NewYorkCoin Security & Stability Update

Published by Nick on

Security and Stability 

The dev team would like to share the following update to the previous announcement on security and stability:

We have managed for the fork to happen on Testnet at block 15500, introducing the following:

1) Block reward reduction to 5000 NYC per found block, we also tested the 2nd and 3rd halving to 2500 and 1250.

2) Digishield is working as intended.

3) We’ve also tested merged mining (Auxpow) by mining a different coin and finding blocks on our chain.

Our current plans are to implement the fork, which activates the 3 points above, on mainnet at block 4,800,000.

 

Block rewards will be halved each time on these blocks: –

 

Current block reward – 10,000 NYC
1. After block 4,800,000 – 5000 NYC
2. After block 5,300,000 – 2500 NYC
3. After block 5,800,000 – 1250 NYC
4. After block 6,300,000 – 625 NYC
5. After block 6,800,000 – 100 NYC
From block 7,300,000 – 50 NYC

Questions and Answers

Below are a few common questions the developers have received in relation to the announcement and their answers:

Tell me… why fork?

Improve Security and Lower the Coin’s Inflation. Please review the information at the following link: https://nycoin.community/announcement.html for an explanation.

How long does a fork take?

It’s instant on the predefined block, chosen by the @DevTeam. The block is selected somewhere in the future so that the next question/answers can be fulfilled

What do I need to do with my current wallet(s) and when?

Upgrade the QT wallet asap when NYCoin v1.3 gets released. A tutorial document will be provided on how you can perform the upgrade: * Upgraded Electrum (if needed) * Exchanges will be contacted and asked to update their coin daemon/wallet service * Coinomi will be contacted in the same way.

What happens to my wallet if i cannot upgrade PRIOR the fork?

You should still be able to transfer your coins into the new QT wallet, however, we advise you to upgrade ASAP. Documentation will be provided on how you can perform the upgrade.

 

 


3 Comments

Greg · August 3, 2018 at 8:24 am

Recently installed new wallet only to find Wallet is encrypted and currently locked..
The Key Phrase i use for my old wallet is not the same as the new wallet…
So what do i do?
Looking forward to your reply…thanks Greg

    Nick · August 5, 2018 at 6:25 am

    Hello Greg,

    If you have not yet, please email the Dev team at [email protected] for assistance in finding a solution.

New York Coin Donation Drive for Coinomi Wallet Fork Support - NYCoin Info · September 18, 2018 at 3:53 pm

[…] The information about the Security & Stability Fork can be read from the first announcement and most recent update. […]

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