NetFlowCoin Testnet Announcement on Temporary Mining Suspension
Dear NetFlowCoin users,
Thank you for your continued support of the NetFlowCoin Project. At the time of this announcement, the block height of the testnet has reached 100,2521 blocks, the cumulative traffic has reached 37.42 PB and the goal of testnet version 1.0 has been achieved.
However, integrating the operational data on-chain, as well as the opinions of ecological partners and test users, we have decided to comprehensively upgrade the current economic model, consensus and architecture to meet the various needs of on-chain and off-chain applications. These upgrades are critical in order for the NetFlowCoin Project to meet the standards of the Web 3.0 era.
According to the roadmap, we still have a lot of work ahead of us. This includes economic models, adding various functions on the chain, interfaces, and docking with third parties. During this process there will be many upgrades and changes. The NetFlowCoin Project team remains focused on the upcoming mainnet launch.
To avoid asset loss during the upcoming series of updates on the testnet, NetFlowCoin will temporarily suspend the mining function of testnet version 1.0 on August 31, 2021, at 24:00 EST.
Once the updates are complete, the NetFlowCoin Project team will make an official announcement ending the mining suspension.
Regarding the upcoming suspension of mining, the NetFlowCoin Project team asks all users to take notice of the following:
- The tokens obtained from mining during the entire time period from the launch of the testnet starting on August 31 at midnight EST, can be exchanged into mainnet tokens after the mainnet goes online (exchange rules will be announced at a later date).
- Note: We will take a snapshot of all the addresses on the chain and the tokens in the contract on August 31 at midnight to ensure the accuracy of exchange.
- Tokens generated by the testnet on September 1, 2021, cannot be exchanged into mainnet tokens, and will only be used in the testnet.
- New economic models and consensus mechanisms will be announced as soon as possible.
Just like bending the elbow is key for hitting a homerun, the choice to temporarily suspend mining on testnet is made deliberately. By doing this, the NetFlowCoin Project team intends to make the most of the upcoming mainnet launch.
Thank you again to our testnet users for your continued participation and support. Without you, there is no way we could achieve our goals. We look forward to building the NetFlowCoin value network.
NetFlowCoin (Singapore) Foundation
August 27, 2021