PepChain community update – PepChain – Medium

As you may already know the PepChain testnet is already running for over a month. Things are going well with almost 500k blocks confirmed on the testnet.

We think it’s time for the next step which is the launch of the main net.

The PepChain will be a network that forks regularly the first year to upgrade the network and allow token holders to transfer their ERC20 PEP tokens to the native PEP on the new network. The plan is to fork the network once every 2 months.

Phase one deadline

We don’t have any hard deadlines but to be part of the first people to use and vote on validators on the PepChain you will need to burn your ERC20 PEP tokens before the 31st of May 2019 and the network will launch on the 15th of June.

How to Bridge your PEP tokens

The ERC20 token will remain tradeable on IDEX and with every fork all burned tokens on the Ethereum mainnet will be added to the PepChain as native currency.

To bridge your tokens for the next fork you simply send them to the 0x0000000000000000000000000000000000000000 from an address YOU control so NO smart contracts!

The deadline for the first bridging event is the 15th of may.

All burned tokens will be included in the fork following it.

Isn’t forking a bad thing?

We don’t think hard forking is a bad thing for the PepChain since it has a DPOS consensus mechanism where validators are more inclined to upgrade their nodes to upgrade the network. Forking regularly means we can iterate fast and improve the network with every upgrade.

Enforcement of forks

Similar to the difficulty bomb in Ethereum we will have our own bomb that is programmed into the validator set which essentially destroys the current network if the validator contract is not upgraded. The democratic dev fund will probably be included in the first fork.

A future beyond forking

Gradually we will add onchain governance to the network. At first only by votes so validators can signal how they think about certain upgrades and later by onchain enforced governance controling the following parameters:

BlockReward amount
BlockReward contract
Validator contract
Number of validators
Democratic dev fund amount per block
Dev fund receiver

PepChain chain specs at launch

The PepChain network will be changing quite a bit during its existence but these are the specs at launch:

BlockTime: 5 sec
BlockReward: 5 PEP
Number of validators: 21
Gas Limit: 10.000.000

Other developments

Telegram integration

As you guys may already noticed in our telegram channel we now have an awesome bot that connects to our testnet. We will expand the functionality of the bot so other bots can communicate with it enabling in telegram dapps. We are already in contact with some people willing to develop some gambling dapps on the PepChain

Bridging

In another project I’m (Pablo Cryptobar) involved in we are building a bridging solution for smart contract capable chains that allows assets to be transferred across them and to even run dapps across multiple blockchains. PepChain serves as an awesome testing ground for that so will probably be one of the blockchains supported by this platform. This allows for PepChain assets to be traded on Ethereum and vise versa.

Thanks

I wan’t to thank all community members for waiting so patiently for updates about the project. Your support is greatly appreciated.

As always feel free to reach out on telegram if you have any questions.

Have a good one,

Pablo Cryptobar

Published at Tue, 09 Apr 2019 11:04:00 +0000