NewYorkCoin Security & Stability Update
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 4,600,000 (mid-end august) Block rewards will be halved each time on these blocks: –
Current block reward – 10,000 nyc
1 – After block 4,600,000 – 5,000 nyc
2 – After block 5,000,000 – 2,500 nyc
3 – After block 5,500,000 – 1,250 nyc
4 – After block 6,000,000 – 625 nyc
5 – After block 6,500,000 – 100 nyc
6 – From block 7,000,000 – 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.