Its that wonderful time of the week again!!
SONO Beta Update
First of all, we would like to say Thank you VERY much for the help we have received from our community the past few weeks. We have been making updates to our beta version of the upcoming update to SONO on a weekly basis and many users has helped us in several ways. Some were testing with staking, masternodes and mining. Others were chiming in with a little code here and there to help us out which was amazing.
The overall status of the beta version is the following:
We achieved everyhing we wanted to acheive. We believe that the next update will be the last mandatory update we will have for a very long time.
Again, thank you very much for the help!
New SONO Mandatory Update
So, what is all the fuzz about with this new mandatory update?
Well, we are going back to a system that worked well for a long period of time, but was "corrupted" because of the lack of control over coin inputs which flooded the network. This issue has now been fixed.
We can now fully confirm that the input reduction system works, so whenever you receive a stake, all inputs below 1000 SONO will compile into a single input to make sure you don't need to stake multiple times per day and take up more PoS blocks from the network than necessary. We tried to implement this system in a previous update but at the time, it sadly did not work.
Now as for the big changes that are coming in this update..
Blocktime is increased from 30 seconds to 60 seconds.
But as more people enter out community and starts to stake, the blocktime will decrease down to around 30 seconds.
Proof of Work (Mining) reward is increased from 1 SONO to 2 SONO.
Proof of Stake reward is now set to 40% per year instead of a static reward.
This is mainly done so we don't incentivize users to spread their coins on multiple addresses to receive more SONO and flood the network with PoS rewards.
This means its a lot better to keep all your SONO in a single input as you will receive your reward faster this way.
Masternodes are still receiving 25% of all PoW and PoS rewards.
The official hardcap of SONO has been set to 5.000.000 SONO in total so users are no longer in doubt of how many SONO will be released in total.
We plan on releasing this wallet on Friday the 7th of September and the fork will be activated approximately 3 weeks later.
Airdrop 2/10 completed.
Airdrop 2 has been completed and all users has been paid.
Next airdrop will be released this friday.
We will be removing the requirements for users to be registered on SonoX.io and to follow us on social media as we see these requirements scare off users.
This is only to make it easier for everyone.