New Proposal for HAILP Deployment and Block Reward Distribution Adjustment Released
Having fully developed the HCASH AI Lightning Protocol (HAILP), the HCASH tech team is now proposing its deployment on the HyperCash mainnet, along with a block reward distribution adjustment. Since a lot of community members’ tickets hadn’t turned ‘mature’ before the voting period ended, HCASH tech team decided to re-open the proposal voting. All HCASH community members are encouraged to vote.
On June 26th, 2019, the HCASH Foundation announced that the development of HCASH AI lightning protocol (HAILP) had been completed, with network testing to commence on July 1st. Testing during the public beta has been running smoothly and is expected to finish on July 31st.
The launch of HAILP is a fundamental component in the development of HCASH, enabling real-time payments, low-cost transactions, scalability, and privacy preservation — not only on the HC blockchain, but with the possibility of implementation in other mainnet crypto assets. This opens the market for practical third-party HCASH applications, supporting the process of the widespread adoption of blockchain technology.
Therefore, the implementation of HAILP on the HyperCash mainnet is an important task after the conclusion of the public beta.
As an additional supportive measure, the HCASH tech team have decided to adjust the block reward distribution ratio.
For detailed information, please refer to the proposal details below.
All proposals can be found at: https://autonomy.h.cash
1. What is to be completed
- HAILP deployment.
- Block reward distribution adjustment. The current block reward distribution ratio is PoW:PoS:Dev Team = 6:3:1. After the upgrade, the block reward distribution ratio will be PoW:PoS:AInode:Dev Team = 3:3:3:1.
- Upgrade HC mainnet and components to V3.0.0.
2. How to upgrade
- The mainnet is to be upgraded at block height 216,666. This is estimated to occur at 16:00 on the 16th of August 2019 (GMT+8).
- Users should upgrade all HC programs (i.e. hcGui/hcd/hcctl/hcwallet) to V3.0.0 before block height 216,666.
- PoS miners should upgrade all HC programs (i.e. hcGui/hcd/hcctl/hcwallet) to V3.0.0 before the block height reaches 206,666 to avoid unnecessary mining losses.
- Users who want to become an AInode should upgrade all HC programs (i.e. hcGui/hcd/hcctl/hcwallet) to V3.0.0 before the block height reaches 216,666. Users must then deposit no less than 1000 HC to their wallet to register as an AInode. To encourage AInodes to provide the HC mainnet with stable and consistent support, they can obtain transaction fees (0.1%) from HAILP transactions, in addition to block rewards.
- Exchanges and wallets should upgrade all HC programs (i.e. hcGui/hcd/hcctl/hcwallet) to V3.0.0 before the block height reaches 216,666 to avoid unnecessary HC deposit/withdrawal suspension.
3. Voting period
- The voting period will then run for one week (24–31 July 2019, GMT+8)
4. The proposal will be approved only when it meets the following requirements:
- The total number of votes that participate in proposal voting is no less than 51% of the total number of votes on-chain (i.e. a 51% involvement rate).
- The number of votes in favour of the proposal is no less than 75% of the total number of votes that participate in proposal voting.
Note: If the proposal is approved by the community, the HCASH team will inform relevant exchanges, mining pools and wallets to complete the upgrade. It is possible that some may suspend HC deposit/withdrawal services.