[Official] Valentine's Day Update: Forward Rolling Block Adjustment Fork

[MicroGuy]

EDIT: Binaries are now ready. Please update your clients ASAP. 

http://www.gldcoin.com/get-started/

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Next weekend, the Goldcoin developers will be releasing a mandatory update to address our coin inflation issues. When we originally designed the coin generation rules for Goldcoin, there were only around 30 popular altcoins - today there are literally thousands. The reality is there are simply too many coins being produced.

Please begin advising pool operators, exchanges, and investors about the coming update. This patch will be made available for download this coming Valentines day on Feb 14, 2016. This update will roll forward our current coin generation rules to "Year 20" whilst maintaining the existing formula. This will result in a significant drop in block reward.

2.0 minute block targets
Starting at block 372,000 reward drops to 4 GLD
Fork will jump to "Year 20" of coin generation >> http://pastebin.com/fe5SUUss (totals update coming soon)
Reward is then reduced each year using the following formula:
50 divided by (1.1 + 0.49*every year thereafter)

This will result in 53 million fewer coins for a total of 70 million total coins to be minted.
Mining will continue for approximately 100 years at which time the block reward will reach zero.

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Please check this thread regularly for more information including graphs and detailed coin generation information.

~~

[Stouse49]

When will the code changes be on github?  This weekend?

[MicroGuy]

When will the code changes be on github?  This weekend?

I'll need to verify this with Amir, but I believe the current plan is to update Github sometime this Sunday.

[MicroGuy]

It has been decided that the blockchain will fork at a height of 372,000. This will allow pools, users, exchanges, block explorers, and others approximately 6 1/2 days to update. This update will also increase the maximum block size to 2 MB and reduce transaction fees to 0.01GLD from 0.1GLD.

Binaries are now ready. Please update your clients ASAP. 

http://www.gldcoin.com/get-started/

[MicroGuy]

When will the code changes be on github?  This weekend?

I think this might be the first time we've hard forked without first running a testnet.

Would it be possible for you to double-check the code for possible errors?  https://github.com/goldcoin

[Stouse49]

When I looked at the code changes several days ago and today I didn't notice any problems or errors.

The changes were minimal and the risk is low for any issues.

[Stouse49]

The android app is updated.

The update was delayed because I thought the changes would not keep the app from connecting to the network.  Now its fixed along with a few other things.

[MicroGuy]

The android app is updated.

The update was delayed because I thought the changes would not keep the app from connecting to the network.  Now its fixed along with a few other things.

Thank you Eric for updating the Android App! 

I have updated the APK download on the GoldCoin website: http://www.gldcoin.com/get-started/