Dear Rise Community,
This year marks 4 years since the inception of the Rise blockchain. In 4 years the crypto landscape has grown up to the point that projects need to deliver on a big scale in order to be recognized. We’ve tried agile development and we’ve encouraged maximum creativity from our developers that was designed to give us a chance to shine and stand out. We recently launched version 2 of our blockchain with some of the main purposes being to introduce dynamic fees, increase transaction efficiency, and allowing us to store some amounts of data in each transaction which are all crucial in order to support RFID and supply-chain platforms.
Once we launched RISE V.2 many problems began to surface. Coins stuck on Ledger wallets, incompatibility with exchanges etc etc… it turns out that whilst we can get the blockchain working to make transactions happen in V.2, the real reasons we were upgrading our blockchain such as dynamic fees and data storage are incomplete and therefore not functioning.
So we look into the code with other developers and estimates are that we could be many months if not years away from completing V.2 ! We have to ask ourselves what are we trying to achieve and why are we doing all this ?
If we take the actual reasons for building Rise V.2 and look at the time needed to get there, it’s apparent that there are way more efficient solutions that we can piggy back onto saving us time.
It would be prudent for us to re-position ourselves fast, into a working blockchain, as the markets could leave us behind forever… therefore… the most efficient way forward is…
Going back in order to move forward.
I would like to call for a rollback to V.1.3. The benefits are that we’ll immediately have a working exchange again so Rise trading can resume, Rise tokens on Ledger wallets can be transferred and stability of the chain returns to normal including all fundamental functions such as transactions, delegate creation and voting. Once we are back on V.1.3 we can restructure ourselves.
There will be some lost Rise from the delegates that have mined on version 2, when we switch back onto V.1.3 those Rise will no longer exist. Please consider it as the price we have to pay that can help us get out of this place that we are stuck in at the moment.
UPDATE : To make up for the lost RISE we will increase the block reward when we move back to v.1.3. We are also launching a poll to decide if we should fix the block reward to a certain number of RISE per block forever and we will ask for opinions for what this reward per block should be.
We are working on re-orienting Rise as a supply-chain management with RFID blockchain tracking for small and medium size businesses, and we will continue to pursue this new direction.
Please update your nodes when the time comes in order to help us migrate back to our working blockchain on V.1.3. We’ll keep you informed on any developments ! Thank you Rise community for your co-operation and understanding as we try to regain relevance and interest in our project.