Author Topic: Groestlcoin Released | MANDATORY UPDATE, INSTALL IMMEDIATELY  (Read 4206 times)

Offline srcxxx

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Note: This is a mandatory update as it involves a hard fork of the network. Please make sure you are running to ensure that you're on the correct blockchain and not at risk of losing your Groestlcoins. Do not send your wallet.dat file to anyone.

This update is mandatory meaning you have to update. This is an quick and easy update that should be started immediately. As per block 120,000 (4th June), the network will hardfork to adopt a new block reward computation algorithm. New reward decrease formula will decrease GRS inflation and extend active mining phase up to year 2033 (10 more years). Block reward will be lower than with original 6% decrease formula for next 9 months, after that time the new formula will actually have higher block rewards than original 6% formula. You can see total GRS supply graph here (red - old formula, blue - new formula).

Update highlights:
1. Weekly block reward decrease becomes 1% instead of 6% since block #150,000
2. Starting from block #120,000 the reward will decrease daily to reach 25 GRS on block #150,000
3. Press Release regarding Groestlcoin team roadmap for 2014 will be available 1 June 2014, 21:00 UTC

For a complete history of all commits, please check the repository history. A big shout out to everyone who made this release possible, and happy mining Groestlers!

Repository/Unix - https://github.com/GroestlCoin/GroestlCoin/
Windows - https://mega.co.nz/#!UMZhjR5T!uD_1d9KMbf_kZpyORHF1BCXlW8VHl0mZ1SwBAiq0VhQ
Mac - https://mega.co.nz/#!sUpCxJoY!BPyRBl1L29ddZHpngCXJ8J-_lnWvSLgN191UkR5morM

To update:
Download the new version.
Once downloaded, close the groestlcoin wallet if you have it opened. Open the file you've downloaded.
That's it. You're all updated.

If you haven't done the update in time and your blockchain is stuck at block 120,959, you would need to re-download the blockchain after installing the updated GroestlCoin wallet application.
 * Important: do not delete your wallet.dat! Ot otherwise all your GRS will get lost.
 * it is recommended to keep your GroestlCoin.conf, but is is not required
 * exit the wallet if it is running
 * Now you need to delete the old blockchain.
        Location Windows: C:\Users\Username\AppData\Roaming\groestlCoin\
        Location Mac: Finder -> Go {Hold Option] -> Library -> groestlcoin -> (~/Library/Application Support/groestlcoin/)
 * delete everything BUT wallet.dat and groestlcoin.conf (keep the wallet.dat or you'll lose your GRS!)
 * start GroestlCoin wallet application and it will redownload the blockchain.

•If you're reading this post after the 4th of June 2014, DO NOT TRANSFER any coins until you've updated to The update is mandatory and must be installed.
•Make a copy your wallet.dat file as a backup:
Location Windows: C:\Users\Username\AppData\Roaming\groestlCoin\wallet.dat
Location Mac: Finder -> Go {Hold Option] -> Library -> groestlcoin -> wallet.dat (~/Library/Application Support/groestlcoin/)
« Last Edit: June 07, 2014, 03:38:58 am by srcxxx »