The long-anticipated Particl hardfork has been officially scheduled and will go live on the 12th of July, 2021, at 17:00 UTC. Particl Core 0.19.2.12, which is now released in full, is the client that activates the hardfork. Exchanges have been contacted, and have agreed to go ahead with the hardfork as planned.
This marks an important milestone for Particl as it turns the page on the inflationary bug discovered earlier this year and deploys the new decentralized treasury model to fund and support the Particl ecosystem.
Note 1: It is mandatory that you update your Particl Core node to 0.19.2.12 if you haven’t already done so. Failure to do this in time for the hardfork will lead you to connect to the wrong chain. As a result, any payment sent to other people will not be relayed, and you won’t be able to use anon/blind balances or Particl Marketplace.
Note 2: If you are casting your vote for the proposal currently going through its voting period (the first team funding request), then that means that you are already using Particl Core 0.19.2.12. If that's the case, there is nothing more for you to do, you're already all set!
What’s this Hardfork About?
This coming hardfork, scheduled for the 12th of July, 2021 at 17:00 UTC and activated by Particl Core 0.19.2.12, has two primary purposes.
Re-Enabling Temporarily Disabled Anon and Blind Balances
The Particl team noticed, in February 2021, a discrepancy between the expected and the observed supply. Indeed, it was found that there were more coins in circulation than there should.
The team immediately investigated the situation and discovered that an attacker had exploited the chain. This allowed a hacker to create a certain number of coins out of thin air to sell them on the trading markets. The bug that made this possible was located and fixed in an emergency hardfork, leading to anon and blind balances being temporarily disabled.
The hardfork re-enables legitimate anon and blind balances while keeping exploited ones disabled.
Decentralized Treasury Model Activation
Additionally, the Particl community recently approved a new treasury model to provide the ecosystem with a decentralized and perpetual source of PART income. This allows anyone to create and publish proposals on the CCS platform and get their initiative(s) funded if approved by the community through an on-chain vote.
The hardfork activates this new treasury model live on mainnet.
What Do I Need To Do?
To successfully follow through the hardfork and land on the proper chain, all you need to do is update your Particl Core node to 0.19.2.12.
This version is already live, as a full release, and you can download it directly on Github here. If you are cold staking using Particl’s cold staking application Partyman, simply enter this command to update your node:
cd ~/partyman && ./partyman update.
Once you’ve updated your node, you don’t need to do anything else. You’ll hardfork on the 12th of July, at 17:00 UTC, with the rest of the network. The hardfork is an entirely automatic process as long as you’re running the correct core version.
Anything Else Included in the Hardfork?
The two main items of this hardfork have been detailed in the first section of this blog post, after the introduction. However, a few other minor items are included, which are available in the release notes of Particl Core 0.19.2.12. You can simply follow this link to get the full list of additions included in this release.
Making Particl V3’s Mainnet Release Possible
An important but indirect result of this hardfork is that it will make the mainnet release of Particl V3 possible. Indeed, Particl V3 cannot be released on mainnet up until the hardfork.
That’s because Particl Marketplace, which is hosted on the V3 desktop client, uses both anon and blind balances for various functions, including enabling escrow contracts and paying for listing fees. And because both anon and blind balances are currently disabled, it is simply impossible to use the marketplace.
As the hardfork goes live, Particl Marketplace will, once again, be usable and thus able to be released on mainnet.
As an estimate, you can expect Particl V3 to go live on mainnet, roughly one week after the hardfork. This short period between the hardfork and the V3 release ensures optimal post-fork stability and that the launch goes on as smoothly as possible.
The entire Particl team is immensely grateful to all of you in the community and wants to extend our thanks for your support and patience as we worked through this unfortunate situation. With this event rapidly coming to an end, we are incredibly excited to turn the page and focus entirely on what will make the Particl ecosystem grow and get more adopted.
Following the release of Particl V3 on mainnet, you can expect a brand new post-V3 roadmap to be released. It provides a strategic plan to grow the ecosystem and, equally as important, raise its level of adoption.
We cannot wait to share it with you all and bring the benefits of decentralized e-commerce to a broader-than-ever audience! So stay awesome, and let’s rock the months and years to come, together!
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