Announcement on the Release of the Fully Operational Waltonchain Mainnet
Dear Waltonchain supporters,
Waltonchain Mainnet was officially launched on March 31, 2018. After stable mining and operation for more than a year, and the successfully audit by Knownsec, as part of the preparation period for the upcoming Mainnet Token Swap(*1), the Waltonchain Team has scheduled to release the Fully Operational Waltonchain Mainnet on April 24, 2019, along with the updated WTC Wallet, Blockchain Explorer and other clients.
Advantages of the Fully Operational Waltonchain Mainnet:
1) improved throughput in data transactions with the Waltonchain Parent Chain;
2）improved stability of WTC data packing time;
3）integration of the Cross-Chain Technology into the Waltonchain ecosystem to realize the complete Parent + Child Chain ecology;
4）adjusted data packing time and rewards.
With the release of the Fully Operational Mainnet, the block generation rate is adjusted from 1 block per minute to 2 blocks per minute, which increases the efficiency of data handling and uploading. Meantime, block rewards are adjusted to 2.5+0.5 WTC: normal miners receive 2.5 WTC for each successfully mined block, while Master Node miners receive 2.5+0.5 WTC.
At the initial stage after the release of the Fully Operational Mainnet, in consideration of stability and safety of the blockchain network, the aforementioned change will happen in two phases.
Phase 1: Internal Deployment and Debugging
Start Time: April 24, 2019
End Time: at block #40,000 of the Fully Operational Mainnet (estimated on May 7, 2019)
Phase 2: Community Mining on the Fully Operational Mainnet Open
Start Time: at block #40,000 of the Fully Operational Mainnet
At the same time, the current WTCT Network will be shut down after block #550,000 is reached. Waltonchain Team will take a snapshot of all WTCT addresses and perform a miner payout. Waltonchain will no longer perform miner payouts for WTCT mined after block #550,000. We remind all miners to make arrangements accordingly.
Timeline for the release of the Fully Operational Mainnet and shutdown of WTCT Network:
Reward pool allocation and the amount will remain unchanged as per previously announced Waltonchain Progressive Mining Reward Program.
After the Mainnet Token Swap(*1) on the Fully Operational Waltonchain Mainnet, GMNs will receive WTC rewards. At first, each GMN will be awarded 100 WTC. Next airdrops will take place once every six months. The reward is 150 WTC on the second stage, 200 WTC on the third stage, 300 WTC on the fourth stage and 400 WTC on the fifth stage. From this stage on the reward remains 400 WTC. When the program reaches the point when the GMN reward pool balance is insufficient for the next reward round, the Foundation will top up the pool to finish that reward round. At that time the Foundation will work out a new reward policy which will be more consistent with the actual situation of the Waltonchain ecosystem.
PoS Reward Pool
Users holding 50 WTC or above will receive the first PoS reward after the Mainnet Token Swap(*1) is complete. Please refer to the Foundation’s official announcement on a detailed program and its specific time.
1. Currently, WTC holders DO NOT need to take any actions regarding their wallets until further notice. Waltonchain will release a separate announcement on the details and time of the Mainnet Token Swap of WTC stored in exchange and personal wallet addresses.
3. Waltonchain Team and our community admins will not contact you first in private messages/email regarding any information of your WTC address. Please stay alert to fraud/scam attempts!
4. Master Node (MN) refers to all wallet addresses holding 5000 WTC or above.
April 19, 2019