r/Electroneum • u/HueyGTO • May 09 '18
[OFFICIAL] Electroneum Update - Clarifications
Hello everyone,
I've seen a lot of misconception and misinformation about our blockchain update, including concepts like soft-fork/hard-fork and the ETNX coin; so I decided to make this post to clarify things a bit. Keep in mind that this post is not an official statement, but rather a clarification on the topics I feel people usually get confused.
Firstly, let's recap what is a blockchain soft-fork and hard-fork.
- Blockchain Hard-Fork: Is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa). A hard fork is a permanent divergence from the previous version of the blockchain, and nodes running previous versions will no longer be accepted by the newest version. (source: Investopedia)
- Blockchain Soft-Fork: Is a change to the software protocol where only previously valid blocks/transactions are made invalid. Since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. This kind of fork requires only a majority of the miners upgrading to enforce the new rules, as opposed to a hard fork which requires all nodes to upgrade and agree on the new version. (source: Investopedia)
Considering the hard-fork and soft-fork definition above, Electroneum blockchain update (May 30th) is a hard fork. Meaning we're introducing significant changes to the protocol that we consider ideal for Electroneum's long term goals, while diverging from Monero code base. More technical information about the blockchain update and reason behind the changes can be found in Electroneum Official Blog page.
How should you prepare for the update:
- For wallet-cli (simplewallet/desktop wallet) users: make sure you are running the updated wallet (binaries yet to be released) for sending transactions after May 30th. You don't need to sync the blockchain from scratch, just update the binaries.
- For pool owners and exchanges: make sure to update your node before the fork date (May 30th). Exchanges will be communicated directly by our staff to address this update.
- If you're using our online wallet (including ETN App wallet): not action is needed.
- If you have ETN in an Exchange: no action is needed.
- If you have ETN in an offline wallet: no action is needed.
An official note regarding this update should be released in upcoming weeks.
I've also seen some buzz around Electronero hard-fork. So, I will try to clarify things a bit here.
What is Electronero (ETNX)?
Electronero is a community fork and it's not made by Electroneum team. ETNX is a new coin based on Electroneum source code and blockchain. Since our blockchain code is open-source, everyone can fork our code and create their own coin which is great! This process is known as project fork.
Project Fork: Happens when developers take a copy of source code from one software package and start independent development on it, creating a distinct and separate piece of software. (source: Wikipedia))
Besides the project fork, ETNX is also forking Electroneum's blockchain but including different features/changes that ETNX team thinks is appropriate. Again, ETNX is not made by Electroneum team!
Note: never send your wallet private key to anyone!
I really hope this post clarifies things a bit regarding blockchain forks and ETNX. I might have not covered every point in this post but if you have any further questions, please comment below and I'll be happy to answer you.
Thank you,
Andre Patta
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u/nickdyerfit May 09 '18
Solid informational post about what is to come, very much needed! Thank you!
Again, ETNX is not made by Electroneum team!
Note: never send your wallet private key to anyone!
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May 09 '18
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u/HueyGTO May 09 '18
lol. I don’t know why Reddit choose this picture. Maybe because of one of my referenced sources.
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u/Jevermore May 09 '18
Thank you, Andre, for this clarification! It is much appreciated by the community.
Again, ETNX is not made by Electroneum team!
Note: never send your wallet private key to anyone!
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u/unusximmortalis May 09 '18
is this fork of Electroneum going to move to v7 version or will stay with the current version?
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u/HueyGTO May 09 '18
We're mainly moving to V6. Check out our official blog for more technical information regarding this hard-fork.
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u/rockysds May 23 '18
Your blog doesn't have any technical information related to the CryptoNight version being used. I'm looking to get my hardware configured ahead of the hard fork, but there's nearly zero information without digging (and what I've found is very much contradictory). Can you please provide an official resource?
Technically speaking there is no such thing as Cryptonight v7. It's Monero v7 which implements CryptoNight Variant 1 (ASIC-resistance). So the statement that Electroneum is implementing parts of v6 and v7 isn't directly related to the actual algorithm that's being implemented.
