GateChain Testnet 4.0, the final version, is in the process of being delivered. In terms of PoS incentive, we have adopted scheme 2.1, voted for by the community. The result being that GT will be adopted both as a platform and a mainnet token without issuing GC. 30 million GT tokens will be taken from the team for staking rewards in the upcoming 10 years or more, in which GT tokens are given with PoS mining.
Additionally, the protocol will be updated to halve the production within 10 years to further lower inflation.
Currently, the development progress has been as follows:
1. Completed Tx index integration testing; testing cases have been written and passed; launched on Devnet.
2. HD derivation key feature and integration testing with desktop wallet has been performed; launched on Devnet.
3. Finished post-quantum key encryption algorithm; launched on Devnet; Modification of APP is scheduled to be done this week, retaining testing time.
4. Committee consensus has been stable; increased predetermined scheme to rapidly reach consensus when period>3; launched on Devnet.
5. Set features of prior packing with handling fees and lowest handling fees; launched on Devnet.
6. Modification of PoS incentive parameters is being tested; code development of “punishment of reducing loyalty factor” is ready to be finished this week.
7. Modification of file based on Testnet 4.0 has been completed and updated.
8. Modification and testing of desktop wallets are scheduled to be completed this week; code modification of the APP wallet is scheduled to be tested this week.
9. Development progress has complied with the launching time (this week) of Testnet V4.0.
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May 25, 2020