Hello once again esteemed members of the Helios Protocol fam! We hope these past weeks have been good to you all! We have been a bit quieter publicly lately. This has been because we have spent much of our time and resources on working with local securities regulators in Canada and USA. We felt this was the most important step in order to ensure that we have been, and continue to be operating within all relevant securities regulations. It has not been an easy task but, rest assured, we have a solid operating plan and an updated set of team rules to follow that will allow us to launch our mainnet and move forward with everything we have envisioned. This safeguards us to continue being 100% legal and compliant with securities regulations in Canada and USA. Do not worry, we also spent time doing cool things with the tech! With that being said, let us move on to the tech updates, shall we!
May the Fork Be With You…
We have used our findings from the testnet so far to fine tune parameters for things like staking rewards, masternodes, and other consensus related things. We can’t easily deploy these new parameters because the older blocks and transactions that already exist would become invalid. We found two ways around this. The first way would be to delete all of the transactions and blocks so far and start from scratch. The second way would be to create a new fork in the testnet so that the parameters can change at a pre-specified timestamp.
We have opted to go with option 2 because it is a great test of the blockchain forking mechanism and proves that we would have the ability to add new features in the future without breaking the blockchain or breaking consensus. In order to go with option 2, we have spent the last 2 weeks programming a new fork into the node software. This has mainly been a ton of refactoring to move static code into a dynamic form that depends on the timestamp of the block.
At this point we are pretty much done and just running local test. Once these pass, we will deploy it to the testnet and let the fork happen. After that time we will call upon all of our testers to test out the new fork and look for any bugs.
As was mentioned, one of the parameters we have been tweaking and figuring out, is the masternode rewards. We will make an exciting announcement very soon that will lay out all the details, but for now I can give you guys a little taste of what is to come: We have received a lot of input from our community that the current masternode will be to expensive for them to afford. So, in response to that, we have decided to have 3 different levels of masternodes instead of just 1. The different levels will have different costs, and will also receive different staking rewards. This way there will be a level of masternode for everyone who wants to set one up.
We have also decided to remove type 1 rewards. This was the type of rewards that wallets earn over time even when they aren’t running a node. These rewards ended up causing unnecessary inflation while not incentivising anything useful like running a node. The remaining type of staking reward is called type 2 reward, and that is given to anyone running a node.
Our testnet wallet is finished and fully tested. We are getting very exciting performance with sub second transaction latency. We will be releasing this soon. This wallet is also going to get a full re-design in terms of the user interface and user experience in the coming weeks!!! You will all LOVE IT!!!
We will be rolling out some new airdrops and bounties very shortly. We’re also working on some Helios-specific and other custom category trivia for our discord server. So, pay attention to our social media channels if you want to participate and get some (more) $HLS in your wallets!
As usual, thank you for taking time out of your busy days to catch up with Helios Protocol!. We love having you all here and look forward to a bright future for all of us together! We can all make this happen!!! Until next time, have great days in your life and remember to slow down and enjoy the little things!
Bitcoin Talk: https://bitcointalk.org/index.php?topic=4317054.0
Helios Platform Node Form: https://docs.google.com/forms/d/e/1FAIpQLSclfc6BgPTD_CX4VNuLmw639E1LZOlvNwtC3dXgBLwaElnIuA/viewform