Austin here, and today I want to provide the community with a resource where information regarding the planned fork is available with everything in an easy to understand format, without getting too deep into the heavy details. I will provide you with a couple graphics that will make understanding what is happening a breeze.
Let's start with a simple graphic showing which steps the team is taking, these actions will require NewYorkCoin to fork in the coming months.
Why Fork?
I will quickly outline why each of the planned updates are essential to the security of NewYorkCoin moving forward, and why implementing these updates will protect the value of the coin.
Inflation Reduction Plan
By implementing a planned block reward reduction, the total block reward amount will essentially be cut in half at certain blocks to make NewYorkCoin more difficult to obtain en masse.
Advanced Checkpointing
This technology will highly decrease the likelihood of a successful attack on the NewYorkCoin network.
Digishield
This safeguard will effectively stop the over-inflation of easily mined new coins, re-targeting a coin’s difficulty between every block.
Merged Mining
This will allow miners to mine NewYorkCoin directly alongside another Scrypt based coin.
Are My Coins Safe?
There won't be a coin swap of any kind, so don't worry about that. The team is making every move necessary to ensure that the fork process is simple and painless for everyone holding NewYorkCoin. Updates and info for you technical junkies out there regarding the fork can be found in the #dev-updates channel of the NewYorkCoin Discord server.
I hope that this article was helpful in giving you a little insight to the planned fork without getting too deep into detail, if you found it helpful or have any questions, please drop a comment below! Happy hodling!
Thank you for this good description of the fork and process around it! See you all in Discord :)
Very good explanation to help with understanding. Thanks for this!
Great information Austin!