Incentivized Testnet & Mainnet Schedule Announcement

At noon on June 24th (KST), the incentivized testnet was completed successfully. During the monthlong period, 15 teams actively participated in the incentivized testnet; validator node operation incentives will be distributed to each team in proportion to the final quantity. We would like to thank all teams for their active participation. Also, we would like to share the mainnet upgrade and validator official launch schedule.

Mainnet Upgrade & Validator Official Launch Schedule

In the last announcement, we announced that Panacea’s mainnet upgrade and validator launch schedule will be mid-June to the end of June, but after internal discussions with the validators and MediBloc team, we decided to upgrade MediBloc’s blockchain Panacea to a more advanced direction than previously planned. Therefore, we inform you that the mainnet upgrade and validator’s official launch schedule have been postponed to August. Please refer to the following information about the reason and background of mainnet upgrade.

Q. So the launch of the mainnet has been postponed?
A. No, MediBloc’s mainnet ‘Panacea’ was already launched in July 2019. Therefore, only the mainnet upgrade and the validator’s official launch schedule have been delayed.

The Background of Panacea Mainnet Upgrade

MediBloc’s mainnet Panacea was developed based on the Cosmos SDK and the Tendermint consensus engine. However, there has been a recent major upgrade to the Cosmos SDK for inter-blockchain communication, and various features have been added. MediBloc is also working with this trend, so we decided to start upgrading Panacea, based on the latest Cosmos SDK, the Stargate version. This update includes not only large and small bug fixes for existing versions, but also essential updates for inter-blockchain communication and even smart contract capabilities. Among them, smart contracts will be used to construct and strengthen token models of Panacea-based services in the future.

In addition, this upgrade is a major change that does not guarantee backward compatibility, so if we pre-launch the validator before the mainnet upgrade, validators must proceed with this work together, otherwise the task might prove to be burdensome. Therefore, we decided to open the mainnet validator participation after completing the upgrade safely.

Although the application of the new system has been delayed due to the increase in the scope of the upgrade compared to the original plan, we ask for your understanding in this matter as it is an essential task for greater growth.

Regarding Coin Burn

Earlier in the notice, we announced that MediBloc has run its own Panacea nodes for about two years, since the launch of the Panacea Mainnet, and so, all MED coins that MediBloc has received as reward for creating blocks will be burned. However, as the mainnet upgrade schedule is postponed, MediBloc’s validator nodes will continue to play the role of creating blocks in mainnet. Therefore, the amount of token burn will increase as the period is postponed, and the final amount of token burn will be announced later.

Medibloc will continue to make efforts to establish a decentralized medical ecosystem. Thank you.