Bismuth Hard Fork
During November 2019 the Bismuth community went with the first governance vote, about supply emission. The issue was overwhelming votes for a fork to support a supply reduction.
If you missed it, you can find the link here. Since then, the team worked hard to implement the change and release a stable version, now out. Questions and answers regarding this fork have been divided into three categories- Regular users, Hypernode owners, and miners.
Bismuth Hard Fork at block 1,450,000 – Nov 26.
Hard Fork FAQ
General Questions
Q: Can you explain why there will be a hard fork?
A: A hard fork was scheduled in response to the first Bismuth community vote. It’s the result of a democratic process that showed significant involvement from the Bismuth community.
Q: When is the Hard Fork taking place?
A: The HF will occur at block 1,450,000, roughly on November 26.
Regular Users
Q: Do I have to DO anything? New wallet? No swapping BS or anything, right?
A: Regular wallet owners can optionally upgrade; however, it is not necessary. It will continue to work. Mandatory upgrades apply only to node and Hypernode owners. There is no swap.
Q: Is it still OK to use the old wallet, or should I upgrade to Tornado?
A: The “old” (Legacy) wallet remains compatible and usable. You don’t have to worry about the wallet. Yours will continue to work. As a user, the only critical responsibility is to securely back up your wallet.der/json file, containing your private key(s).
Q: Can you summarize the current daily emission and what it will be after the hard fork?
A: See the emission curve and blog post here.
Q: What will be the new total BIS supply?
A: By 2032, at block height 8,000,000, the total BIS supply will reach 49.3 million BIS, compared to 63.5 million BIS under the previous emissions curve. Thus, the supply will decrease by more than 14 million BIS over the next 13 years. After 2032, the supply will slowly increase (less than 2% annually) to account for lost wallets and maintain incentives for miners and Hypernode operators.
Q: Can you see a scenario where the chain splits in two?
A: Every hard fork technically involves a chain split; however, the legacy chain typically dies off due to lack of support. Miners, exchanges, and the economic majority support the v4.4.0 hard fork proposal, so there’s no need to worry about a competing legacy chain.
Q: Have you informed exchanges to avoid any trading halt, as happened previously?
A: All partners, exchanges, service operators, and pools have been informed. All recent forks proceeded smoothly without trading halts.
Hypernode and Node Owners
Q: After the hard fork, how can I re-operate my Hypernode? Will I need to do anything with my HN?
A: Every Hypernode relies on a local Node to operate. Hypernodes using version 0.0.99i5 don’t need updating, but the local BIS node does. It’s mandatory to upgrade your node to the latest release BEFORE the fork. Node Releases
Q: Will there be a Hypernode update tutorial before the hard fork?
A: Yes. We’ve updated our easy-to-use update script, covering common scenarios:
Run the following commands in your Hypernode terminal:
rm hn_node_update.py
wget https://raw.githubusercontent.com/bismuthfoundation/util/master/hn_node_update.py
python3 hn_node_update.pyThe script requires Python 3.7 and will prompt you about missing packages if needed. For feedback, visit the Discord #hypernodes channel. Additional manual update instructions can be found here.
Q: What will be the new annual yield for running a BIS Hypernode after the fork?
A: Yield depends on the number of Hypernode operators. If total collateral remains stable, the yield will initially stay around 20%, aligning with a 19.4% inflation rate. Hypernode owners will no longer experience dilution post-fork. In the second year, inflation will drop below 15%, potentially leading to net positive income after inflation.
Q: What if I don’t upgrade in time?
A: All other BIS nodes will curse then ban you. Immediate upgrading is essential, both for the network’s health and your rewards.
Miners
Q: Do I have anything to do?
A: No action is required. Pools will update automatically, and mining software doesn’t need upgrading. You can continue mining as before.