Bitcoin Forum

Everyone get your space suits on! Our mission to Saturn is continuing and things are looking better than ever!

Our developers have spent the past weeks extensively researching and testing the transition to Proof of Stake (PoS). It has proven to be troublesome to convert a PoW-only chain to PoS without risking massive problems. The only coins which have successfully ran a PoW stage, followed by PoS-only, had PoS built-in from the initial launch. In order to rule out these problems, we have decided that switching to a new PoS blockchain will be the best approach.

There are various ways to switch to a new blockchain, and we have explored all possibilities. We have determined this will be the best approach:

• On the existing blockchain, we are implementing a few changes:
  
  - We are limiting the total supply to 7.77 billion coins.
  - The mining reward gets changed to a fixed amount of 10,000 coins per block, starting from block 77777.
  
  At the time of writing, approximately 7 billion coins have been mined. This means that  only another ~10% will be mined, which is necessary to allow for the transition to the new blockchain (if we would halt mining immediately, the blockchain would halt, meaning no more transactions can be processed).
  
  This step will take effect immediately - details are specified below.
  
  
• The new PoS blockchain is currently being prepared and tested. This blockchain will use the same prefixes as the old blockchain. This enables you to use your existing private key, so you can import it into the new wallet of the new blockchain. By doing so, you will be able to get use the same wallet on the new blockchain.
  
  
• On this new blockchain we will have a premine which equals the total supply of the old blockchain.
  
  
• On the old blockchain, we will setup an Exodus address. You will be able to send your coins from your old wallet to this address.
  
  
• We will be running a script which monitors all the transactions which are sent to this Exodus address. This script will be in control of the wallet which holds the premine on the new blockchain. It will send an equivalent number of coins that were received by the exodus address to the same wallet on the new blockchain (1:1).

Using this approach, everything will be 100% transparent, as every transaction will be visible in the blockchain (both on the old and the new blockchain).

We expect to begin the Exodus to the new blockchain next week as we complete the final preparations, and there will be plenty of time for everyone to take part in the transition.


Today we are commencing with step 1, meaning we are releasing a new wallet which introduces the reduced total supply and mining reward changes as specified above.

Github (source): https://github.com/satdev/Saturncoin (https://github.com/satdev/Saturncoin)
Windows: https://app.box.com/s/mktkghzsuztzxl81qm10 (https://app.box.com/s/mktkghzsuztzxl81qm10)


We encourage everyone to switch to the new wallet as soon as possible. No special changes are required, you may simply install the wallet the same way you installed your existing wallet.


This is a big step ahead in the history of Saturncoin, but it is the first step of many. The current developments are merely securing a stable foundation for the future of Saturncoin and to protect the investments of our community: every Saturncoin holder will be glad they didn't settle for the moon and held tight for Saturn instead.

Over the next couple of days we will also publish more details about some new exciting developments and our roadmap.

As a famous astronaut once said:
"One small step for crypto, one giant leap for saturncoin".

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