An “Inside” for the Blockchain update in ESBC

Cristalla
Cristalla
Apr 5 · 3 min read

On April 8, 2019 ESBC will update their Blockchain, if you have not updated your wallet go runing and do it!, i leave you here my article where we explore a little of the new version 2.1.0.1 and the elegant new design.

Why an update?

To better understand the “why” of this update, read the main article “Update of the ESBC Blockchain”, we will also analyze it here.

The need to update the protocol comes mainly from the distribution based on the reward for the current block, but what does this mean? mmm back to the week of March 24 where the team launch the first MN Platinum level with a 2% in the rewards for the block, that don’t looks very attractive in profit knowing activating 5 Gold you can get more coins.

Amount of ESBC generated on the different MN levels

With this update ESBC has the following goals:

1. To achieve a greater number of blocked coins in order to look even more attractive on the Masternodes market.

2. To reduce total emission — ESBC will become more reliable for traders.

3. Reduce the reward for PoS.

All these goals are based on the new distribution of block rewards:

PoS-10% >> Bronze 15% >>Silver 20% >>Gold 25% >>Platinum 30%

Old distribution of rewards Vs New distribution of rewards

Change in Block Time?

With the activation of the protocol, the average time to generate new blocks will increase, by +10 seconds in each week, until it reaches an average value of 120 seconds, 6 weeks after the activation of the protocol.

Remember that the current average time is 60 seconds, this gives us a total of 6 weeks of transition to reach the maximum point of this update (120 seconds), which we will be documenting in the next articles creating a series of “6 Articles” where we will dedicate one per week, describing the experience and summary on the Masternode side.

Masternode

The official article tells us that the “ For some period of time, Platinum masternode will have the best performance in comparison with other levels. The total issue of coins it will be about 11 million, where ≈1,000,000 are not in the masternode \ PoS”

In addition to this “The most favorable conditions for launching other levels”

Gold: if the network has less than 50 masternodes of this level

Silver: if the network has less than 80 masternodesof this level

Bronze: if less than 300 master levels are running on the network

Things that we can expect to happen:

  • Several MN Gold owners will upgrade to platinum.
  • Several owners of MN Silver will upgrade to Gold.
  • Many who kept doing PoS moved to bronze or to the other differents levels.

This will give way to a restructuring at all levels in search of the best profit, also increase the demand and more things that we will see in the next articles.

If I have an active Masternode, should I do something?

Yes, all users with active MN must perform the mandatory update to change the protocol from “70222” to “70223”, for this you must execute the update code in your VPS:

wget -N https://raw.githubusercontent.com/RasmonT/esbc-script/master/esbc-updatepro.sh

bash esbc-updatepro.sh

For a better guide you can watch the following video

With all this information you are ready for this new update, do not miss the new articles in this series !!!

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Cristalla

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Cristalla

I’m just a girl in a crypto world, Team & Support for $BANANO $NOS $NOLLAR $ESBC