2023-05-12 06:01:24
Introducing Applepie: Phase02 of WEMIX3.0
WEMIX Medium :
https://medium.com/wemix-communication/introducing-applepie-phase02-of-wemix3-0-e5fc200c55ab
On October 20, 2022, WEMIX3.0 embarked on a journey to embrace decentralized technology and democratized governance with a validated node governance structure of 40 nodes. Through the creation of the genesis block, we successfully introduced democratic governance.
WEMIX3.0 Phase02, also known as ‘Applepie’, aims to elevate and upgrade governance to new heights through a hard fork. The name symbolizes the boundless possibilities that lie ahead, like a mix of dough created jointly by the foundation and the community. By revealing a codename in alphabetical order, we aim to facilitate community understanding.
The governance of WEMIX3.0 Phase02 will undergo the following changes through the Applepie:
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End of Grand Staking: The 10% Permanent Minting Reward(PMR) previously given to Grand Staking participants will be discontinued. Instead, the NCP reward allocated to the 40Wonders will increase from the existing 40% to 50%. Participants will be able to withdraw both their deposits and rewards upon the completion of Grand Staking.
•
Introduction of Wonder Staking: The community can select specific nodes from the 40 validating nodes to delegate their staked WEMIX. There are no limitations on the criteria for selecting a validation node to delegate among the 40Wonders. Participants can choose nodes with low fees to maximize staking rewards or stake with nodes actively engaged in community activities to show their support. With the discontinuation of the fixed 1.5M staking, the distribution of the Permanent Minting Reward(PMR) will be proportional to the staking amount for each node.
Additionally, the following features will be added:
•
Introduction of Fee Delegation: A delegated payment structure will be implemented where specific service providers can pay the gas fees on behalf of users. This will assist services aiming for mass adoption of blockchain and complex concepts, leading to quantitative growth of the ecosystem and the community.
•
Addition of VRF(Verified Random Function): We have enabled the verification of random functions on the WEMIX3.0 on-chain, allowing them to be utilized effectively in various tests.
•
Enhancement of the basic gas fee modification logic: We have implemented improvements to handle scenarios where the maximum default gas fee is lower than the current default gas fee, enabling the possibility of setting transaction fees to 0. This enhancement allows services conducting tests on WEMIX3.0 or building private chains to conveniently configure gas fees as 0. It's important to note that this modification does not impact the mainnet.
Furthermore, the updates that were scheduled but will be postponed are as follows:
• Introduction of asset confiscation functionality(penalization) as a penalty for malicious node operations.
In line with this, the code for implementing the testnet was applied on Github on May 11, 2023. The testnet will be activated from testnet block number 26240268 onwards, starting on May 17th (Wednesday) at 12:00 PM (KST).
Following the testnet release, the mainnet hard fork is scheduled for mid-June. The conclusion of Grand Staking and the commencement of Wonder Staking will be sequentially implemented through governance decisions.
We will provide detailed information continuously through future announcements. We kindly request the community's ongoing interest and support for WEMIX3.0 Phase02 Applepie.
Thank you.
Related Links:
• Change in reward distribution based on staking quantity ☞ Github Link
• Addition of fee delegation feature and related RPC API ☞ Github Link
• Introduction of VRF verification functionality ☞ Github Link
• Improvements to the basic gas fee modification logic ☞ Github Link
• Testnet Applepie hard fork configuration ☞ Github Link
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