RCNet Upgrade Scheduled 30-1-25

General
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Hey all,

RCNet will be down @ 10 AM UTC on 30-1-25 for a major update.
The update is not expected to take more than 1 hour.

What’s in the update?

TLDR:

  • New LogEvents feature for smart contracts
  • Increased quorum requirements for governance
  • New governance motion types and payment stream management
  • Core-team funding stream (15% of supply) removed
  • All unsold tokens to be returned to DAO control
  • Core team tokens moved to 1-year linear vesting

From a high level, this update signifies the first steps in decentralizing the network, and the DAO taking its first steps out into the big bad world of crypto.

It includes updates to governance, some big feature updates, tokenomics (benefitting existing xian holders!), and some much needed stability improvements.

New Features

LogEvents

After this update, it will be possible to emit events easily from your smart contract whenever a specific action is performed. read more

Governance Upgrades

Increased Quorum Requirement

We have increased the % of nodes needed to successfully pass a motion in the masternodes contract. This paves the way for onboarding community nodes to the network in the coming week.

New Motion Types

  • dao_payout - now supports transferring different types of tokens. It now expects contract_name as an additional property in the args it’s passed.
  • topic_vote - topic vote allows validators to cast votes to signal their approval/disapproval on any topic.
  • Methods added for managing currency payment streams in the dao: create_stream, change_close_time, finalize_stream, close_balance_finalize

Tokenomics updates

Core-team funding stream is being removed!

Originally, it was planned for the core-team to receive 15% of total supply over the course of 5 years, from RCNet Launch in September. We have agreed within the Core Team that this figure is completely out of proportion to the amount of tokens which are held by the community, and so will be removing this stream from the state.

Does this mean all core-funding is cut forever? No! It just means if we require funding, we will need to put in a proposal to the DAO, and it will need to pass in order for it to be allocated.

All unsold tokens to be returned to the DAO

Currently, the Core Team is holding all funds earmarked to be sold in the team-lock multisig. All these funds will be returned to the DAO. Does this mean token-sales are over? No! It just means that the validator quorum will be responsible for securing these tokens and will need to be involved with & agree to plans to sell token-sales in the future.

Core Team vesting tokens

(While not strictly to do with the update, adding this here for more context)
In the interest of further aligning the Core Team’s goals to that of the long-term success of the network, we have decided to lock all team funds in a linear vesting contract for the next year. This means that the 5% upfront team allocation mentioned in the original tokenomics will stream to each team member’s wallet linearly, on a second-by-second basis over the coming year (until 29-1-26).

In addition to the above, this update also contains many stability updates & bug-fixes.