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