#2301 PHOENIX Hard Fork Migration Proposal

a. Proposal Information

Number: #2301
Code Name: PHOENIX

Meaning reborn like a phoenix or immortal bird, representing rebirth and improvement.

b. Proposal Background

The YouCoin metaverse Web3.0 blockchain project was originally designed to provide the best privacy protected Web3.0 ecosystem platform for high-quality users worldwide. YouCoin has been running well for more than 3 years and has provided high-quality, privacy protected DeFi eco-products and services to hundreds of thousands of users worldwide.

c. Purpose of the Proposal

In order to broaden the global user base of the YouCoin Metaverse Web3.0 blockchain project and increase the depth of YouCoin users worldwide, we have received a lot of suggestions and feedback from the community members in recent months, and launched a poll on Twitter on NOV 19, 2022, which was voted on by almost all of us. We decided to make YouCoin a multi-chain project, i.e., to deploy YouCoin to more mainstream chains on top of the current privacy-protected chains, so that more users from different regions of the world with different usage habits can participate in YouCoin Web3.0

For the above-mentioned project background and purpose, all the data of the YouCoin ecosystem in the original SERO chain will be migrated across chains to the more mainstream BNB smart chain because the BNB smart chain is more competitive in the market, has a higher usage rate and a wider user base. The $UCON token was also introduced into the BNB eco-cluster. When the proposal migration was completed, YouCoin could retain its original privacy features for those who are more privacy conscious, and also be used on more mainstream chains for most blockchain users to simply get started. Ultimately YouCoin further expands its market and application scope to fully satisfy a variety of user groups with different needs around the world.

d. Migration Technology and Implementation

The current migration of YouCoin ecological data from SERO chain to BNB chain is necessary because the underlying rules of the YouCoin ecological smart contract cannot be broken and the consensus algorithm and network protocol used by BNB chain are different from the original SERO chain, so the team will use the technical principle of hard fork to realize this cross-chain migration. In brief, when the proposal is approved,

• The team will create a new branch chain in the SERO blockchain.
• Before the migration timeline, a snapshot of the original chain YouCoin ecological data is taken to preserve all transaction records and on-chain state.
• During the migration process, the snapshot is used to migrate the historical YouCoin data from the original chain to the new BNB chain, and to verify and validate it.
• Finally, the node data will be launched on the new chain to complete the migration process.
• YouCoin continues to operate on the BNB chain thereafter.

Of course, the team has simulated and tested the migration process on the SERO test chain and the BNB test chain several times before the official migration, so it is foolproof.

e. Migration Matters

e-1. 1:1 migration of all existing data of the YouCoin series ecology from the original SERO chain to the new BNB chain.

• The YouCoin series ecological data currently pending migration on the SERO chain, specifically including all data of V1, V2 and Upool of the SERO chain.
• When V2 and Upool are migrated, the TUSDT will be available for user-initiated lossless extraction, and TUSDT tokens will not be involved in the migration. After migration, the original Upool data will be merged into the BNB chain Upool V2 together with the original V2.
• Uswap is not participating in the migration and will remain on the SERO chain to continue to provide privacy-protected trading services to users who need them. Uswap will stop releasing revenue to LP liquidity providers at the beginning of the data migration.
• Super DAO will not participate in the migration and will lift the pledge restriction before the migration starts. Users can withdraw their pledged tokens and re-enter the pledge and dividend after the launch of BNB Chain Super DAO.

e-2. In order to meet the requirements of YouCoin ecology to build smart contract technology architecture in BNB chain, the original UCON token contract <address 0x96f75b57ba0cf514f932d24e076b6cb52e8fe583> can no longer meet the technical requirements for building more complex DAPPs. So the team will replace the old UCON token contract with the new UCON token contract at the same time during this migration.

After the replacement is completed, users with old UCON tokens in BNB chain can go to the YouCoin DAPP interface at any time and find the “Convert New UCON” function to replace the old UCON tokens 1:1 with the new UCON tokens. At the same time, the UCON cross-chain contract address of Uswap cross-chain bridge will also be updated to the new UCON contract address, i.e. users who use Uswap cross-chain bridge to cross-chain UCON to BNB chain in SERO chain will get new UCON tokens directly without conversion. Please note that all YouCoin series ecologies on the BNB chain can only be done with the new UCON tokens. Please pay attention to the official YouCoin notification for the token contract replacement timeline.

