BitGreen Transitions to New Chain, Releases Swap Information
The BitGreen team recently announced that works on its new blockchain protocol and wallet are complete and that the network was ready for a transition. As part of the announcement, the team released a guideline on how users can restore their balances on the new chain.
The swap process is semi-automatic, meaning that old wallet addresses are linked to the new chain. Users will be using their private keys from the old chain to generate addresses on the new chain and restore their balances. The team went further to warn that although the swap is done with 2 console commands, users should be careful about sharing their private keys with “supposed” support personnel.
A snapshot of the old chain was taken at block 870,000 and users will have to wait until November 27 to start earning rewards on the new chain.
The block height of the new chain will start at zero and have a 2-minute block time. Between block 0-5000, the new chain will remain in a “fair launch” period where block reward will be 0. From block 5001, the reward rate will become 10 BITG per block shared in the following ratio – 85% to masternodes, 15 to PoS, and 10% to governance.