Recently the Folm community has been asking for changes that balance the position between miners and masternode investors, also take in consideration the bear market we are in.
As I have mention before the success of any coin is not the prices is the project, with a good project comes price, Folm admin/dev team has hear the community demands and will proceed, this is the update that was posted today on the Folm Coin Discord.
By Folm#7730
Dear Folm community,
As you all probably already heard, we started discussion and preparation to significant changes in Folm blockchain solution.
Those changes were mainly driven by two issues: - Unbalanced coin supply causing unnecessary pressure to the FLM price - Technical issues which blocks further FolmBank development coming out of current blockchain realization
Having internal discussions and external consultancy support, we come to the following strategic decisions:
1. FOLM will build new blockchain and perform coin swap - New blockchain will keep same block time and block size - New blockchain will reduce block reward - New blockchain will introduce new cryptographic algorithm - New blockchain will focus on Masternodes and PoS and easy payment systems
2. FOLM will introduce multi-tier masternodes structure which is better aligned with FOLM solution structure (case may be change) - Tier-1 will address easy access to the FOLM investments - Tier-2 will improve overall blockchain stability and accessibility - Tier-3 will be high-grade qualified nodes used as FolmContract Approval Authority
3. Swap campaign will be prepared in advance and will not happen immediately - Swap will be done using on beta FolmBank platform. - Swap will happen for long enough period, but still for a limited timeframe - Current blockchain seed nodes will be supported until end of swap campaign
Anticipating your questions, we would like to mention that number of decision with regards to new blockchain still to be taken in following weeks, e.g.: - Maximum coin supply - MN collateral amount for each tier - MN block reward for each tier - PoS block reward - Swap ratio - Swap timeframe
We thoroughly checking all dependencies finding the best balance between network performance and investment attractiveness of our FOLM platform.
Welcome to the FolmEvolution
