coins
- Miners reward: 50-70% depending on the collateral level of the masternodes
- Content Distribution Masternode (CDMN) 5000 reward: 25% increasing 2.5% until 50%
- Voting Masternode (VMN) 100 reward: 10%
- Proposals/Records: 10%
- Community Funding: 10%
For more details on coin supply and emissions rate see: https://repl.it/@MarshallJP/Historia-Min-Max-Calcations
What does this mean for the community?
With this hard fork, everyone is required to update their Historia wallet to continue to mine, send or receive transactions. Upon updating your wallet, you can resume sending/receiving coins and submitting proposals.
Miners– Because the coin supply will be lowered, the miner’s total coin earnings will go down, and the percentage of coins mined will be slightly less.
Masternode owners – Content Distribution Masternode (CDMN) will receive 25% of block reward while Voting Masternode (VMN) will see an increase to 10%. You are required to update your Historia wallets before the fork block and date. The fork that enforces masternode payments will be incremented to the newest version and enabled approximately two weeks before the hard fork to encourage masternode owners to upgrade to the latest version. If you do not upgrade your masternodes to the latest version, your masternode will no longer get paid.
Pool owners – Pool operators must update their wallets before the fork block. Blocks mined after the fork block on the old version will be rejected
Users – Update of wallets before the fork block is required. You will not be able to sync to the network after the hard fork using older software versions.
We believe that the updates that come with the hard fork will be appreciated by our users. Please continue spreading the word and introduce new people to the benefits Historia has to offer.
Historia is a community project. The influence of any one superpower does not endure in Historia. The project is for the greater good of the global community with allegiance to no one except the everlasting truth of how it actually happened. If you would like to be a part Historia discussion, join us on Discord and let us know your thoughts. All spectrum of opinions and facts wanted, come all.
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