The Crypti Foundation hereby proudly announces the release of v0.2.0, codename: Chronos. This release signifies a new direction for Crypti and the completion of a huge milestone. It also presents, for the first time, the Crypti Delegated Proof-of-Stake (DPOS) system. With this new system comes a complete overhaul of the entire Crypti network and with it, many changes to the way our core technology functions.
The Crypti Foundation would like to take this time to point out some major new features and critical changes that all users should be aware of prior to utilizing the new network.
New Network Parameters:
Block Time: 10 seconds Round Time: ~ 17 minutes Confirmations for Final Transaction: 6-10 (being evaluated) Supply: 100 million XCR (no change) Consensus System: Crypti Delegated Proof-of-Stake (DPOS)
Official download links will be posted once all initial checks on the network are successful and we are ready to bring users onto the network. Stay tuned.
Instructions for upgrading to / installing v0.2.0 can be found here: Installation Instructions
All exchanges will halt withdrawals at the designated launch time to allow us to transition the network.
v0.1.9g transactions will be invalid on the 0.2.0 network after the designated launch time (0700 UTC, 9 APR 15). This is because the initiation of the new network will require the creation of a completely new genesis block and network.
A snapshot of all accounts and balances will be taken at the time designated for the launch of the new network. Anything transferred after will not be copied over into the new blockchain.
All historic data in regards to transfers and account usage will be lost and not maintained in the new blockchain. This is because it is a completely new blockchain and will only contain transaction data from the point it is initiated.
You do not need a new account in order to use Crypti 0.2.0. Your previous accounts still exists and all funds will still be attributed to that account. We will transfer all balances to the new blockchain as they exist at the point of the snapshot.
You will not need to re-do second passphrases and all account information will be the same in Crypti v0.2.0: Chronos.
DPOS is the new consensus and forging technology at the core of the re-invented Crypti network. For this release, we have ported the DPOS system pioneered by the Bitshares team to Node.js and made several key alterations to the base algorithms and reward mechanisms. Crypti will no longer feature random forging and rewards as present in version 0.1.9g or prior releases. For more information on how the DPOS system works, please see our previous blog post, http://blog.crypti.me/introduction-to-dpos/.
The new system features 2 types of delegates; Active and Standby. In order to become a standby delegate, you must pay a 10,000 XCR fee to register with the network. This will allow your account to accrue votes to become an active delegate.
Active delegates will perform the consensus function for the network. There will be 101 delegates at all times. The foundation will be providing 101 genesisDelegates for the launch of 0.2.0 and will maintain them indefinitely. After users begin to register their own delegates, we would like to slowly transition the majority of these active delegate slots to the active and respected community members.
Votes are cast from within the v.0.2.0 wallet and are weighted based on the amount of XCR in your account. This weight is dynamic. In other words, if you cast your vote with 1 million XCR in your account and then transfer half, your votes are now worth half of what they previously were. Keep this in mind when moving, selling, or transacting funds.
Fees in v0.2.0 will also be changed. The transaction fee on the network will now be a set 0.1%. This number was decided after much debate within the Foundation and the community. The fee values will be monitored over the next several months to determine if a change is necessary to bring it more in line with the industry standards or if increases are necessary to allow for proper delegate motivation.
Fees will be distributed to the 101 delegates after 1 complete “round” of forging. One round consists of 101 blocks on the network. All transaction fees will be combined and 10% of the total of the fees will be distributed to the Crypti Foundation for future operating costs of development and the remaining 90% will be divided by 101 and evenly distributed to all active delegates who were active during their block of the round.
v0.2.0 brings big changes to the Crypti network and we are very excited to hear your thoughts. For up-to-date announcements, information, or to leave comments, you can always reach us at any of the following:
Official Blog: http://blog.crypti.me/
Official Forum: http://forum.crypti.me/
As always, thank you to those who have stuck with us through all of the ups and downs. We wouldn’t be here if it wasn’t for you. We are overwhelmed at the shows of support we have received and can’t wait for you to see both v0.2.0 and the road ahead!