Blockstack Hard Fork 2020 (January 17, 2020)

#1

Hi everyone,

In preparation for the last hard-fork back in October, we had mentioned that we anticipated one more hard-fork. This is to materialize the accounts from our recently concluded Stacks distribution campaign in partnership with blockchain.com.

This hard fork is expected to go live on or about January 17, 2020 , at Bitcoin block 613250 and will continue on for the following ~30 blocks. Approximately 300,000 new STX addresses will be materialized during this process.

As before, this hardfork should not be confused with the upgrade to Stacks V2 blockchain, which is expected later this year. Stacks 2.0 will be a significant upgrade of the Stacks blockchain featuring a ground-up clean slate implementation in Rust, major new capabilities including Clarity (our safe and decidable smart-contract language) and native Stacks mining.

We anticipate this is the last hardfork that Blockstack PBC will oversee; going forward, we expect that all protocol changes (including the V2 upgrade), will be triggered by nodes on the Blockstack network (Stacks miners).

It’s worth noting that in addition to aforementioned features, Stacks 2.0 will also support introducing network upgrades via soft-forks, allowing in-place upgrades for many new features and capabilities.

Join the community discussions on Discord :point_right: https://discord.gg/9r94Xkj

Happy Stacking!

Important disclaimer

The Securities and Exchange Commission (SEC) has qualified the offering statement that we have filed with the SEC under Regulation A for our offering of certain of our Stacks Tokens. The information in that offering statement is more complete than the information we are providing now, and could differ in important ways. You must read the documents filed with the SEC before investing. The offering is being made only by means of its offering statement. This document shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

An indication of interest involves no obligation or commitment of any kind. Any person interested in investing in any offering of Stacks Tokens should review our disclosures and the publicly filed offering statement and the final offering circular that is part of that offering statement here . Blockstack is not registered, licensed or supervised as a broker dealer or investment adviser by the SEC, the Financial Industry Regulatory Authority (FINRA) or any other financial regulatory authority or licensed to provide any financial advice or services.

Forward-looking statements

This communication contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “intend,” “believe,” or other comparable terminology. Forward-looking statements in this document include, but are not limited to, statements about our plans for developing the platform, future hard forks, and our Clarity smart contracting language. These statements involve risks, uncertainties, assumptions and other factors that may cause actual results or performance to be materially different. More information on the factors, risks and uncertainties that could cause or contribute to such differences is included in our filings with the SEC, including in the “Risk Factors” and “Management’s Discussion & Analysis” sections of our offering statement on Form 1-A. We cannot assure you that the forward-looking statements will prove to be accurate. These forward-looking statements speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.

4 Likes
pinned globally #2
#3

Is this inflation? How many STX tokens are being created?

1 Like
#4

This is not inflation. These STX are coming from the “user incentives” category of the supply (see token economics paper). More specifically:

Further, 25,000,000 and 15,000,000 Stacks tokens are
allocated to potential user incentives in the first and second year

The 300K new Stacks holders are from the Blockchain.com Stacks distribution that registered 300K+ new Stacks holders on the network.

This Stacks distribution to 300K+ users is locked for one-year given regulations. The legal framework used here is Reg-S that has a 1-year lock on it enforced at the blockchain layer.

Important to note that given this is the last hardfork that Blockstack PBC will oversee, we don’t have any plans for remaining STX originally allocated to the user incentives category. The decentralized Stacks blockchain hardfork process will determine if the remaining STX are even ever minted. PBC is done with using this allocation and can’t use it after this hardfork; the partnership with Blockchain.com was great and we’ll write a blog post about it with more details and a recap.

1 Like
#5

Thanks for clearing that up @muneeb!

#6

Installation Instructions

This version is Blockstack 22.0.0.0. It is written in Python 2 (Python 3 is not supported).

Installing from PyPI

Blockstack 22.0.0.0 is available via PyPI, and can be installed with pip. You can install it with:

$ pip install blockstack

Installing from source

Blockstack 22.0.0.0 is in the master branch at https://github.com/blockstack/blockstack-core. To install it from source, you would do the following:

$ git clone https://github.com/blockstack/blockstack-core
$ cd blockstack-core
$ ./setup.py build
$ sudo ./setup.py install

Upgrading a Running Node Before the Hard Fork

If you’re running a Blockstack 21.0.0.x-series node, you can upgrade simply by stopping your node and starting up the version 22.0.0.0 node. The ~/.blockstack-server directory is backwards compatible. To do so, you’d do the following:

$ blockstack-core --debug stop
# install Blockstack 22.0.0.0 via one of the above methods
$ blockstack-core version
Blockstack version: 22.0.0.0
$ blockstack-core --debug start

Bootstrapping a New Node

If you instead want to bootstrap a new node, you’d first install Blockstack Core via the above instructions. Then, you can either use the fast-sync feature to boot the node off of a recent snapshot (takes a few minutes), or you can boot from the first Bitcoin block (takes several days).

To do the fast-sync option, you’d do the following:

$ blockstack-core version
Blockstack version: 22.0.0.0
$ blockstack-core --debug fast_sync
$ blockstack-core --debug start

If you instead want to boot from scratch, you’d do the following:

$ blockstack-core version
Blockstack version: 22.0.0.0
$ blockstack-core --debug start

Note that the second option will take several days.

What if I upgrade after the hard fork?

If you are running a Blockstack 21.0.0.x-series node and you want to upgrade after the hard fork, you’ll want to use the fast-sync approach above.

1 Like
#7

Hi, I want to test my wallet application after this hard fork. But I don’t know if the official test node ( which is on https://testnet.blockstack.org/) has been upgraded to Blockstack 22.0.0.0.
Please help me,thx!
@jude

#8

Hi @q615115160,

I just upgraded the testnet to v22.0.0.0 now. However, the testnet does not reflect any balances from the blockchain.com partnership; it only maintains balances created via the faucet.

Also, the /v1/info endpoint for the testnet reports itself as version v0.0.0.1 so other Blockstack nodes don’t try and synchronize with it.

#9

Sorry,I found that the blockchain height of testnet node is blocked at 692. Is there any problem?

#10

Thanks for reporting. This should be fixed now. The testnet is supposed to advance by one block every minute, and reboot every 24 hours. It uses a local Bitcoin regtest node, and always resets to block 688 (it was getting stuck booting up).