The BitCanna blockchain just recently added the 200000th block to its chain. The network is live for over 2 months and has been extensively monitored and analyzed during this period. In general we can be very pleased with the network’s performance. Important with newly released software is to gather feedback fast and find the bugs (fix them!) and work within a short loop of iterations. In cooperation with the feedback the community provided us, we are now ready for the first (major) update.
The network upgrade to version 220.127.116.11 will occur at Block Height 256963.The expected date for the update is the 20th of October 2019. The new wallets are available for download here, providing all users approximately 12 days to upgrade to the new version.
What is required?
All users will need to upgrade their software to the latest version. BitCanna 18.104.22.168 is a network wide upgrade. This means the new binaries proceed to run the current blockchain, and will automatically switch to the new version when the target block height is reached. This means you do not have to take any action regarding your data files, only replace your wallet executable file. There is no further action required and funds will not be affected. Beware of scams telling you to move your coins anywhere.
The fork changes the ‘rules’ to which each block must adhere. During the update there will be ‘old’ and ‘new’ blocks, this situation will cease to exist once all nodes have upgraded to the latest version.
Important, the new version (22.214.171.124) nodes will not process old version (126.96.36.199) blocks. Meaning that after block height 256963 is reached, the old version wallets will not be able to successfully mint new blocks as they will not be accepted by the network. If you proceed with the old version after the fork target block height is reached your node will run a sidechain of the BitCanna blockchain.
Therefore all users will need to upgrade the wallets to version 1.0.1 to participate in the BitCanna network and the Proof-of-Stake consensus to earn staking rewards. Please note it is mandatory to upgrade your masternode(s) as well.
Here is a short list of notable fixes for the new updated wallet.
• Fixed the issue regarding PoS reward bug. *Sometimes a regular node receives the complete block reward.
• Fixed issue regarding the “Lock Wallet” function. *While locked for anonymization and staking only the wallet can’t be locked completely. (Needs to unlock first)
• Fixed wallet scaling issues on Windows version. *When you maximize wallet on Windows, the screen doesn’t fully scale with it.
• Fixed wallet repair button. *The clicking field for the wallet repair button only partly works, requires users to click on the left side of the button to make it work.
• Fixed the synchronizing bar. *The sync bar won’t go to 100% even when it is fully synced.
• Fixed visual bug regarding many numbers. * If you receive an amount with many decimals or a high amount the panel does not adjust to the width of the wallet, therefore it will mix the number with the address (visual bug).
• Fixed visual bug regarding the send tab. *Activating coin control features visually bugs the ‘send’ tab.
The reward structure update
Like we communicated before the launch of the mainnet, we are aiming for a well-balanced structure that simultaneously incentivizes the participants of the network, and protects the stakeholders of BitCanna. The economic model consists of a target ROI per node and an inflation level that serve the long term health of the network. For now we deem it necessary to make some adjustments in the best interest of the network. The main reason for the update of the reward structure is the current hyperinflation amongst the pool of current active (master)nodes.
The block rewards per block are lowered from 12 BCNA per block down to 6.6 BCNA coins per block as shown in the image below.
Lowered the maximum coin supply: The new maximum supply of BCNA coins is locked at 420.000.000 BCNA
The changes are in effect as of block height 259112.
What happens with third-party services?
Exchanges and other integrators working with BitCanna are notified in advance and have updated their wallets, which means that they all operate with the latest software. This means you do not have to worry about coins that are stored on an cryptocurrency exchange.
The BitCanna team thanks all of our users and integrators for their timely updates and contributions to the network health.
If you got any feedback, questions or problems please don’t hesitate to contact us!
The BitCanna team is available via Telegram and E-mail.