After months of development and extensive rounds of testing, we are very excited to announce that development for Automated Ghost Veteran Rewards (AGVR) is now complete and ready for production! All users must update to the new ghost-core version 0.22.1.0. You can download the new version found here. On October 1st, around 8:00 am UTC, block height 591621, Ghost will undergo a hardfork that will activate this protocol. This protocol will work in four phases as follows:
· Initial activation of AGVR through hardfork at block height 591621
· GVR Carry Forward activation also activated at block height 591621
· GVR Carry Forward paid to GVR Fund at block height 613222
· Full Activation of AGVR at block height 613223
The initial hardfork will activate the process for AGVR. It is imperative that Veterans make their Veteran transaction as close to this blockheight as possible so when full AGVR is activated (block height 613223), they will start receiving AGVR rewards when they mine a block. After the initial activation, Veterans will still mine blocks with the current block reward of 3.876. At the same time, Veterans will have already made their Veteran transaction for the month of October like they normally would. This list will be compiled and kept track of via the GVRCarryforward.
At block height 613222, the GVR Wallet will receive a transaction from the blockchain which includes funds for the month of October. On November 1st, this will be the last manual GVR payment to be processed to all eligible Veterans. Furthermore, at block height 613223 the protocol will no longer pay GVR to the GVR Wallet. Instead, it will pay directly to the Miner on a per block basis and if the Miner is GVR eligible, the Miner will receive a reward of 9.576 $GHOST, that is, Miner reward of 3.876 + GVR of 5.700 (given current block emissions). If the Miner is not AGVR eligible, the AGVR reward will be carried over to the next block or until the Miner of that block is AGVR eligible.
As previously mentioned in our Q2 update, let’s re-discuss the covenants of this protocol to ensure full understanding of these parameters so you can reap the benefits of AGVR! Listed below are the covenants surrounding this protocol which are designed to protect the blockchain from bad actors and ensure the protocol . All of these covenants must be met in order to receive AGVR.
· User must always hold at least 20,000 $GHOST
· User must be staking, either Hot or Cold
· User must make a self-transaction of 20,000 $GHOST
· User must wait out time lock of 21600 blocks
The first of these covenants is already a parameter in the current GVR model. Users who hold 20,000 coins are eligible for GVR rewards. This amount is a multiple in which users who hold 40,000 coins receive twice the amount as the former holder.
To ensure security and the overall premise of the protocol, users must be actively staking in order to receive their AGVR rewards. It doesn’t matter if users hot stake or cold stake, they will still receive AGVR if all other conditions are met. We ensured that once AGVR goes live, pools will not be effected and will not escrow AGVR funds. AGVR rewards will still pay directly to the AGVR eligible miner of that block. This is proven by the functional tests ColdRewardTracker. Pools will never see AGVR so there’s no question regarding delegation of coins and reward summaries. Please see snapshot below.
Lastly, the time lock of 21600 blocks, which is around one month, is there to ensure that bad actors are unable to quickly take advantage of this protocol and thus “steal” AGVR rewards from those who are actual GVR members. Once a user creates their self transaction of 20,000+ coins, they will earn normal rewards for the time being. After 21600 blocks have elapsed since their self transaction, they will be AGVR eligible and can receive AGVR blocks as soon as the next one they mine.
Continued comments regarding AGVR
With respect to the Ghost Development Fund, with the AGVR protocol in place funds will now directly go to this address instead of the blockchain sending it to the treasury address and being sent from there. This is another element of decentralization at play.
Piggy backing off of that, in the event of a chain reorganization, which is when nodes receive blocks that are apart of a longer chain, AGVR will remain unaffected. So for future hardforks, users won’t have to jump through special hoops in order to continue receiving AGVR based rewards.
Included with the rollout of AGVR is a new RPC command, geteligibleaddresses (provided with a block number) will return all eligible addresses for AGVR. In turn, this predicts the future in that assuming these addresses stay constant, in the sense of keeping their Veteran status, one could predict their potential rewards given others via their stakeweight.
Closing
Automated Ghost Veteran Rewards has been a long awaited roadmap deliverable. Our team has overcome many challenges to get to the point where we are today and finally rolling out this protocol. AGVR represents a milestone in our blockchain’s history as this greatly increases the level of decentralization and proves our team’s efforts at expanding the ecosystem and protecting user’s funds.
Again, all users please make sure you’re updated to the new ghost-core, version 0.22.1.0! https://github.com/ghost-coin/ghost-core/releases/tag/v0.22.0.0
Stay tuned for our Q3 update as we reveal what we’ve been working on in the background and the next set of roadmap deliverables!
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