Node Voting for Cobalt Update
The Cobalt Mainnet Update is the first step towards the harnessing the full potential of the LTO Network.
This update will bring new functionality that glues the traditional financial and business models to the crypto world as.
As of now, the code for the Cobalt Mainnet Update has been uploaded to the Mainnet and it is now time for nodes to vote for it.
Decentralized Identifiers
Decentralized Identifiers will ultimately allow users to control the personal data that is shared when users interact with digital enterprises.
Trust Network
LTO Network provides a permission-less identity solution, meaning anyone is able to create DID's and issue verifiable credentials. For credentials it is up to the validating party to decide whether or not to trust the issuer.
Paying the Fees
The LTO Network focuses on both businesses and general consumers. While it's trivial to generate a public / private key pair, which automatically gives you an account, registering a DID for this account requires a transaction fee.
v1.4.2 features a simplified API for the public node.
For in depth information read: https://blog.ltonetwork.com/cobalt-update/
Mainnet Vote on October 18
The voting period will be set for 10000 blocks which is around 7 days. In order to pass through, it would need 80% or more of the votes.
The vote will be for the following:
- Multi-cypher signatures for transactions with ECDSA support (secp256r1 and secp256k1)
- Sponsored transactions
- Expires field for associations
- New binary structure for all transactions
Since LTO Layer 1 is a Proof of Stake variation, it would mean that 80% of the blocks within the voting period to contain the “approval stamp” for the new features.
Once the features are voted in, it will take another 10000 blocks for the upgrade to get activated. If 80% is not reached after 7 days, the vote will start again.
For staking stats and nodes, see the LTO Tools.
Voting starts at block 1,480,000. As currently, the network is processing 1440 blocks per day, this will happen around Monday at 15:00 UTC, 18th of October 2021.
Here is the simple step-by-step guide. There is no need to perform the activities described below before that time hits, we will make a separate reminder.
First, add feature vote to docker-compose.yml:
– LTO_FEATURES=13
Pull the latest image and restart node:
docker-compose pull
docker-compose down
docker-compose up -d
If and when the voting settles with the 80% majority, and before 7 days of activation elapse, make sure to upgrade your node. Otherwise, it will stop mining.
Please make sure you're pulling from the ltonetwork/public-node docker container. Previously this was legalthings/public-node. If you're using docker compose, you may need to modify docker-compose.yml or copy the latest from https://github.com/ltonetwork/lto-public-node