At the same time, the team will withdraw the UCON/BUSD liquidity pool of the old contract on Pancakeswap and replace it with the liquidity pool of the new UCON/USDT at the same time.

f. Migration Process

The whole migration is divided into three processes, the following are the details of the process.

1/3 Migration Authorization Voting
- Operators: Users & Nodes
- Operation chain: SERO chain
- Time: March 4, 2023, 7:00 UTC Open. Lasts 12 Days

• As this migration uses blockchain hard fork cross-chain technology, it is necessary to solicit migration authorization from all SERO nodes and all YouCoin community members. The authorization contract has been deployed, and the authorization interface is launched on the node side and user ecology side respectively.
• This authorization is a one-time authorization, the migration authority includes the data migration of the original SERO chain V1, V2 and Upool.
• The ecological data will be migrated in steps, with V1 full data migration first, followed by V2 and Upool migration in a very short time.
• Voting migration is possible only after enabling migration authorization.
• All V1 users are entitled to authorized voting weight and rights, please complete the authorized voting within the time limit.
• Voting weight is calculated by the total amount of V1, and the weighted allocation is calculated as the proportion of voting share, the maximum is 100%.
• After the voting deadline, if the voting ratio of node side and user side is more than 50%, the proposal will be passed and the team will continue to work on the subsequent process. On the contrary, the proposal is not approved and the team will not need to proceed with the subsequent process.

2/3 Initiate Hard Fork
- Operator: YouCoin team
- Operating chain: SERO & BNB chain
- Time: TBA

In brief, the technical process of the hard fork is

• First, the team will create a new branch chain in the SERO blockchain.
• Before the migration time point, the block height for the start of the migration is selected and a snapshot of the original chain YouCoin ecological data is taken to save all transaction records and the state of the chain.
• During the migration process, the snapshot is used to migrate the historical YouCoin data from the original chain to the new BNB chain, and to verify and validate it.
• Finally, the node data is launched on the new chain to complete the whole migration process.
• The team has simulated and tested the migration process by testing the SERO test chain and the BNB test chain several times, both of which work properly for migration and subsequent operation.
• From the block height at the completion of the hard fork, the UCON token contract of the SERO chain will have its minting rights revoked, as all data of the token contract has been stored in the new UCON token contract of the BNB chain, so the release of UCON tokens in the entire YouCoin ecosystem of the SERO chain will be stopped from now on.

3/3 Binding Migration Account
Operator: User
Operation chain: SERO chain
Duration: Always Open

• Put in the address of the BNB chain account that needs to be bound in the migration screen of the SERO chain, then you can successfully complete the migration account binding.
• Remember that this account must not have been staked in the BNB chain YouCoin V1, otherwise once bound successfully, it will lead to permanent loss of migration data! However, there is one exception, if the original Upool account does not have data in V1, the original account can be bound to a migrated account that has data in BNB Chain V1, i.e. the original Upool data will be migrated to BNB Chain V2 and will be automatically connected to the referral system of the migrated account. It is also possible to bind accounts that do not have data in BNB Chain U mining pool V1, but this will make their accounts access the default referral code.
• Please double check the binding address carefully and confirm it afterwards, because there is only one chance to bind the address and it cannot be unbinded.
• After binding the migrated account, wait a moment and you will see the migrated data in the corresponding ecosystem of BNB Chain YouCoin, thus completing the migration of the corresponding ecosystem!
• According to the ecological data migration plan in steps, V1 data will be migrated first, so you will see the corresponding data of Upool V1 after successful migration in BNB chain YouCoin first. For a short time afterwards, you will be kept informed of the progress of the V2 and Upool migration according to the official notification from YouCoin.
• When the migration of the original V2 and Upool is notified, the Upool data of the original chain will be merged with the V2 data and migrated into the BNB chain YouCoin Upool V2. When the binding and migration is completed, you can see the total data of the original V2+Upool corresponding to the merged data in the current account of BNB chain Upool V2 without any operation.