As we promised in our second SCv3 dev report, this article will provide all details regarding the upcoming SCC swap. We will be migrating our utility coin SCC from PIVX to DASH codebase.
Why DASH Codebase?
The main reasons for this change are the following:
– Safer and more robust chain.
– Deterministic masternodes (DIP3)
– Slower update intervals.
These advantages allow us to concentrate on progress instead of having to constantly fight issues and fix vulnerabilities. In the past, development progress has been slowed down by having to dedicate too much manpower to these tasks. This way, users, third party services and also our team can operate more smoothly and on a secure chain.
Before delving into the specific swap details for StakeCubeCoin, we would like to show you the benefits of the DASH codebase. Apart from a lot of Bitcoin backporting work (keeping up with the Bitcoin code), these are some of the features and advantages you can expect after the swap. Please follow the links next to the specific item for more information:
- Decentralized second-tier masternode network – more
- Superior privacy using PrivateSend – more
- Instant transactions using InstantSend – more
- Protection against 51% attacks using ChainLocks – more
- X11 hashing algorithm – more
- Dark Gravity Wave difficulty adjustment algorithm – more
- Sporks – more
All these functions; some of them essential and others more minor, have been integrated and adapted to the SCC codebase with the addition of custom IPv6 support for deterministic masternodes. Moreover, all upcoming features for the DASH codebase will be backported to SCC as well.
Now let us examine the major, specific changes for SCC:
Summary of the Changes
- Github working repository: https://github.com/stakecube/scc
- Swap ratio 1:1
- New Chain start: 1st October 2020 (+ 5,000 blocks fair launch phase)
- Swap Block: 480,000 (~1st – 3rd October 2020)
- Switch from PoS/MN to PoW/MN
- Changed block reward structure, with reduced inflation
Find next a more detailed description of every item, together with summarized coin specifications and swap procedure.
The ratio will be 1:1, which means you will get the same amount of SCC that you send to swap. In other words, for every 1 SCC you have on the current chain you will have 1 SCC on the new chain.
New Chain Start
We will mine the first block on the 1st of October, which ‘premines’ the approximate, current supply. We have estimated this at 7,500,000 SCC. Afterwards a fair launch phase of 5,000 blocks (approx. 1 week) kicks in to give everyone time to setup the new environment.
The calculation at the time of writing is as follows:
Current Supply: 9,111,863 SCC
Current Block: 468,713
Last Swap Block: 480,000
Remaining Blocks: 11,287
Remaining SCC: 248,314
Supply at the last swap block: 9,360,177 SCC
Burned/Locked: -1,820,763 SCC
Supply to Swap: 7,539,414
No swap ratio: 2-5% (exclude coins generated by vulnerabilities, lost private keys, etc)
Total: 7,388,625.72 SCC – 7,162,443.30 SCC
Assuming all SCC are swapped, and discounting coins not genuinely produced, there will exist between 7,388,625.72 and 7,162,443.30 SCC on the new chain. The final difference between the 7,5 million SCC premine and the swapped coins will be destroyed/burned after the swap period ends.
Only coins generated before block 480,000 will be swapped.
- All coins that can be sent need to be deposited on a swap-supporting platform by block 480,000.
- Any that could not be sent before block 480,000 due to confirmations lock, can be manually swapped afterwards by creating a support ticket within 7 days.
Coins generated after block 480,000 will not under any circumstance be considered for swap.
Auto-swap -> Coins on any supporting platform by block 480,000
Manual-swap -> Coins generated before block 480,000 but unable to be sent on time due to the minimum required confirmations. Owners of these coins need to raise a ticket on StakeCube Discord for verification within 7 days of the swap date.
Switch from PoS/MN to PoW/MN
Proof of Stake will be replaced by Proof of Work. Masternodes are retained, will the collateral remaining at 1000 SCC. The mining algorithm will be X11. SCC Mining will be offered on stakecube.net and also other mining pools. Interest on SCC will be added to stakecube.net as well, with the same rates and conditions as other interest coins.
New Block Reward Structure with Reduced Inflation
If the current block structure were to continue we would reach the total supply of 18 million coins in less than 2 years. This is too short a period to develop a completely self-sufficient ecosystem that remains profitable for investors. Furthermore, this high inflation negatively affects price stability due to the high ROI.
To tackle this, the new block structure is set as follows (https://github.com/stakecube/scc/commit/48b0a02a786c81b873e1a7e0fe66a1a57e25aaa3):
|Time (year)||Phase||Block Total||MN||PoW|
Each phase lasts exactly 250,000 blocks (around 1 year), not taking the fair launch into account. Depending on the final swap amount and burned coins, SCC will reach its total supply near block 2,500,000 (around 7.5-8.5 years). The block reward starts at 9 SCC per block, split between masternode and miner rewards in a 70/30 ratio and will be reduced by 1 SCC per block with each new phase. The last phase ends with 0.5 SCC per block until the total supply is reached.
Coin Specification Summary:
Coin name: StakeCubeCoin
Masternode collateral: 1,000 SCC
Block time: 120 seconds
P2P/MN port: 40000
RPC port: 39999
Block reward: 0.5 – 9 SCC (c)
Masternode reward: 70% (c)
PoW reward: 30% + TX fees (c)
Total Supply: 18,000,000 SCC
Min Depth: 100 blocks (c)
Masternode Minimum Confirmations: 15 blocks
InstantSend Confirmations: 6 blocks
Masternode payment start: block 200
(c) = changed; other specs not tagged are unchanged or new
In order to swap you only need to deposit your SCC before block 480,000 on a platform/exchange that supports the swap. Everything else is done automatically.
You can swap your SCC on:
Not supporting the swap:
Important: Please check if deposits are still allowed on the respective platform before sending coins. Some exchanges will surely close deposits in advance to prepare for the swap.
last update: 02 Oct. 2020
- Masternodes will need to be re-installed using DIP3. StakeCube will provide the tools and guides to help you with this.
- We do not recommend to deploy new SCC masternodes on current chain. They will not reward in time before the swap takes place.
- Hot Nodes on StakeCube will be ported automatically
- Cold Nodes will be updated automatically but need to be re-installed in your local wallet
- The 1,000$ withdraw limit on stakecube.net will be temporarily lifted for SCC (we can not give any statement about limits on third party services)
If you have some additional questions about the swap, just visit us on Discord and we will provide you with the answers: