A very exciting time has arrived for the Canada eCoin project!
This announcement contains important information regarding the future of Canada eCoin. All users should be aware!
Today marks an important milestone for the Canada eCoin project. March 28 is Canada eCoin’s birthday and today our chain turns 6 years old!
As a community, we came together to take-over the Canada eCoin project 5 years ago, and over time, a small; but tight, development team has formed itself around a vision of the future.
As we learned and grew together in our knowledge, we have carved out a path to focus on. We now have the need for an upgraded wallet with segwit and lightning capabilities. Unfortunately, because our core software went so long without updates, it makes it harder to implement updates now.
Now, it is with great pleasure that today we announce:
Volume 2: Open Territories
At a specific block in the near future, the Canada eCoin will pivot into a new updated wallet along with a fancy new blockchain.
During the first few hundred blocks of our Volume 2, the chainstate from Volume 1 will be manually reinstated by our team. This will be a painless upgrade and there is no risk to any user of losing their coins. As long as they still have their private keys from Volume 1, they will be able to access their coins within Volume 2.
Technical details will come in subsequent announcements along with upgrade instructions; although, we can tell you we decided to use ViaCoin’s wallet version 0.16.3 as a jump off point and segwit will be enabled from the outset. Watch our github repo on branch ‘volume2’ for source code as it becomes available. We appreciate any and all eyes we can get on the source before we launch.
But why? Really,..?:
Our chain is just too damn big (blocktimes are too fast).
- CDN Vol1 has 6million+ blocks
- this doesn’t account for orphans which slow down sync time
- Some users report it takes weeks to sync our chain
- Importing private keys take forever
- 10gb+ foot print, much bigger if a bootstrap is used.
Our wallet is just too damn old.
- Since our dev team was zero for the first year, we missed out on keeping up to date
- We can jump to present, and maintain
Detailed upgrading instructions will be available shortly. In short however,..
Canada eCoin desktop wallet users
you will download the new wallet and add the wallet.dat file to the datadir (better, detailed instructions to come)
Coinomi has been made aware of our intentions, and we will do our best to make sure the Coinomi experience is seamless
Tipbot and exchange users
As always, we recommend you withdraw your coins from any third party and keep them safe somewhere reliable. We recommend paper wallets for those who want to store coins for a long time.
Paper wallet users
You are our most blessed user. There isn’t anything you have to do; you’re all set. Your paper wallets will be just as valid on the new chain. :thumbs up:
A user is unable or unwilling to swap their coins to the new chain
- There is no work the user has to do, just keep their private keys.
- Since the UTXOs are rebuilt on the new chain.
- Since we are manually reinstating the unspent outputs (UTXOs) into Volume 2, the new UTXOs will be different; replay attacks are invalidated.
- Learn more about UTXOs here -> https://en.wikipedia.org/wiki/Unspent_transaction_output
Something goes wrong and we botch the whole thing up
- Since Volume 1 is going untouched, there is no ‘point of no return’
- It is possible to revert back to Volume 1 if Volume 2 fails to launch.
How can we know the Canada eCoin developers know what they are doing?
- The results are transparently recorded onto our blockchain
- We are not the first team to attempt this style of pivot
- We look up to the Diamond [DMD] team who has gone through a similar process twice now with great success.
- We will ensure our blockchain explorer can assist anyone who wants to audit the process.
If you have concerns you want us to address, please submit them via email to [email protected] or join us on keybase or discord.
Our commitment to excellence:
Over the next few moments, we will be upgrading our support and service desk abilities. We are currently reaching out to our 3rd party vendors to ensure they are aware and willing to join us for these upgrades. We will post more announcements throughout the upgrade process to keep our users informed.
Stay up to date:
- Subscribe to our mailing list by sending an email to [email protected] with the word ‘subscribe’ in the subject.
- Watch out for further updates within the news section of our website: https://canadaecoin.site/news
- Join our keybase channels: https://keybase.io/team/canadaecoin
- Join our discord channels: https://discord.gg/uUuFwME
On behalf of the Canada eCoin Developers,
The Canada eCoin project is a fair released coin, intended to become unified with other scrypt coins through a process called merged mining. We believe we are honouring this initial intention by continuing to hold thoughts of unity while we explore our future and develop tools for the fellow Canadian. See AUXPOW -> https://en.bitcoin.it/wiki/Merged_mining_specification#Aux_proof-of-work_block