SnowGem-Rewards Scheme Update, fork

SnowGem-Rewards Scheme Update, fork

Blockchain
September 10, 2019 by admin
46
Reward scheme-snowgem

Voting Results

Now that the preliminary results are in we can see that the overwhelming majority has voted “Yes” on proposal 3 the Block Reward Change. So we have decided to roll out the change with the next fork that was planned, the original fork was to fix a security issue that caused a couple of nodes to land on a different chain and that will be fixed by disconnecting from the old nodes and starting them again on a new protocol that is 170009.

IMPORTANT NOTICE!

After successful update, you need to start your masternode again, directly from your Modern Wallet.

So what does that mean for you, if you own and manage a masternode outside of Asgard you will need to clone masternode update repository and run update manually:

https://github.com/Snowgem/masternode-upgrade

If you want to compile everything yourself, you can find our new daemon on this address:

https://github.com/Snowgem/Snowgem/releases/tag/v3000457-20190909

Asgard operated nodes

If you own a node operated by Asgard you are in luck, your responsibilities are minimal but in this case since the protocol version is increased you will need to start the node again in Modern Wallet. But all the hassle of downloading and doing the grunt work will be managed by our one and only @Shmocs.

Asgard node operators will be notified over Discord to start their nodes again.

This has to be done by block 916000 and is mandatory. Please feel free to reach out if you have any issues or concerns with the update.

Block Reward Change

But now what will the Block Reward Change intail.

First of all we will not be implementing the SuperBlock proposal to get that out of the way, as we have stated, only one of the DevFund increase way would be implemented.

This will be the new Block rewards after the fork:

Masternodes (10 XSG), Miners (6 XSG), Devfee (3 XSG),Treasury (1 XSG)

Since we are doubling the amount of coins the development fund is receiving + the treasury we will show in detail what we are intending to do with the funds in an upcoming blog that will be released shortly, but we would like to thank you all for the great support we have received from the community demonstrated by this landslide vote. So we expect you all to be very excited when you see the things we have planned for the future.

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