e-Money Mainnet Upgrade

e-Money Admin
Oct 26, 2020 · 3 min read
Photo by Alina Grubnyak @ Unsplash

Hello e-Money community. Today we’d like to tell you about some exciting developments thanks to the launch of the lilmermaid-6 testnet which is now live. This event is in preparation for a mainnet upgrade which we will be working towards in the coming days.

The mainnet upgrade will occur on November 4th at 13:00 UTC.

(14:00 Central Europe, 08:00 US East Coast, 22:00 Seoul)

In the interim we will be optimising the lilmermaid-6 testnet and making any minor adjustments required to ensure this upgrade performs exactly as expected. With this in mind we’d like to cover exactly changes you can expect when the new mainnet is launched.

NGM

We expect the details which may interest you most are surrounding the NGM token. The e-Money mainnet launched with an NGM token which was not fully transferable and liquid, that aspect has changed. It will now be possible to transfer and trade NGM easily and without fuss on both centralised exchanges and the e-Money DEX. This improvement is made possible due to a change in the NGM token model which we will remind you of now.

The NGM token is e-Money’s staking token which will inflate at a rate of 10% a year, with the newly minted tokens distributed pro rata to staked NGM tokens only. So if you own 2% of the staked NGM tokens, you will receive 2% of the newly minted NGM as staking rewards.

Also read: e-Money to Launch NGM Token During Rapid Growth of DeFi Market

At the same time, our currency-backed stablecoins will be inflated by 1% a year. These additional stablecoins will be used to buy back and burn NGM tokens. These NGM are bought on our DEX and will act as a deflationary counterbalance to the inflation of NGM.

Also read: What Makes e-Money’s Currency-backed Stablecoins Different?

DEX

The next thing to receive an upgrade is the DEX itself which will now support Market orders in addition to the Limit orders it is already capable of executing. It also introduces further customisation of order behaviour through the following “time in force” options:

Good Until Canceled (GTC) — the order is good until it is filled or it is canceled.

Immediate or Cancel (IOC) — the order is filled as much as possible right now, then, any unfilled portion of the order is canceled.

Fill or Kill (FOK) — the order is either filled in its entirety right now, or it is canceled.

Auditing

The new version of the mainnet will also allow users to easily audit key aspects of the project such as the circulating supply, taking into consideration vested and bonded tokens as well as spendable amounts on individual accounts. This should allow for a huge amount of transparency for all, and offer peace of mind. As a company, e-Money will invite the kind of scrutiny that some of the biggest players in blockchain have never offered or successfully accomplished.

To round up the list of updates the number of validator slots on the mainnet will increase from 40 to 50, while the Cosmos SDK has been updated to version 0.39 in anticipation of e-Money implementing inter-blockchain communication or cross-chain compatibility.

As you can see there are a number of upgrades and improvements which come with the latest update to the e-Money system. As always, we continue to work on the infrastructure which will support the sustained growth of the company and which will benefit our community.

If you’d like further details on our testnet please see: https://github.com/e-money/testnets

Twitter: https://twitter.com/emoney_com
LinkedIn: https://www.linkedin.com/company/e-money/
GitHub: https://github.com/e-money
Telegram: http://t.me/emoney_com

e-Money.com

Leading issuer of interest-bearing, currency-backed stablecoins for the Internet of Money.