Confidential cryptocurrencies Beam and Grin spend hardfork
The developers of anonymous cryptocurrency Grin announced the successful completion of hard forks, which took place yesterday at block 262 080. Its main competitor, Beam, will hold hard forks in August.
According to one of the main developers of the project, Quentin Le Sceller (Quentin Le Sceller), the purpose of this update was to increase the robustness of the algorithm from mining cryptocurrency using ASIC miners, and, accordingly, to increase the decentralization of the network. At the same time, it is not planned to completely eliminate hardware miners.
“Hardfork was planned before the launch of Grin. We will make four hard forks in the first two years of the coin’s existence. Every six months we will bring new opportunities to the project. At the same time, if the network is divided into two incompatible things with the usual hard forks, in our case it’s impossible to create blocks in the old branch, because the old code will not accept blocks, ”said Grin developer John Tromp.
Confidential cryptocurrency Beam on the MimbleWimble platform will also perform the first hardfork. This network update will occur at block height 321 321. It is expected to be reached on August 15, 2019. All users need to upgrade their software to the latest version.
Hardfork aims to replace the PoW algorithm with Beam Hash I with Beam Hash II, as well as the introduction of the mandatory use of SBBS PoW for new cryptocurrency wallets.
In addition, the minimum transaction commission will be set at the level of 100 Groth at 1 BEAM – 100 million Groth, and support for relative temporary locks will be implemented.
The developers urged wallet owners to upgrade the software to version 3.0, and to the miners to install the Clear Cathode 3.0 software. Binary files Node and Desktop Wallet, which will be updated to the new version every 30 days, will be released on July 17.
Recall that the cryptocurrency Beam and Grin built on the protocol Mimblewimble, which allows you to combine transactions so that they can not be decrypted.