Mandatory Wallet Update v2.5.0.0+

//Mandatory Wallet Update v2.5.0.0+

Mandatory Wallet Update v2.5.0.0+

We have released the mandatory Whitecoin wallet v2.5.0.0 for the upcoming blockchain update

This release contains both the fix to the staking issue which will become active on the 1st of June 2018 at 22:00 UTC as well as an increase of our staking reward from 2 XWC per block to 5 XWC per block.

The new wallet is available for Windows, OS X and Linux systems. You can find the compatible wallet for your platform here.

https://github.com/Whitecoin-org/whitecoin/releases/latest

It is vital that as many users as possible upgrade to this wallet prior to the update time to ensure blockchain integrity and we recommend updating as soon as possible to ensure that you are up to date and to allow time prior to the update where any issues users may have can be addressed.

 

Further Information

Staking reward increase

We have decided at this time to increase the staking reward from 2 XWC to 5 XWC per block. This will be implemented at the time of the update on the 1st of June. We have chosen to make this increase in the reward for a range of reasons; primarily community demand but also to inflate our coin supply at a rate which reflects the volume of coins being staked on the network.

Since our last major update of early 2017 we have seen a significant increase in the volume of Whitecoins being staked on the network, at that time the level of growth could not be anticipated and a reward of 2 XWC per block was sufficient to reflect the demand at that time. With our current higher level of demand the Whitecoin team have concluded that the increase to 5 XWC per block reflects current demand in a more appropriate way.

The value of 5 XWC per block was also chosen as it increases the inflation of our total coin supply to just over 1% per annum (1.045% in the first year). This is an increase from our current 2 XWC reward which has a current inflation of the total coin supply of 0.420% per annum.

The Whitecoin team feels this increase reflects both community and network demands while maintaining a level of coin supply inflation which is low enough to not create an over supply.

 

What else you need to know & FAQ

When you download and run the v2.5.0.0 (or higher) wallet for your platform it will operate from this moment forward as every other Whitecoin wallet has prior. When the update occurs you will be automatically be following the correct blockchain and no further action will be required on your part, everything will continue as usual. The only change that will be detectable is the increased block reward of 5 XWC per block.

Information on updating Whitenode systems will be released shortly.

FAQ

  • What is a mandatory update and why do I need to update?

A mandatory upgrade is when you are required to upgrade your software to a minimum version in order to stay on the Whitecoin network and correct chain.  This is usually due to a software upgrade that will cause a hard fork, but sometimes is due to other factors like a software security concern.

You need to update to ensure that you are following the correct Whitecoin chain and also to support the update to ensure that the updated chain is the dominant network.

  • What happens if I don’t upgrade before the deadline?

If you are running an old version of the Whitecoin wallet during or after the fork, you will start recording blocks on the wrong chain.  You will not be able to send XWC or otherwise interact with the XWC network and correct blockchain.

This means you will not be able to perform transactions or receive block rewards for staking.

  • I missed the deadline, what now?

Do not worry! If you do not update before the deadline your coins are safely stored as long as you have a copy of your wallet.dat file. To continue to use the Whitecoin network you will only need to update to a wallet v2.5.0.0 or later, clear your cached data (except for your wallet.dat) and re-sync with the network.

  • What happens if I tried to send or receive XWC while I was on the wrong chain?

If you sent XWC while on the wrong chain, your address still has those XWC on the correct chain.  If someone sent you XWC, your address on the correct chain has those XWC, your client just can’t see them yet (assuming the sender is on the correct chain).  To confirm XWC did or did not send on the correct chain, check the destination address on the block explorer

Please do not hesitate to contact the Whitecoin team if you encounter any problems or want any further clarification. This can be done by any of our social media channels. Discord, Telegram, Twitter, Reddit, Facebook, Bitcoin Talk Forum or email.

By | 2018-05-17T15:32:18+00:00 May 17th, 2018|General|0 Comments

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