Staking Going Live!

Genesis 2

Good news Hydraheads; as the Snakenet will shed its skin into Genesis 2, we are commencing staking and introducing new bling. 

Re-genesis data scoop has been made at the block #927039. We had to do this because it was necessary to change epoch time to ensure network stability before enabling staking. The chain has been soft paused to avoid confusion and will be killed by a runtime upgrade once the transition begins. 

All of the chain data at this block has been taken and put into the genesis block of the new chain. You can also find information about the old chain in the new chain (highest block hash and genesis hash of the chain) by calling api.query.genesisHistory.previousChain(). 

Given that we had go through the Genesis 2 and then waited to be approved by the updated polkadot-js/extension, we have decided to take the opportunity and upgrade things so that the incentivized testnet can start strong:

  • Galactic Council has been appointed as sole Council member until the time comes and we can transition into fully decentralized mode.

  • Core development team is now acting as a technical committee beginning the governance transfer to on-chain

  • Unsold tokens have been added to the treasury

  • We're working on the integration with Commonwealth.im for handling treasury tips (rewards) for the incentivized testnet, including retroactive rewards.

  • Locked stakers who overbonded can be unlocked via treasury tip. Please make sure not to repeat this mistake as there will be a penalty for abusing it.

  • Our trusted community members Sik and Jimmy have been appointed as identity registrars. They can now start confirming your identities. (docs HERE)

⚠️ Action required for node runners ⚠️ 

  • Staking will begin as soon as enough validators upgrade to 5.0.0. We'll begin to slowly increase the validator count when the network is stable.

  • It is necessary to purge your chain data when you upgrade the nodes before you can run Gen2

All tokenholders who previously set their nominations for staking are still ready to start without any further actions required.

That’s it for now but back soon with more exciting news regarding treasury reward and community update. 

Happy staking!