IRIS Hub 1.2 Mainnet Upgrade Pre-Announcement
On-chain Governance Proposal Submitted
Since the last mainnet upgrade in February, we have witnessed a steady increase of the network “utility rate”, from less than 20% all the way up to 85%, in terms of percentage of transactions that are not staking or governance related. In particular, it is worth mentioning that more than 60,000 NFTs have been minted through the Uptick Marketplace, injecting vigorous energy into the IRISnet ecosystem.
IRIS Hub 1.2 mainnet upgrade is expected to happen on November 14, when the brand-new Terse IBC (TIBC) protocol and improved NFT features will go into action. This upgrade will engender an even higher network utility rate with all the state sync transactions introduced by TIBC as we connect IRISnet with other popular public blockchains starting with Ethereum and BSC.
With the powerful TIBC protocol, the upcoming IRIS Hub 1.2 is on its way to quickly becoming an NFT Hub that serves as the bridge between the world of public blockchains and that of consortium blockchains. It will facilitate various business scenarios, one of which is cross-border trade of digital/digitized artwork, and bring us one step closer to the vision of the Internet of Values.
Upgrade Method
The procedure of the upcoming upgrade is similar to previous mainnet upgrades: submission of an on-chain governance proposal for network upgrade -> voting by validators/delegators -> mainnet upgrade.
For validators: It’s strongly recommended that the minimum configuration of nodes should be 4 Core 8 G.
Upgrade Plan
The IRISnet’s mainnet upgrade is expected to take place after the proposal passed (scheduled at block height 12534300, which is around 2021–11–14 14:00:00 UTC). The important events and timeline are estimated as follows:
Note: Since the upgrade schedule depends on the voting progress of the governance proposal, the actual timeline may change and is subject to the on-chain proposal.
2021/11/03: Mainnet upgrade on-chain proposal submission
A network upgrade proposal will be submitted, including specific information about the new software version irishub v1.2.0, upgrade time (block height 12534300), upgrade steps and other details.
2021/11/03–11/14: Voting for the upgrade proposal
The upgrade proposal will enter the voting period after the minimum requirement of the deposit is met. The voting period will last 10 days and end on November 13.
2021/11/14: Network upgrade begins
If the on-chain governance proposal is passed as scheduled, then the IRIS Hub mainnet will start on November 14. After the mainnet validators verify the migrated state, they will run irishub v1.2.0 to start the new mainnet as IRIS Hub 1.2.
Proposal Submission
On November 3, the on-chain governance proposal of IRIS Hub 1.2 upgrade has been submitted. Once this proposal is passed, IRIS Hub mainnet 1.2 will begin to upgrade on November 14 to include the new TIBC protocol and enhanced NFT features.
This proposal is a software upgrade proposal that described the enabled feature, time, and related details. When the minimum requirement of the deposit is met, this proposal will be in the voting period.
Proposal details:
https://irishub.iobscan.io/#/ProposalsDetail/8
