Today is the day our community finally see what all the secret work has been about.
As many of you know, we have had a lot of issues and bugs with the current state of SONO 220.127.116.11.
The reason for this is that the codebase is from our previous "coin developer" Mr. Unkown that is MIA.
Since then, Mike from zPools has become a part of the team and been working on fixing the many bugs and issues we have had with the wallet.
For all of his hard work we want to thank him.
Coin Swap using the SonoX Platform
As you could see with the title of this post, we will be doing a Coin Swap from the current blockchain to a new one.
We will be doing this with the help of our own exchange software that has been modified to a basic 1:1 swap version. This means there will be no trading on our own platform till the planned launch.
Our community will be able to make an account, login and deposit their coins.
After the coins have been confirmed, their new coins will be released to their new wallet.
Duration and Swap Rates
The duration of the swap will be 30 days.
The swap starts from monday the 18th of June.
We will monitor the amount of coins being swapped, and if a high amount of users still havent swapped their coins before the last week, then a extension period will be added.
The rate of the swap will be a 1:1 swap, so there will not be a difference in the amount of coins you are holding.
All SONO 2.0 that is not claimed within the swap period will be allocated to the distribution fund. The distribution fund will be used for our new Twitter and Signature Campaign.
What will happen to SONO 18.104.22.168?
The current version of SONO 22.214.171.124 will be replaced with a new version that will be the end of SONO 1.X.
In this new version, we will make a hardfork and reduce the PoW and PoS reward to 0.01 SONO/%. This means that it will nolonger be profitable to mine or stake your coins on the old chain.
This is done so we dont have 2 chains producing coins into our new blockchain and in that time inflate the amount of SONO in circulation.
The final version is named 1.4 and will be released friday the 15th of June.
The hardfork will be activated on wednesday the 20th of June, any wallets that have not updated will be kicked off the main net.
How is SONO 2.0 different?
SONO 2.0 will be running with our very own mining algorithm developed by Mike.
The algorithm is name SonoA and will in the beginning only support CPU mining to allow everyone to mine.
After launch, Mike will be working on a GPU miner that should be ready about a month from now or so.
This means that you can now mine with your CPU's and while we wait for the GPU miners, you'll be able to mine other profitable coins and buy SONO in the mean time.
SONO 2.0 will also have a new set of specifications.
The block time has been reduced by 50% so instead of 1 minute per block, then we are down to 30 seconds instead. The PoW reward has therfore been changed from 2 coins per block down to 1 instead so hyperinflation is not a threat.
The release of new coins will remain the same. We choose to double the amount of blocks that we have daily to allow more room for miners as PoS blocks start to fill more and more as our community grows.
Another blog post will be released shortly with all details and specifications for SONO 2.0.
Link to Swap: https://sonoxswap.azurewebsites.net