BCIP-1: BandChain GuanYu Mainnet Official Upgrade Proposal

With the success of the GuanYu Testnet #3 upgrade and stable network performance over the past weeks, we shared a draft proposal for the Wenchang to GuanYu upgrade on Discord for our validators to review and provide feedback. Given that there have been no concerns raised, we are excited to share that the core Band Protocol development team has submitted the first BandChain Improvement Proposal (BCIP-1) to propose upgrading BandChain from Wenchang to GuanYu.

Outcome of the Proposal

Upon the proposal conclusion on October 13, 2020, there are two possible outcomes:

1. If the proposal passes, we will proceed to upgrade the network at block 4,172,935 (expected to be on or around October 14, 2020 2:00 pm UTC) and GuanYu chain will start 1 hour precisely after the upgrade time.
2. If the proposal fails, we will not upgrade our mainnet and collect feedback to submit a new proposal that fixes all raised concerns.

This is the final step for BandChain to upgrade from Phase 0 Wenchang to Phase 1 GuanYu, bringing full decentralized oracle functionality and allowing validators to fulfill data requests and serve as cross-chain data oracles.

What Does This Mean For You?

Every delegator and token holder on BandChain has voting power based on the tokens that have been staked on the mainnet network. For BandChain proposals, including this one, delegators have 5 possible options:

1. Vote Yes, if you agree to upgrade the network
2. Vote No, if you disagree with the network upgrade
3. No (with veto), if you strongly disagree with this proposal
4. Abstain, if you do not intend to vote in favor or against the proposal but accept the result of the vote
5. Do not vote (do not submit transaction), if you wish to delegate your voting power to the validator who will vote on your behalf

As this is the first governance proposal on BandChain, feel free to raise any questions or concerns regarding the proposal in our Discord group.

Join the Band Protocol Discord Server!

How is the Proposal’s Outcome Determined?

After the voting period ends, this proposal will be determined as YES if all of the following conditions are met.

1. More than 40% of total bonded tokens vote on this proposal.
2. No with veto votes must less than one-third of the total votes.
3. Yes votes are more than the sum of No and No with veto votes.

Effect on End-Users

During the one-hour upgrade window, BandChain network is expected to experience downtime and you will not be able to interact with the blockchain during that period. After the upgrade is completed, you will be able to use the same wallets / private keys / mnemonic to access your accounts. Exchanges may disable BandChain token deposits and withdrawals during the period.

Final Words

We are excited to embark on the technical milestone of the year at Band Protocol, bringing decentralized oracle functionality on a network of over 67+ validators on the mainnet to support and secure millions of dollars in funds in smart contracts.

We are looking forward to seeing the reception among our community of delegators, validators, and partners who will bring blockchain applications another step closer towards adoptions through Band Protocol.

About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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