Dimecoin Project Update
Before we start, the first thing the Dimecoin team wants to do is recognize and thank all the community members who have helped conduct our testnet over the last few months. Your feedback, help, and support have allowed us to make tremendous strides with our development. So thank you, we could not have gotten this far without you!
As Dimecoin Network readies for its much anticipated “Phoenix” update, which will introduce staking and masternodes to the blockchain, here is a project update and final review of testnet. Additionally, this update will be introducing a new community-led awareness program and cover other Dimecoin related news.
Without further ado, let us get into the update!
The Dimecoin Database
To initiate the upgrade’s rollout, we are introducing a new section to the Dimecoin website. This section, The Dimecoin Database, includes documentation, tutorials, and other relevant information to help transition to the new mainnet as smoothly as possible.
It is no secret that the technology surrounding blockchain comes with a steep learning curve, especially for newcomers. One of our primary goals is to break that barrier and make it easier for everyone to utilize and understand. For this reason, the team has created the Dimecoin Database. This database will enhance and broaden Dimecoin’s support and informational services.
As time goes on, more will be added to expand and grow this database. The goal is to provide in-depth and insightful coverage of not only Dimecoin but all blockchain-related topics. Be sure to check back regularly to read new articles that get posted. Also, please let us know if there are any topics you would like to see covered in a future article! You can let us know in our public Telegram group, by email, or comment at the end of this article!
Check out the database here:
Before breaking down the update’s final specs, we would like to give credit to one of our community members, Dalamar, for coming up with the “codename” for the latest blockchain update.
If you frequent our Telegram group, you have probably seen him showing off his 3D printing skills with some cool paper wallet holders, keychains, and other Dimecoin logo-inspired trinkets!
Dalamar approached the team with the idea to aptly name the update “Phoenix” — as this is “our rise from the ashes.” The team quickly agreed to use the name. So, Dalamar, thank you for the suggestion and for continuing to support the project.
If anyone is interested in some cool 3D printed Dimecoin merchandise, be sure to reach out to Dalamar (Dalamar_Argent) on Telegram!
Here is a review of the final blockchain specs and the parameters for staking, masternodes, and mining that will accompany the Phoenix update.
- Algorithm: Quark
- Consensus Mechanism: Hybrid Proof of Work (PoW) and Proof of Stake (PoS)
- Block Time: 64 seconds
- Block Rewards: 15,400 set to reduce 8% per year after the first year
- Reward Breakdown: 45% Masternodes, 45% PoW/PoS, 10% Development Fund
To be eligible for staking rewards, an input (coins received in the wallet) needs to meet minimum threshold requirements. These minimums for an input to be eligible for rewards are known as time-to-maturity (amount of time the input is held within the user’s wallet) and a minimum stake amount.
These parameters are put in place to protect against individuals attempting to gain unfair advantages regarding receiving stake rewards.
The threshold amounts are as follows:
- Time to Maturity: 450 confirmations (~8 hours)
- Minimum Stake Requirement: 100,000 Dimecoin
Dimecoin’s eligibility to mine via CPU, GPU, and ASIC hardware remains. However, given the current makeup of mining participants on the network, you will need to utilize a high-end GPU or ASIC hardware to have the possibility for block rewards
The team initially decided the required collateral amount for masternode eligibility to be 1,000,000,000 DIME. The team reopened the discussion on the necessary collateral amount to ensure a healthy representation of masternodes participating in the network.
The decision to reduce the collateral requirement to 500,000,000 DIME stems from the circulating supply across our active exchanges being significantly reduced due to the recent exchange closures. The team feels this move will greatly benefit the health of the blockchain moving forward.
- Collateral/Bond: 500,000,000 DIME
- Dedicated IP Address: Standard with VPS or Server
- Server or VPS: Setup Guide
While you may be able to use a minimal hardware setup to successfully run a masternode, be aware that it can make the masternode unstable, which can cause the node to crash or perform poorly. If this happens, the node risks being kicked off the masternode list, causing the masternode to lose payments.
|CPU||1×1 GHz||1×2 GHz|
|Bandwidth||400 GB/mth||800 GB/mth|
Hardware and network bandwidth requirements are subject to change based on network usage.
