Minter 1.1

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Minter 1.1.jpg

The Minter 1.1 is an update to the Minter network during which each blockchain module has been optimized and improved several times.

A little history

According Historical events, the DeCenter team started working on the Minter project in 2017. That's when they came up with the idea to create a blockchain that could give any user the ability to create liquid coins without exchange manipulation and knowledge of programming languages. After conducting serious comparative studies of the advantages and disadvantages of using the existing blockchains, Lashin Daniel and his colleagues decided to use the already existing Tendermint framework from Cosmos team.

The launch of Minter Mainnet network took place on May 15, 2019 at 15:05 (UTC).

At the time of writing, the network had processed 4,675,725 blocks and released over 1.7 billion BIP. The 52 validators, which provide 99.15% of Minter's uptime, are responsible for maintaining the network.

1.1

10.02.2020 at 23:59:59 (UTC), voting "1.1 Proposal A" has ended. The voting resulted in the approval of the list of network updates proposed by Development team. The "Yes" vote was cast by the majority of validators managing more than 2/3 stakes of the network, so the update will be applied.

Stages of update

  • The first phase, the test, was launched on December 4, 2019 during Minter Demo Day, at which time the team opened the Minter 1.1 public test to all users on the network;
  • After the test had been considered successful, a vote by the validators was announced;
  • The update was accepted by a majority vote, the block on which the update will take place is selected - 5 000 000. At this point (about March 6-7, 2020) the validators will stop the current nodes and Minter 1.0 network will stop generating new blocks;
  • Minter 1.0 blockchain will be completely unloaded and the data will be entered into the Genesis block of the updated network;
  • Minter 1.1 network will be launched.

Approved changes

  • Tendermint updated to v0.33.0;
  • Each coin now has a MaxSupply field that limits the maximum number of coins in circulation. Everything will work as in the current version of Minter, the only difference is that purchase transactions above the maximum limit will simply be rejected;
  • Introduced support for Multi-signature wallets. Such wallets will be used to create sidecheins and trusts services. Quantity - 32 users, the maximum weight of each voice - 1023.
  • No More Coin Liquidations. The decision to abandon such concept as removing of custom coins was made due to several factors: it is a very time consuming operation for the network, and, most importantly, "elimination" can theoretically be used for an attack on the network.
  • Minimum indestructible reserve of a custom coin. Depending on CRR:
    • 90-100% CRR, minimum reserve is 10,000 BIP
    • 80-89% CRR, minimum reserve is 30,000 BIP.
    • 70-79% CRR, minimum reserve - 40,000 BIP
    • 60-69% CRR, minimum reserve 50,000 BIP
    • 50-59% CRR, minimum reserve 60,000 BIP
    • 40-49% CRR, minimum reserve - 70,000 BIP
    • 30-39% CRR, minimum reserve - 80,000 BIP
    • 20-29% CRR, minimum reserve - 90,000 BIP
    • 10-19% CRR, minimum reserve - 100,000 BIP

For already existing coins that have a reserve below the minimum threshold, it is necessary to buy coins for the required amount of BIP. Otherwise, such coins will not be available for sale and commission;

  • GasCoin's Field of Cheques. In the new blockchain version, cashing transaction must use the gas coin indicated on the check itself (the GasCoin field);
  • Reward for block will be paid every 120 blocks. In Minter 1.1 rewards will be paid out approximately every 10 minutes (every 120 blocks, previously every 12 blocks). The developers plan to increase this period on a permanent basis, as a result, the blockchain should come to the principle of "receiving awards on demand";
  • Optimize State History Storage. In Minter 1.1 node with 500,000 transactions and 200,000 blocks and full history takes 5GB on disk. Optimized event storage, allowing developers to store data in a more compact way;
  • Changed addresses for DAO and Developers awards;
  • New console node management tool. You will be able to use it without the API enabled:
    • View node status
    • Add a piers
    • View connected piers
    • Delete the block history on the selected range among other possibilities.

See also