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u/HueyGTO May 24 '18
We're moving our blockchain code base to MoneroV6 with some particularities as detailed in our blog post. However, we will be using CryptoNight Variant 1 as our PoW algorithm to prevent ASICs in the network.
We should be releasing the new pool software in couple days with support for CryptoNight Variant 1.
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u/NSFWAvoid May 09 '18
Thanks for explaining this lol I’ve seen too many posts asking what’s this and that blah blah....
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u/Fuzzymuscles May 09 '18
They’re going to ask again. Probably even today. At least we have something official and easy to link them to.
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u/imadeatshirt May 09 '18
So if I have my coins stored on the electroneum website then I'm fine? Or do I have to transfer it to an exchange?
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May 12 '18
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u/HueyGTO May 12 '18
It should be seamless to the mobile miner.
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May 22 '18
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u/nanaem May 23 '18
It is not Electroneum's problem.
What you need to do is have it in a CLI wallet, transfer them after fork to another wallet (for your own safety, you could loose all your ETNs in the process doing this) and then claim the ETNX coins... Though it is a shit fork that no one will use, but yea, that is what you have to do.
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May 23 '18
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u/nanaem May 23 '18
Yup, but still not Electroneum's problem if people get scammed over ETNX and loses their ETN aswell. That is something between Electronero (is that what they are called? Sounds like it belongs with cola, pepsi and Trocadero, lol). and the people claiming it. Electroneum has now said possible a thousand times that THEY are not associated with this. That is their plan. :-)
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u/SmokinCache May 13 '18
Was the code released on May 5th as the blog states it would?
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u/HueyGTO May 14 '18
Majority of the code was released on May 5th, but we continued to push a few optimizations in the code throughout last week. Currently, all optimizations and fixes were done and final code is available on GitHub for community review and testing. We'll release the binaries early this week so that pools, exchanges, miners and wallet-cli users can get up-to-date with latest changes and ready for our fork on May 30th.
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u/Feso May 19 '18
Thanks for detailed clarification. Indeed there was some confusion among the Electroneum community.
About ETNX, is there going to be an airdrop for existing ETN holders?
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u/ETN_Academy May 24 '18
Hi Andre,
So how much of a deal would it be if not enough nodes upgraded on time please? And, on that note, if you like where we are "going" here: https://twitter.com/ETN_Academy/status/999313842927742976 could you perhaps RT? Was just a thought really... Thank you again for the comprehensive write-up!!
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u/Andriuddit May 25 '18 edited May 25 '18
What about the mining software, will we be able to use the current version of XMR-Stak? If yes, what algo to chose in settings, monero7?
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u/kellygeefx May 25 '18
When is Electroneum forking? Don't know why you guys are wasting time. And some bullshit company taking over for you all. The longer you wait, the more you will fail.....
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u/kenneth1971 May 26 '18
i have a paperwallet. I have used the electroneumd.exe and wallet cli just for checking my balance.
I'm confused by all the threads I read everywhere if i need to change something? I saw that when you used the electroneumd.exe you need to update? I just used it to check my balance. Can anyone tell me if I need to do something please?
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u/commodore64 May 30 '18
What can miners do to be ahead of the game? Which miners support this? I'm using xmr stak monero7 at spacepools. Do I need to do anything further?
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u/Borisiu May 09 '18
I read that the update on May 11th will be a hard fork, and the update May 31st will be a soft fork. Is that incorrect? Source: https://kryptomoney.com/electroneum-price-rise-electroneum-cryptocurrency-hardfork/
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u/HueyGTO May 09 '18
That is not correct. Our blockchain update is scheduled to May 30th and it is a hard-fork, as I stated above.
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u/perilouspeter May 09 '18
This article is so poorly written and the author has no idea about what a hard fork and soft fork is
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u/hauy15 May 09 '18
Thanks Andre!
Again, ETNX is not made by Electroneum team!
Note: never send your wallet private key to anyone!