Concordium’s delegation, improved smart contracts and more!
Concordium’s next major release, Sirius, is scheduled for June 23rd, 2022.
What does it mean for you and how can you upgrade to Sirius?
Benefits
For CCD Holders:
The new release brings delegation to the Concordium blockchain; this means that you can stake your CCDs with a baker and earn rewards without having to run a baker yourself!
A few clicks on your desktop or mobile wallet, and you are set to participate in the network and earn CCDs from it! 🤩
Any CCD holder will be able to participate and support the operation of the network!
There is no minimum amount of CCD that you need to be able to delegate to a baker pool, and you can delegate all of your CCDs, even those CCDs that are not yet released from the lock-up.
The new update of CCDScan will let you review the performance of different bakers, e.g. their uptime to make it easier for you to choose your preferred baker pool to delegate to.
Don’t want to regularly check the performance of the pool? No worries, in connection with the Sirius release, Concordium also introduces passive delegation for CCD holders who want a low-risk, low-reward delegation alternative
Passive delegation is not associated with a specific baker; it can be thought of as distributing your delegation to each pool in proportion to the pool’s stake. With passive delegation, you are not at risk of poor performance of a single baker, but the rewards will likely be lower.
Learn more here.
For bakers:
With the Sirius upgrade you will be able to create your own baker pool other CCD holders may delegate to. Delegated stake will increase your rewards in the form of commissions.
Make sure to activate your baker pool after the update! Read more on how to do so here.
We recommend all bakers to update their nodes before June 23rd, 2022, otherwise their node will stop processing blocks. Download the node software here.
For developers and builders:
We have upgraded Concordium’s smart contract support! With the new release we expand the range of use cases supported on the Concordium chain.
The key highlights of the updated smart contract capabilities are:
- The removal of the limitation on state size of smart contracts. Contract state size is now only limited by fees. This enables use cases such as stablecoins and other fungible tokens, with many participants interacting with smart contracts.
- Native cryptographic functions have been added, so you don’t have to code them yourself. The signature verification functions verify_ed25519_signature, verify_ecdsa_secp256k1_signature and hash functions hash_sha2_256, hash_sha3_256, and hash_keccak_256 are all added.
Building your smart contracts using these functions reduces the cost of the gas fees!
- Synchronous contract calls to make it easier to build smart contracts that interact with other contracts.
All existing contracts will continue working as before.
Upgrade to Sirius, Update your nodes,
We recommend all bakers and node runners to update their nodes before June 23rd, 2022, otherwise their node will stop processing blocks. Please update your nodes!
Note that when the protocol update happens on June 23, 2022 that the cool-down period for reducing baker stake or stopping baking increases from one week to three weeks. If you reduce your stake or stop baking BEFORE the protocol update takes effect, the cool-down remains one week. Read more here.
Read the Frequently Asked Questions here
Watch our CTO tells us more about the new release here:
Remember to join our rapidly growing communities:
- Twitter: https://twitter.com/ConcordiumNet
- Telegram: https://t.me/concordium_official
- Discord: https://discord.com/invite/xWmQ5tp