Over the last several months, Dimecoin developers (aided by some of our dedicated community members) ran the new consensus mechanism through a rigorous set of tests to ensure it will operate as intended.
The final version of the testnet has run exceptionally well, and the team is confident with the current state of its development. All reports have indicated everything is running as intended so far.
There is one final test remaining before testnet concludes. The test will include setting up a mining pool to check out how stratum mining works in conjunction with staking and masternodes.
Even with the final test remaining, the team feels that the public announcement of when the Phoenix update goes live will be soon.
As a reminder, when the announcement drops, there will be roughly a three-week window before the new mainnet goes live. This window will allow all necessary nodes (exchanges, mining pools, block explorers) to upgrade without worrying about an interruption of services.
Photos and Video of the Testnet Wallet
Core Wallet GUI Development
In addition to the modifications the Phoenix update brings to the blockchain, the development team is also currently working on changes to the core wallet’s graphical user interface (GUI). The goal is to provide a more user-friendly interface that is streamlined and provides a more efficient user experience.
Initially, the team had plans to include the new GUI upon launching the new mainnet. However, after further discussion, it has been decided to release the new GUI once the Phoenix update is fully deployed.
Thus, several factors led to this decision. However, most importantly, it will allow the Phoenix update to be ready for release much sooner. Additional development of other services that are reliant on the new codebase will also get underway faster. The new code base offers greater interoperability and is easier to develop around.
Note: Upon release of any new GUI implementations, users will not be required to update their wallets as the changes will be considered cosmetic in nature. The GUI changes will not affect the core functions of the wallet.
Dimecoin Awareness Initiative
It often gets forgotten and overlooked; however, the Dimecoin project is open-source and is run by volunteers. The team that is actively developing the project is always open and looking for new participants who can positively contribute. Often, individuals will offer assistance but feel they lack the technical skills to bring anything to the table. But that could not be further from the truth.
Recently, we have had several community members show interest in reviving our community-based marketing program. We will be rebranding the old community marketing program and turning it into The Dimecoin Awareness Initiative. If you feel you are one of the people mentioned above that would like to contribute but are not sure you have the technical skills to do so, this group is for you!
The group’s primary task will be to inform the public about the Dimecoin project through a collective community effort to spread awareness with a unifying message.
To jump-start the initiative, we will help organize those interested in forming a team. Once everything’s in place, the group can collectively decide which direction to take.
Some examples of what the group will handle:
- Drive Social Media Engagement
- Content Creation
- Development of Dimecoin Integrated Apps
Since this group will not officially be tied to the Dimecoin Network organization, the freedom of its messaging is greatly expanded. As always, since you will be acting as an extension of the project, we would encourage you to maintain a high level of professionalism and respect when posting and engaging others about the Dimecoin Project!
If you are interested, please join the Dimecoin Awareness group on Telegram for further discussion.
News, as it relates to exchanges where Dimecoin trades, is listed below. Additionally, the development team is working on additional exchange listings. New listings will become a top priority once the Phoenix update is fully deployed.
For users who have used Cryptopia, please continue to be on the lookout for emails about your liquidation claims and setting up your account in the claims portal.
Per the latest liquidator’s report, Grant Thornton indicated that emails went out to everyone who had positive balances in their account. If you have not received any emails or are still facing issues setting up your account in the claims portal, please review the last liquidator’s report for additional information here:
Altilly has started the process of distributing recovered assets from the hack that took place last December. By now, users who held Dimecoin in their account, and filed a claim, should have received confirmation their claim has been approved or denied. Please keep an eye on your emails!
Crex24 recently added a new market for trading Dimecoin against USDT. To check out the newly added market, please visit this link:
Dimecoin was recently listed on the exchange C-Patex and can be traded with DOGE and LTC. Dimecoin will have BTC market support in the future as they plan to extend trading to 10 decimal places to allow sub-sat pricing.
Blockfolio has indicated they have added support for tracking the DIME/USDT pair on Crex24, and they have also added support for tracking Dimecoin on Cpatex.
If you would like to use Blockfolio to track Dimecoin and receive mobile updates regarding the project, please check them out here.
CoinGecko Beam: https://www.coingecko.com/en/coins/dimecoin