As you may be aware our v2.0 network upgrade is planned for 30th May 2018 (block height 307,500). The estimated time of upgrade will be 09:30 UTC. To enable you to continue trading / mining Electroneum it is critical that you update your Electroneum nodes and wallet software in advance of the planned network upgrade. The latest date you should update by is 29th May, however we suggest that you SWITCH NOW as a matter of urgency. All transactions created with the latest RPC and CLI wallets will be accepted after the upgrade block, however if you have any transactions in the mempool that were generated with old versions of the CLI or RPC they will fail and be returned to sender.
This major release is aimed at increasing transaction speed and minimising transaction size, in preparation for mass adoption and an exponential increase in global transactional volume.
Implementation of ASIC resistance.
Transfer Fee Increase
We have increased our base fee from 0.01 ETN to 0.1 ETN.
Disabling RingCT & Mixin privacy features means we can fit significantly more transactions into each block than with them enabled. This means less wait to get a transaction into a block and a leaner blockchain size. Wallets are still private as we will continue to use a new stealth wallet address for every blockchain transaction so there is still significantly more privacy than with Bitcoin or Ethereum, but considerably less privacy than with a privacy focused coin like Monero.
Mempool life to 3 days
During times of high transactional volumes you will now have 3 days for the transaction to complete rather than the current 24 hours period.
2 minute blocks
We are moving from one to two minute blocks which will significantly decrease the chance of an orphan block being created.
We are doubling the block reward to ensure that the daily ETN block reward is unaffected.
Reduce difficulty window
We are reducing the difficulty window to check every 360 blocks to adjust the difficulty every 12 hours (in line with current adjustment period).
What happens if I don’t update my nodes?
Failure to update your nodes in advance of the upgrade on May 30th will result in the following:
You will no longer be able to trade Electroneum
You would still be getting valid looking transaction hashes but they would be FALSE
You will have to resynchronise your blockchain data after implementing the correct daemon
Any deposits made on / after the network upgrade will not be visible to you
Any withdrawals on / after the network upgrade will not be visible to the end customer
Ultimately this will result in a huge amount of additional administration to resolve the above deposit and withdrawal failures
Ways to update your nodes
Method One – Compile from source code
Using our GitHub page (link below). Once compiled override the old binaries with the new ones.