Blocknet’s team has announced the release of Comet, a mandatory upgrade which introduces a new codebase featuring on-chain governance, on-chain Service Nodes, a new staking protocol, and a new-block reward model, amongst others. The upgrade has been dubbed “the biggest Blocknet release,” boasting of over 2,000 files changed with 391k additions.

Comet will help the service-based blockchain achieve its goal of building an open and collaborative blockchain ecosystem.

Talking about the new codebase, Blocknet will be migrating all its base chain code to Bitcoin’s v18 from a current PIVX v2 fork. Citing issues such as network instability and inefficiencies, the new codebase will allow Blocknet to benefit from all of Bitcoin’s efficiencies and security. Additionally, the migration has enabled HD wallet support, a REST API interface, and auto-complete console commands.

On governance, voting is now open to everyone. With 5000 BLOCK, anyone can vote. Thus, opening the voting process to the wider community whilst removing the barrier of setting up a Service Node before voting. Voting can be done directly from the wallet.

The release of Comet has also ushered in a transition from the current double-tier reward system to a single block-tier reward system that allows everyone, including Service Nodes to stake. This will increase the number of stakers on the network by about 180%. Finally, the waiting period for activating a Service Node will be significantly reduced because only 2 confirmations are now needed for the collateral.

All participants in the network, including holders, stakers, service providers and Service Node operators have been mandated to update transition to Comet before 6 PM on February 20.