BLUECOIN VERSION 1.3.0.0 PoSV UPGRADE - HARDFORK @ BLOCK 835,000
Download Link:
http://bluecoin.info/bluecoin-win-v1.3.0.0.zipSource:
https://github.com/bluecoiner/https://github.com/bluecoiner/bluecoin-clientsChanges:
1. Removed X11 PoW mining from reward scheme.
2. Transaction confirmation times dropped to 30 seconds.
2. Upgraded staking algorithm to
Proof of Stake Velocity.
3. Set maximum annual interest rate to 10% (combined PoW & PoS rewards).
4. Removed multi-year decline of rewards. Staking interest will be set to 10% forever.
5. Fixed check-pointing errors on the network.
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After careful deliberation we have decided to make the above changes due to BLU's falling PoW network hash rate. As discussed in this thread:
https://bitcointalksearch.org/topic/security-analysis-of-powpos-hybrids-with-low-pow-reward-551861, the strengths that come from a dual hybrid algorithm are quickly diminished when the PoW chain operates at lower hash rates. Unfortunately, our chain has been running below 1 GH/s for months, making the network vulnerable to botnets & large GPU farms, who with enough hashing power could launch a successful double spend attack on BLU exchanges & services. Because of this we feel we are in a safer position as a community if the job of securing the network is put back in the hands of the loyal balance holders. For this reason we are switching to a pure PoS algorithim. To further incentivize node creation & a vibrant staking ecosystem we have transferred the PoW rewards (5% per year) to the PoS chain, and have upgraded our staking algorithm to Proof of Stake Velocity.
More on PoSV:
PoSV is designed to encourage both ownership (Stake) and activity (Velocity) which solves the
problems that traditional PoS systems suffer from such as unfair initial distribution, hoarding, lack
of full nodes and multiple forks mining issues.
https://www.reddcoin.com/papers/PoSV_FAQ.pdf
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