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AdCoin Update January 26, 2018: BRACE YOURSELF, SegWit is coming (fork update!)

Patrick - January 26, 2018 - 0 comments

JANUARY 29, 2018: AdCoin is upgrading its code to include Dark Gravity Wave (DGW3) and SegWit. The updates will smoothen the transactions and prepare AdCoin to handle a lot more transactions. It was a necessary update to ensure online advertising transactions are performed quickly and at a fraction of regular payment methods. The development team stated: “After the fork is completed the infrastructure will enable advertising partners to start using AdCoin and we can focus on the development of additional projects. We already created a comprehensive web-wallet which is linked to (B2B) order management systems and a REST-api. Our current projects involve a payment gateway, WordPress extension, ad serving tool and influencer platform.”.

Technical details: the SegWit update will have a consensus vote by the miners very close to the binary release time (February 1st) and Dark Gravity Wave a short period after that (estimated block height 25.000).

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AdCoin Fork Information

As a lot of AdCoin enthusiasts have already experienced: the current difficulty regulator is not working properly. This results in slow confirmations and out-of-sync wallets. After AdCoin launched, the first couple of thousand blocks went very smoothly until the ASIC miners found us. We weren’t that naïve that we didn’t anticipate ASIC miners, however we overestimated the algorithm which results in big gaps between blocks (up to 48h). We are working on updating the difficulty regulator to Dark Gravity Wave v3. Dark Gravity Wave is an open-source cryptocurrency mining difficulty regulator created by Evan Duffield (Dash lead developer). While this was the reason to choose for a hard fork, we decided to also add a lot of additional features to it. The update to the algorithm consists of three major components:

  • Overall upgrade of the code and node (supporting most recent version of Ubuntu)
  • Dark Gravity Wave 3 difficulty regulator implementation
  • MAJOR ADDITION: SegWit implementation

Benefits of DGW3

Implementing the DGW difficulty will have significant benefits to the technical development of AdCoin. The regulator is created to prevent time-warp attacks on the blockchain. The difficulty adjustments will also cause more blocks to be found (lowering the difficulty faster), which should help us to reach our target time-span of 1 block per 5 minutes. Releasing more block should also attract more miners, since the block reward is 25 AdCoin, one can potentially mine 300 AdCoin per hour. With more blocks being released the transaction time to send and receive AdCoin will be significantly lower.

Benefits of SegWit

SegWit is a way to increase the number of transactions within a block with relatively low impact on the blocksize and blockchain. The efficiency and potential (future) cost reduction with regards to transaction fees is a great addition to AdCoin. It makes AdCoin future proof!

More in-depth information about SegWit can be found in this video:

What do you need to know about your AdCoin?

There is quite some confusion about what will happen to AdCoin. While this is a fork, it doesn’t mean there will be a new coin. The fork is an update to our algorithm and AdCoin will remain AdCoin (no AdCoin Cash or AdCoin Gold ;)). So, what do you need to do? That depends on where your AdCoin are stored, but please note that your AdCoin will be safe no matter what. There are four places where your AdCoin can be kept:

  1. Desktop wallet (Windows or Mac)
  2. Web-wallet
  3. Coinomi wallet (Android)
  4. Exchanges (Cryptopia or CoinExchange)

The good news is that if you have your AdCoin on 2, 3 or 4, you don’t need to do anything! We will make sure the nodes get upgraded which means you can instantly use all the new features. Only if you keep the AdCoin on a desktop wallet you will need to download a new desktop client to use all the additional benefits. However, it’s not a problem if you’d keep them in the old wallet for a while.

With regards to mining, we will release the updated nodes as soon as possible. We will keep you up to date in our mining telegram channel:

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When will the fork be happening?

We are currently finishing up some tests and brushing up the look of the desktop wallet. With the irregular amount of blocks being found each day we have not set the final block height at which the DGW and SegWit protocol will go live. Our estimation is to go live around January 31 with the DGW implementation and SegWit a couple thousand blocks later. We will communicate any significant updates on our Telegram and Twitter.

Once again thank you for your continued support and for any questions please drop me a message on Telegram! We are insanely busy with the fork, but we are also making good progress on other parts of the AdCoin development (like the new website, additional languages, an increasing community and much more!). We will start updating on a weekly basis again to keep track of our progress and get more feedback from the community!

– Patrick

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*Special credits for the image, created by Telegram moderator @nickhoe

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