Preparing Mainnet for a Private, Decentralized Marketplace
Over the past few weeks we’ve started preparing the groundwork for Particl’s Open Marketplace first mainnet release. During this time, the team and community testers have been hard at work identifying & fixing the last of the small issues still present in the latest testnet builds.
With a stable build nearing completion, it is imperative to prepare our main Particl Network blockchain for the addition of a privacy-focused decentralized marketplace. The first step is a code update that will allow decentralized governance to work properly (with coin weight) and requires hardfork. Ahead of this, and a non-event for most users, will be a hardfork of our Particl test network as well.
Here are the things you need to know.
Planned Hardfork Schedule
Testnet Fork (Particl Core 0.18)
⭐️ 2019.02.16 — 12:00:00 UTC
- VARIABLE SMSG FEE
- MULTISIG COLDSTAKING
Mainnet Fork (Particl Core 0.17)
⭐️ 2019.03.01 — 12:00:00 UTC
- PAID SMSG
- MULTISIG COLDSTAKING
Testnet Hardfork (16th of February)
In 4 days, on the 16th of February, we’re going to fork Particl’s test network (testnet) to merge a couple of features that have been sitting in RegTest (internal pre-testnet network) for some time now. This hardfork doesn’t require you to do anything but, of course, it will allow you to test these new features on our public testnet.
This testnet hardfork is going to include Bulletproofs, the Confidential Transactions protocol improvement that will reduce the size of CT/RingCT transactions by ~70%. Bulletproofs is an important brick in Particl’s wall of privacy as it will allow RingCT and CT transactions to be executed without bloating the blockchain and bringing its size to absurd levels. We believe privacy and scalability can and should go hand in hand.
Why make compromises when you can have the best of both worlds?
Multi-Signature Cold Staking
As some of you already know, we are already working on a major new feature to our mobile app, Particl Copay; Cold staking capabilities! This testnet hardfork will add multi-signature cold staking support, meaning it will now be possible to cold stake funds held collectively by multiple devices.
This will give you access to the utmost level of privacy Proof-of-Stake can offer.
In fact, cold staking from multi-signature addresses means you will need to have access to more than one device to move funds around. This constitutes a solid barrier to anyone looking into stealing your coins as they would be required to get a hold of all of your signing devices.
Note: Ledger Nano devices won’t initially be compatible with multi-signature cold staking, however we’ve already identified that, and with the help of a custom script, it could be possible to make the hardware devices compatible. This may not come immediately, but is good to know for future endeavors!
Variable SMSG Fee
This feature is probably not an exciting one at first sight but will be very important when it comes to implementing advanced escrow features. This protocol improvement allows SMSG messages to have various fees, allowing, for example, custom escrow security deposit ratios (agree with the other party to put any % of the item’s value as security deposit instead of 100% every time). You won’t really be able to test variable SMSG in a practical way until this feature is integrated into the escrow system. But, it’s nonetheless an important feature making its way onto testnet.
In order for the Open Marketplace to go live a couple things need to happen; the trustless escrow system needs to be adapted to our OMP-library for blinded escrow (privacy), and Paid SMSG needs to be onboarded to mainnet. The latter requires a planned hardfork which will happen on March 1st 2019, at 12:00 am GMT.
Hardforking is a pretty big deal, especially as it requires the greater majority of nodes to update in a timely manner. This requirement also applies to third-parties and exchanges to ensure that they do not run an outdated fork of the project. For this reason, we’ve already started contacting third-parties last week to let them know the improvements coming to the Particl Network and be leaders in the shift to the new chain.
Note: for users of Particl Desktop and Particl Copay mobile apps, the clients will automatically upgrade and sync with the correct chain seamlessly in the background. For most users both planned hardforks will be non-events but we wanted to responsibly let you know what is coming on March 1st.
Paid SMSG Messages
This feature is necessary in order for the governance system to function properly on mainnet. This is the missing piece that needs to be added onto mainnet (it already works flawlessly on testnet) so that governance votes (both proposals and listing flags) can be properly registered with coin weight.
We cannot release the marketplace on mainnet without this critical feature.
Multi-Signature Cold Staking
As mentioned above, we’ll be hardforking multi-signature cold staking capabilities onto testnet on the 16th of February. This will give 2 weeks for testing properly this protocol enhancement after which we’ll merge onto mainnet at the same time as the paid SMSG message hardfork. This should reduce the risks associated with executing hardforks by combining both these items into the same hardfork.
We’d also like to thank everybody that has helped us test the latest testnet version of the marketplace. We are still working on preparing the groundwork for the Open Marketplace’s mainnet launch, and wanted to relay parts of the critical path in an easy, step-by-step manner so everyone on the same page.
In the meantime, you can relax and watch our latest AMA/FAQ Session, Paul’s latest interview with CryptoTradingFR (part 1, part 2), or just launch and play with the latest testnet builds of Particl’s Open Marketplace!