I wanted to quickly give a snapshot of what to expect, so that everyone has clear expectations. The fork is set by a time stamp, so at midnight GMT (6/1/2014 00:00:00) the algorithm and difficulty target will switch over to Scrypt-N and KGW. When this happens, your Scrypt miners are going to begin rejecting shares and you'll need to switch to a Scrypt-N pool / adjust your solo mining.
The blockchain will not be magically fixed at midnight GMT. We will immediately switch over to Scrypt-N, but the KGW will take several blocks to adjust and regulate the blockchain. Especially if the difficulty is high at the time of the fork. This is to be expected, and by design, it adjusts a small amount every block instead of wild swings.
I think we can fix this by purposely decreasing hashing power throughout the day to decrease difficulty and turning it back on after the fork.
After the fork, the old version of the software will break off on its own chain and likely stall to a crawl if not stopped completely! Anyone still on this version may experience days before transactions are confirmed and trouble connecting to peers. Upgrade to V2 to resolve this.
Our Spots2 software will break off on its own chain which will be much more stable (70 sec blocks) and ASIC resistant. All of our new features and fixes will only work on this fork. All previous transactions and stored value will carry over on this chain.
I'll be out and about throughout the day, but feel free to reply with questions. If someone else doesn't answer them, I'll jump back on later this evening. MrData may jump in and correct portions of this, he knows more than me on this subject, so trust him.
