LBTC Network Upgrade Announcement

LBTC Network Upgrade Announcement

The Node Election and TimeLock code have been tested and uploaded to the network. Due to the safety concern for those LBTCs locked inside the hot wallets, the LBTC team will apply the multi-signature technology to add extra safety for Lightning Nodes.

According to the election rule, holding a minimum of 5000 LBTCs is one of the requirements for participating in the Lightning Node Election. This requirement will further motivate the nodes to stabilize the network and contribute to the LBTC ecosystem.

At the same time, with the development of the LBTC ecosystem and support from our community, the LBTC team might adjust the election rule based on multiple factors, including the market performance and LBTC circulation.

LBTC’s mainnet will complete the upgrade by next week. Thank you all for your patience and support.

1. Mainnet Upgrade Execution Time

At 11:00 a.m. August 9, 2018

2. Full Node Wallet Upgrade Instruction

The instruction is below:

-Backup the original wallet

make sure to backup the wallet data

-Quit wallet

-Delete wallet data

-Download the latest wallet from the official website

-Unzip the file

-Run the program

-Load the wallet

-After syncing the data, start mining

Syncing time: data syncing time is around 3 days

Server requirement: 4 cores, 8G, 10M Bandwidth (Recommend)

3. Mining Node Deposit Instruction

Delegate Address：1MiHRFLWa3Rb65DFG38L2Ewny3wNdnYkhs

Delegate Name：Test

Note: considering the complexity of multi-signature technology, direct deposit is also an optional solution. The difference between them is that the former offers cold wallet addresses whereas the latter only offers hot wallets (DPoS consensus mechanism requires that mining nodes use private keys for mining activities). We strongly recommend the multi-signature solution for mining activities.

1-Direct Deposit

Note:

1）If there are too many small changes inside your wallet, you might not be able to transfer 5000 LBTCs all at once. You can try to split the total amount and transfer them in multiple times.

2）When the mining nodes are under attack, those hackers may transfer LBTCs to other addresses. However, if you use the multi-signature technology while getting attacked, the LBTCs in that wallet can not be stolen even though the private keys are exposed to the hackers.

2-Deposit using the multi-signature technology

2.1) Generate A Wallet Address

If you don’t have a wallet address, use the code below to generate a new address

Note: Better not to use a delegate node mining machine to generate the address. Try to use a new wallet to generate the new address.

2.2) Lookup The Address’s Public Key

2.3) Generate A Multi-Signature Address

Rules:

1 Use 2/2 model

2 If the order of public key is different, the multi-sig address generated will be different as well.

2.4) Transfer Coins to A Multi-Sig Address

Note: keep a record of transaction hash from a multi-signature address for searching purpose. Losing the transaction hash might cause the coins unusable.

2.5) Use The Coins from Multi-Signature Address

In order to make a deposit to the multi-signature address successfully, you need to use the coin from that address first.

2.5.1) Search Transactions

2.5.2) Generate Transactions

For instance: Assume that there is 0.1 LBTC in a multi-signature wallet, transfer 0.08 LBTC to

my5ioJEbbhMjRzgyQpcnq6fmbfUMQgTqMZ, transfer 0.01 LBTC to the delegate 1MiHRFLWa3Rb65DFG38L2Ewny3wNdnYkhs, reserve 0.01 LBTC as mining fees.

./bitcoin-cli createrawtransaction “[{\”txid\”:\”be1c5a50d1c2033225f35316230b73b47496c8ecb50284285db49744fa6da3ad\”,\”vout\”:1}]” “{\”my5ioJEbbhMjRzgyQpcnq6fmbfUMQgTqMZ\”:0.08，\”1MiHRFLWa3Rb65DFG38L2Ewny3wNdnYkhs\”:0.01}”

02ff000001ada36dfa4497b45d288402b5ecc89674b4730b231653f3253203c2d1505a1cbe0100000000ffffffff0140420f00000000001976a914e3314674386c289a002f674c631a4c7a0c758bbf88ac00000000

Note:

1. be1c5a50d1c2033225f35316230b73b47496c8ecb50284285db49744fa6da3ad, hash for 0.1 LBTC transaction to the multi-signature address

2. screen shot “this parameter sets the cost”

3. “{\”1MiHRFLWa3Rb65DFG38L2Ewny3wNdnYkhs\”:0.01}”，this address is for change. You must set up this address yourself, otherwise you may lose coins.

4. need to reserve mining fees

2.5.3) Add A Multi-Signature Address in The Wallet

2.5.4) Sign A Transaction

use the first private key to sign the transaction

Then, use the second private key to sign the previous data

2.5.5) Send Transactions

Use “sendrawtransaction” command line to send the highlighted data to the network.

2.6) Deposit to A Multi-Signature Address

2.7) Search Delegate’s Holding Amount

4. Advisory

Multi-signature technology plays a critical role for asset security.

For more details, please contact LBTC assistant Wechat account: chain11223344