Implementation of VaultZ Proposal at 5.00% Blockchain Reward


#1

This post will outline the necessary steps required to execute the VaultZ proposal. It is meant to be an all encompassing detail focused publication of the efforts required, and to be undertaken by the team, to carry the VaultZ proposal from planning through execution, implementation, and monitoring phases.

For details on the VaultZ proposal please see:

VaultZ Proposal
Percentage for VaultZ

Meeting Type Date Discussion
Preliminary October 30th, 2018 General discussion regarding efforts required for proposal implementation
Plan / Identify TBD Discuss beginning of testing phase and required components; as well as any obstacles and discoveries during self-testing / code review
Execution TBD Begin deploying test environments for testing of block reward change; and any components required for minimal functionality
Implementation TBD Implement components identified, plus additional for full scope change and those that passed testing
Monitoring TBD Monitor reward amounts and wallet rotations, etc.

Components Identified

During the preliminary meeting BTCZ devs identified the components below.

Coordination / with the listed components will be required at least 30 days before Implementation is foreseeable.

The message needing to be communicated to the components listed is simple: If you’re running a full node for any purpose, an update to latest node build from BTCZ Github is required when it is available.

NOTICE: This list is not considered exhaustive - If any component is missing/not listed please let us know by posting in this thread, tweeting us, getting us on Discord or email us at bitcoinzcommuni[email protected]

Exchanges

  1. BTC - Alpha
  2. Crex24
  3. Exmo
  4. Exrates
  5. Graviex
  6. Safe.trade
  7. STEX (stocks exchange)
  8. TradeSatoshi

Pools

  1. Equipool
  2. PCMining
  3. Axepool
  4. Geekhask
  5. Mineflow
  6. Pool.pink
  7. CryptoCommunity
  8. Miningspeed
  9. Zsolo
  10. Nibiru Pool
  11. Altpool
  12. 2Miners
  13. Coinblockers
  14. Supernova

Wallets

  1. Co-pay - will update when Insight explorer / BWS updated

  2. Multi-asset wallets:
    a. Coinomi - node update required
    b. ZelCore - node-update required?

  3. Swing wallet - node re-packaging required

  4. CLI wallet - update node build required

  5. Web wallet - will update when Insight explorer is updated

  6. Offline wallets / paper wallet sites - no update required

Explorers

  1. Iquidus - node update required

  2. Insight - node update required / May require other updates?

NOTICE: This list is not considered exhaustive - If any component is missing/not listed please let us know by posting in this thread, tweeting us, getting us on Discord or email us at [email protected]


#2

#3

#4

#5

Reserved. Feedback strongly encouraged.


#6

Thank you Cryptorex for your precisious describtion and your step up for VaultZ activation. I would strongly highlighten the pool Suprnova, because one of the many reason why we constructed a donation method VaultZ was caused by their careless attitude. I dont mean that, everybody should donate but there should be a midpath between huge taxes and lack of donation. VaultZ is our midpath and dont forget we could devote it or modify it by the time passes.

So Suprnova should definitelly update to our new node, and I really hope so they do it.
I would like to add to the exchange list: http://cratex.io our members new exchange and his pool which was among our first pools: http://pcmining.xyz

Im happily looking forward for the next meetup!
Thank you.


#7

Thank you cryptorex for the new thread for VaultZ.

May I copy here as a reminder what I wrote on Nov 13 2017 on bitcointalk:
https://bitcointalk.org/index.php?topic=2166510.msg24511910#msg24511910

Take a developer fee for marketing and infrastructure of 500 BTCZ per block size reward, but do not destroy the factor 1000 in relation to BTC.
The halving will destroy the trust of ‘normal’ people in BTCZ as true BTC 2.0 as explained in post #1 of this thread.
Please could you explain exactly from the advantage site why halving helps?
BTC is mining until year 2040 to get all the 21 mio coins available. Shall BTCZ miners mining until year 2070 to get all available coins?
Halving destroys the reasonable factor 1000 to factor 500, this makes no sense IMHO.
Halving is a contradiction to the basic concept of BTCZ.

Good to see that we add now a small fee for community.

-swisstrader


#8

If I understand correctly, the 5% will be taken directly from each new minned block (12500 -5% (665) = 11875 reward block)? And the change will be made in the BTCz Full node (https://github.com/btcz/bitcoinz).

So the payment gateways (btcz.in or pay.btcz.app) and other projects like TxtZ will also have to update the full node.

What will happen for those who do not update? it’s like a hard fork?


#9

I guess, who do not update, will be excluded or can cause huge share errors/ malefuncion at mining (lower rates).
Yes it will be taken from block reward goes to a community or vaultZ address (we will discuss it).
It will be voted what region (eg. Marketing, development…) and what project will get parts for utilites to development (will be discussed).
Receiver should report every transaction or usement of the amount.


#10

Yes - the change will be directly for each new mined block.

Yes - any service running fullnode will need to update. It is effectively a ‘hard fork’, in that those who do not update will be left behind.