A bit earlier today, on this 12th of July, 2021, the Particl blockchain has successfully hardforked. This is a very important milestone for Particl as the hardfork introduces various changes and re-enables the ability to conduct blind and anon transactions.
This blog post will summarize everything brought by the hardfork and provide an update on the claims submitted by users who had coins temporarily disabled.
Particl Has Hardforked
Today, on Monday the 12th of July, 2021, at 17:00 UTC, the Particl blockchain has successfully hardforked. This event officially turns the page on the unfortunate exploit on the chain that led to the creation of fraudulent coins out of thin air.
For an overview of the exploit and its disclosure, please head over to this Particl News blog post. For a summary of the solutions that have been deployed, please check out this one.
Note: If your Particl Core node is not updated to Particl Core 0.19.2.12, then it means you are now staking on the wrong chain. Any staking reward earned on the wrong chain won't count on the correct chain, and you won't be able to send or receive payments from other people. Updating to Particl Core 0.19.2.12 is mandatory.
Blind and Anon Transactions Re-Enabled
One of the two main components of this hardfork is the re-enabling of blind and anon transactions. In addition, the hardfork also re-enables the majority of anon and blind balances that were temporarily disabled to stop the attacker from causing further damage on the blockchain.
In other words, you can now freely make blind and anon transactions once again and use Particl Marketplace on Particl Desktop V2. The hardfork also enables Particl V3 to go live on mainnnet as it relies on blind and anon transactions. More details on this very soon!
Re-Enable Coins Using the Low Pass Filter
If you had coins on blind and/or anon balances when the vulnerability was announced and fixed, then they have been temporarily disabled up until today. To re-enable them, the Particl team deployed a “low pass filter” which automatically re-enables any output with 200 or fewer coins.
To re-enable temporarily disabled coins using the low pass filter, you will need to enter the following command, once for every disabled output, in your Particl client’s debug window.
For example, if you have 220 disabled coins separated into two 110 PART outputs, you will need to enter the above command twice in a row. You need to use Particl Core 0.19.2.12 to successfully re-enable your coins.
Re-Enable Coins Using the Manual Claim Process
If you have disabled blind and anon outputs that contain more than 200 coins, you were required to manually submit a claim to the team to include it in the whitelist. If that’s your case, and you’ve submitted a claim, then your outputs have been whitelisted, and you can now spend them. To do just that, you will need to follow the same step as with the low pass filter.
For every disabled output you have, you need to type in the following command.
For example, if you have 1,000 coins that are currently disabled, spread into 4 outputs of 250 PART each, you will need to type the above command 4 times. You need to use Particl Core 0.19.2.12 to successfully re-enable your coins.
Manual Claim Process Update
To be as transparent as possible, we’d like to provide a full update on the manual claim process and its impact on Particl’s circulating supply.
Throughout the entire span of the claim process, a total of 12 claims have been submitted to the team. Each claim has been thoroughly inspected and audited. We are happy to say that all submitted claims appear legitimate and that none of them traced back to fraudulent or suspicious outputs. The submitted claims either traced back to their public origin, were accompanied by a proof of purchase, or had the typical cryptography one would expect from legitimate outputs.
For this reason, all claims been approved by both the team and the community group of validators. This claim process results in an additional 810,588.43967605 PART being added to the supply, bringing it to a current total of ~11,411,000 PART. This doesn’t take any coin re-enabled through the low pass filter into account.
Note: Particl’s block explorer currently displays a smaller circulating supply value than what is stated above. That’s because it doesn’t see disabled coins from users who haven’t yet executed the command to re-enable them. Every time users manually re-enable their coins, the block explorer will dynamically adjust its circulating supply value.
New Treasury Model is Live
The second principal component of this hardfork is the activation of Particl’s new and decentralized treasury model, which provides the ecosystem with perpetual PART revenue. Check out this blog post for more details.
As a result of this successful hardfork, anyone can now submit funding requests on Particl’s CCS platform to fund and support initiatives that directly benefit the ecosystem. Any funding request has to be approved by Particl stakeholders through an on-chain vote for the funds to be allocated from the treasury.
If you want to submit a proposal, please head over to the CCS platform and read the instructions provided on there.
Increase in Staking Rewards
As part of the new treasury model, staking rewards are also getting a bump. Indeed, as of today, Particl’s emission rate has increased from 2% per year to 8%, with half of the rewards going directly into the Treasury Fund.
That means that, as an individual staker, your staking rewards double from 2% per year to a minimum of 4%. But, of course, the actual yield rewarded to you from staking PART varies depending on how many more PART coins are being staked by other people. If, for example, only 50% of all PART coins stake on the network, then you can expect your annual returns to be closer to 8% than 4%. You can use CryptoID’s useful extraction tool to track the percentage of all PART coins being staked by their owner.
The Particl team would like to thank you all for your incredible support and understanding through this challenging series of events. As we officially turn the page on the vulnerability exploit with the hardfork, the team is excited to move forward once again and spend its time growing and promoting the Particl ecosystem.
Stay tuned as we near the mainnet release of Particl V3 and soon release a bunch of exciting news, including the new roadmap, on Particl News.
What doesn’t kill you makes you stronger, and that’s precisely the case here.
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