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Viction Network Upgrade: Ready for Viction's Future Initiatives

Viction

• 3 min read
Viction Network Upgrade: Ready for Viction's Future Initiatives

About the Upgrade: 


  • The Viction hard fork is a significant update to the Viction Network that introduces new improvements after VIP#1 passes.


Following the recent Viction Improvement Proposal #1, we are thrilled to announce the upcoming hard fork of the Viction Network, laying a foundation for us to build up a thriving Viction ecosystem.

Hard Fork Details:

  • Effective Block: The hard fork will take effect at block number 85619448.  Estimated date: 8:00-10:00 AM UTC on 15 October 2024
  • Network Upgrade Version: All Masternodes will need to upgrade to version 2.4.0
  • Mandatory Upgrade Deadline: All Masternodes and full nodes must be upgraded before October 15th, 2024 to ensure seamless operation on the upgraded network.

A comprehensive guide detailing the upgrade process for validators, including step-by-step instructions and troubleshooting guidance, is available on readme section at here: https://github.com/BuildOnViction/victionchain/releases/tag/v2.4.0

Major Upgrades

This hard fork will introduce technical upgrades to Improve Network Security. In detail, as the circulating supply of $VIC approaches its limit, Masternodes faces diminishing incentives, which could lead to a decline in network security. By increasing block rewards, we aim to revitalize Masternodes, attract new participants, and ultimately strengthen the overall security and resilience of the Viction ecosystem.

Figure 1. Yearly Masternodes Rewards after Viction Hard Fork. Details on VIP#1 can be found at https://gov.viction.xyz/ 

Building a Stronger Viction Ecosystem

The hard fork represents a crucial and memorable event for the Viction Network. We are laying the foundation for Viction into a dynamic and sustainable ecosystem. This will fuel the development of Viction 2.0. Key areas of focus include:

  • VIC RetroDrops program to appreciate Viction loyal on-chain users.     
  • Community Acceleration Program to nurture the Ambassador Program with 150 global members in 20+ countries, establish Working Groups as DAOs dedicated to NFT enthusiasts, creators, developers, and gamers; and a dedicated Builder Accelerator program.
  • R&D and Ecosystem Partnership fund to enhance our infrastructure, facilitate listings, onboard and develop stablecoins, ensuring Viction continues to grow.
  • Ecosystem Development Program for business development, grants, and adoption initiatives. We have onboarded 100+ projects, and some notable players such as Nansen, LayerZero, Pyth Network, Particle Network, etc. And more to come with this strategic partnership. 
  • Ecosystem Reserve provides the flexibility to seize new opportunities and address emerging challenges, ensuring the long-term sustainability and success of the Viction ecosystem.

The Viction Foundation will also maintain an Ecosystem Reserve to fund future initiatives and ensure the continued success of the Viction ecosystem.

Together, we embrace the challenges ahead with determination and optimism, knowing that each step forward brings us closer to realizing the full potential of Viction. Together, we will build a future where blockchain technology empowers individuals, fosters innovation, and creates sustainable value for future generations.

FAQs

  1. What do I have to do with my VIC tokens?

Nothing. VIC holders can simply keep their tokens in a private wallet, hardware wallet, or on an exchange.

  1. What do Full Node & Masternode Operators need to do?

All Masternodes and full node operators will need to update their node software as soon as possible.

  1. What happens if a Masternode or Full Node does not upgrade?

Older Viction versions will automatically become incompatible with the rest of the Viction network as the upgrade is activated on October 15, 2024. Continued node participation on the main Viction network requires upgrading.

  1.  Does this mean we will have two Viction networks?

This network upgrade is technically a hard fork that has been a part of our roadmap mentioned previously in VIP#1. It is non-contentious and therefore, the likelihood of a chain split is highly unlikely.

Stay Updated

We encourage all Viction community members to stay informed about the upcoming hard fork. We will continue to provide updates and resources through our official channels, including:

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