POA Network: Consensus Upgrade and Economics Update


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Hello POA Community!

As some of you might know already, a hard fork was successfully implemented on September 19, 2018 within our Sokol testnet environment (block 4622420). We would like to inform our community that this hard fork has been applied to our main Core network on 22nd of October (block 5329160). Rest assured, if you’re a POA token holder there is NO action required from your end regarding this hard fork! However, we’d still like to keep our community informed on what this hard fork covers.

Additional Upgrades to Network

This hard fork implemented a few updates to our main network. Core areas such as governance related smart contracts are now upgradeable resulting in much higher efficiency. On-chain governance was also being improved by adding new functionality for ballots and voting specifically. These ballots play a key role and are used consistently by our validators in order to effectively govern the network. We were also conducting some maintenance related activities to our smart contracts. By refactoring our code for our smart contracts, we made them much easier to read and audit. Lastly, we were also implementing some changes to improve the overall speed and DApp performance as well.

Emission Supply Increase

In accordance to our original whitepaper, the emission supply of the network will be increased as part of this hard fork. What does this mean exactly? Up until now, validators of POA Network are rewarded 1 POA token for every block that they validate. On November 17th, this will change from 1 POA token to 2 POA tokens. 1 of the POA tokens will continue going towards the validator for their service and the new additional token will be put aside to be managed by all of the validators of POA Network. The emission supply funds will be frozen for three months until February 18th 2019. The validators are responsible for deciding how this new pool of funds will be used and add value to the overall ecosystem. Some examples include token burns, additional R&D, community initiatives, and much more. We’re very excited to see how the POA Network validators take advantage of this amazing opportunity.

For more details regarding the emission fund and how it works, please visit https://github.com/poanetwork/wiki/wiki/Manage-Emission-Funds

This hard fork is a great example of how we’re consistently looking to improve our technology offering. At its core, POA Network is built to be a highly adaptable blockchain allowing for updates to be made in a safe, secure, and timely manner. We take pride in being able to adapt quickly and effectively to rapidly evolving business needs. A security audit of the Hard Fork was completed by Chain Security and is available here.

For more details regarding this hard fork, please refer to the following summary of our implementation. https://github.com/poanetwork/wiki/wiki/HFs-Core-2018-10-22

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