Fork Specific Q&As
Do I need to update before the fork?
Yes. This update is a mandatory update and everyone must update.
When is the hard fork?
The first changes occur at either Saturday, February 17, 2018 12:00:00 AM GMT, or at block 589500, whichever comes first. You must update before then.
How do I update?
After the new wallet is available. Is very simple. Download the new StrongHands™ wallet. Backup your existing wallet for safekeeping. Run the new stronghands wallet.
Where should my coins be for the fork?
At the moment we expect all exchanges and other services to update, so your coins should be safe where-ever you want to leave them. On an exchange or in your own personal wallet. however it is wise to consider that coins you have sitting on an exchange are not under your control. if something happens, such as the exchange not updating, you will be relying on that exchange to fix itself for you to have proper access.
What is a Hard Fork?
a hard fork is where changes in the code make previous clients reject the new changes. the new block rewards are incompatible with the old chain. fork refers to a split in the blockchain where new and old clients will generate separate blocks on separate chains.
Why are we having a Hard Fork?
this fork mainly addresses the issue of hyper inflation. an extended time of 1200% can make even the smallest amount insanely large.
Will the Hard Fork reduce the current coin supply?
No. It will reduce inflation. there are future plans for reducing coins supply that involve swapping for a new coin.
What will change?
PoS rewards will reduce significantly from 1200% per annum to finally a constant 250,000 Coins/block. This will reduce inflation. PoW rewards will increase to match PoS. Initially to 500,000 Coins/block, then to 250,000 Coins/block. This will help to increase network security by attracting miners.
Isn’t this different than the vote results?
Yes. However the spirit of the vote shaped the current values, a relatively quick shift removing 1200% with a large reduction of possible rewards.
Does this fix the bug where you can break the wallet by sending coins?
No. Unfortunately the bug still exists, but will now happen at a much larger amount 😛 This fork increases the maximum value of an individual transaction to 40 billion coins. We recommend limiting transactions to 18billion coins. But you can still send larger amounts with care.
Has the display of Coinsupply been fixed?
Nearly. but not in this release.
Will this effect my staking maturity?
No. Only the possible rewards as stated earlier.
What are the future plans?
Over the next while we aim to:
- fix the transaction bug
- fix the coin supply display
- update code base
- explore options surrounding the planned swap/burn