As you might be aware, BitCanna is switching to a new blockchain-based on Cosmos technology. This crucial change will give us more flexibility, broader public appeal, and increased uptake of the BitCanna coin. Overall, it will help future-proof the network, giving us the freedom to expand as needed. Our transition to the Cosmos-powered blockchain requires a hard fork in the current network, and especially if you operate a full node or masternode, please keep reading.
The Future of the BitCanna Blockchain
If you’re new to blockchain technology, we need to highlight that the BitCanna hard fork is NOT the new Cosmos-powered blockchain; it’s simply a new version of the current blockchain in preparation for our new Cosmos-powered blockchain. With that in mind, each stage of the transition will require action from different groups of users, including frequent BitCanna payment users, idle investors and full node operators.
For the upcoming BitCanna hard fork, action is required by FULL NODE wallets and MASTERNODE (users who run a live version of the blockchain to earn rewards) operators only—we’ll cover exactly what that entails shortly.
In summary, we are hard-forking the current blockchain to stop staking reward payouts at September 24th 12:00 UTC, to prevent the new Cosmos-powered blockchain from experiencing double inflation when it launches. The blockchain will hard fork at block 2286271 (September 24th, 12:00 UTC).
Why Hard Fork the Current Network if You’re Launching a New Blockchain?
Since we’re using a new blockchain with our move to Cosmos, your current BCNA coins will need to be swapped over for the updated BCNA tokens. Don’t worry though, you’ll still have the same amount of coins, but on a newer, faster, smoother, and more robust blockchain.
To make this coin transition as smooth as possible, we will be running two chains alongside each other: The current BitCanna blockchain and the new Cosmos-powered blockchain.
• We’ll share detailed step-by-step instructions on how to swap your current BCNA coins to the BCNA coins on the new blockchain soon.
Since we need two blockchains to run simultaneously, we will need to stop the staking reward payouts on the current blockchain. If we don’t, we will have double inflation, as rewards will generate in both networks. Users would continue minting on the existing blockchain before swapping these coins to the new blockchain during the swapping period. The hard fork will prevent this issue by disabling the rewards on the current network.
What Action Is Required for the Hard Fork?
Below you’ll find details of what, exactly, you need to do as part of the BitCanna hard fork.
• ACTION REQUIRED: If you run a FULL NODE wallet or MASTERNODE, you are required to update your software to the latest version by downloading and running a new wallet before the hard fork occurs at September 24th (download link will be shared in the next 2 weeks).
• NO ACTION REQUIRED: If you keep your coins on the LITE wallet, MOBILE wallet, or on an exchange, no action is required.
Full nodes and Masternodes will have to download and run the new wallet (download link will be shared in the next 2 weeks). The updated wallet will automatically switch to the latest version of the blockchain when the target block is reached. There is no need to replace your “data” files; instead, you only have to run the new wallet executable.
After doing so, no further action is required, and your funds will not be affected, so beware of scams telling you to move your coins anywhere!
What Happens During the Hard Fork?
The hard fork changes the ‘rules’ each block must adhere to. If you’re unsure what a “fork” means in blockchain terminology, you can read more about hard and soft forks here. There will be ‘old’ and ‘new’ blocks during the update, although all nodes will upgrade to the new version over time.
• IMPORTANT: the new version nodes (1.0.3) will not process old version (1.0.2) blocks.
As a result, after reaching the target block height 2286271 (September 24th, 12:00 UTC), outdated wallets will not be able to successfully mint new blocks as the new network won’t accept them. If you proceed with the old version after the fork and target block height is reached, your node will run a side-chain of the BitCanna blockchain. All coins minted in the side-chain will have no utility, they will not be able to be traded on exchanges, and you won’t be able to swap them to the new Cosmos-powered blockchain. Of course, outdated wallets that didn’t switch in time can still switch to the new blockchain by simply running the new wallet.
What’s the Next Step After the Hard Fork?
Anyone holding BCNA coins is required to make a swap.
The current BCNA coins will only operate on the existing blockchain, so to transact on the new Cosmos-powered blockchain, you will need to swap your current BCNA coins to the Cosmos-based BCNA. Again, don’t worry, as there will be an extensive grace period for you to swap your coins.
We will communicate all details, including step-by-step instructions, through the appropriate channels. Just keep an eye on our socials and subscribe to our newsletter for much more exciting news to come!
- BitCanna will hard-fork its current network at block 2286271 (September 24th 12:00 UTC) to stop rewards, in order to prevent double inflation with our new Cosmos-powered blockchain launch coming up.
- There is only action required by FULL NODE wallets and MASTERNODE operators; they will need to download a new version of the wallet and run it before September 24th 12:00 UTC.
- This new wallet version will be provided in the next 2 weeks, keep an eye on your e-mail and our socials! Never download any wallet other then from our official website (https://www.bitcanna.io) or Github (https://github.com/BitCannaGlobal)