FIRMACHAIN Governance Proposal_FIRMACHAIN v0.3.5 Upgrade

Hello. This is FIRMACHAIN.

This posting is on the registered governance proposal to upgrade the FIRMACHAIN’s mainnet network based on the Imperium-4 testnet updates.

FIRMACHAIN’s Testnet(Imperium-4) Upgrade

This proposal is the third registered governance proposal and FIRMACHAIN’s first software upgrade proposal.

FirmaChain | FirmaChain Block Explorer

Once the proposal passes, the mainnet network is expected to be upgraded at block height 4,806,000 (December 20, 2022 22:00 UTC +8).

Following are the details.

▶️ Governance Proposal : FIRMACHAIN v0.3.5 Upgrade

① Voting Starts : December 8, 2022 18:29:55(UTC+8)

② Voting Ends : December 15, 2022 18:29:55(UTC+8)

③ Key Details

• Summary
  - Supports the official version of CosmWasm
  - Version upgrade of FIRMACHAIN binary, Cosmos SDK, IBC and Tendermint
  - Applies the second governance proposal

FIRMACHAIN Governance Proposal Voting Result_Increase minimum commission rate to 5%

• Effects
  - Supports Contract that runs on multichain platforms by applying IBC and CosmWasm
  - Smart Contract writing and DApp development features through CosmWasm support
  - Applies the patch for the second governance proposal
• Upgrade Details
  - Official version of IBC (Inter-Blockchain Communication Protocol) support: Applies IBC v3.3.0 with enhanced security features
  - Official version of CosmWasm support: Applies CosmWasm (Multichain Smart Contract Platform) v0.29.2
  - Set Minimum Commission to 5%: Applies the second governance proposal (Increase minimum commission rate to 5%) proposed by FIRMACHAIN’s Validator ‘PERLLUCK | LOVE & PEACE’
  *Sets a floor on the Validator commission rate to 5% (Validators with a commission rate lower than 5% will automatically be adjusted to 5%)

FirmaChain | FirmaChain Block Explorer

• Upgrade Method
  - Once the proposal passes, Validators must upgrade the FIRMACHAIN binary from v0.3.3 to v0.3.5-patch
  * Does not apply to regular holders
  * Reference Guide when upgrading the network

GitHub:

mainnet/upgrade-notes-v0.3.5.md at main · FirmaChain/mainnet

Upgrade Guide:

v0.3.5

• Upgrade Details
  - Cosmos SDK: v0.44.5 → v0.45.9
  - Tendermint: v0.34.14 → v0.34.21
  - IBC: v1.2.2 → v3.3.0
  - CosmWasm: v0.29.2
  - Min Commission Rate: 0% → 5%
  - Firma Station: v1.0.17 → v1.0.18
  - Block Explorer: v1.6.0 → v2.0.0

▶️ How to Vote?

Holders can vote on the third governance proposal through the ‘Governance’ tab in the Firma Station application.

Please note that holders can freely participate in the vote from both their mobile device and PC.

Firma Station iOS

Firma Station Andriod

Firma Station PC web

Firma Station PC application

▶️ Caution!

• A small transaction fee will be charged in FCT(FCT2) when holders vote on the proposal.
• If your Validator to whom you are delegating your tokens, votes on the proposal, your vote will automatically follow the vote of the respective Validator.
• If you wish to vote on the proposal, you can vote differently from the Validator to whom you have delegated your tokens.
• Holders can always change their votes during the voting period.
• Whether the proposal passes or not depends on the voting power of the holders.
• Holders are free to participate in the vote and there are no penalties for not participating in the vote.
• (If passed) Since there are minor differences in block creation time, the exact timing of the upgrade requires consistent monitoring.
• (If passed) The Firma Station application will not function during the mainnet upgrade.
• (If passed) The restoration and stabilization of the Firma Station application and the block explorer can take up to 1–2 hours post-upgrade.

We will continue to do our very best to expand the FIRMACHAIN ecosystem.

Thank you.

For more information about FIRMACHAIN, or partnership inquiries, please contact us at contact@firmachain.org. Those who wish to join the FIRMACHAIN team, please contact us at info@firmachain.org.

About FIRMACHAIN

FIRMACHAIN originally aimed to transfer all paper based social and legal activities onto the blockchain to introduce transparency and prevent document tampering and forgery. Maintaining the fundamental value of trust, the FIRMACHAIN team is now turning its gaze to becoming a comprehensive blockchain platform. Our goal is to provide business entities and FIRMACHAIN holders with useful blockchain based services that are useful yet fun to engage with thereby satisfying the team’s goal to become a ‘Utilitainment’ (Utility + Entertainment) platform.

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