Dear Latium Community,
We would like to start by thanking everyone for their patience during the network downtime. We assure you we didn’t take this outage lightly. As most of you know, Latium is based on Proof Of Stake (PoS) rather than of Proof Of Work (PoW). We believe the PoS model, in combination with an interest rate that tiers down, helps create a fairer and more stable environment over time.
The issues that arose yesterday were due to a bug in the Mintcoin source that Latium was built from. The bug was generated due to an interest rate change. Latium was setup from inception to pay less interest over time. The thought process being to insure network stability without saturating the market with massive amount of new coins due to interest payments. The tiers for these interest payments are as follows:
50% APR for the first 90 days
20% APR for the remainder of the 1st year
and
5% APR for every year thereafter.
Yesterday the interest rate changed from 50% to 20% triggering the line of code containing the bug. This bug is not is not exclusive to Latium and we believe other PoS coins that have tiered interest might experience similar issues in the future.This bug stopped the minting process. Every time a new block would try to mint, an error was thrown, bringing confirmations to a halt.
We have fixed this issue and released a new version of the wallet containing the fix. Legacy wallet users will still be able to access the network and transact but will not be able to mint blocks. We encourage all active users to update their wallet to version 0.7.4.0 available at
www.latium.cc. The update process is simple and will install on top of your current version. Updating will help the network get back up to strength and minting new blocks should be faster than normal due to the system being behind. If you have any concerns regarding the transition to an updated wallet, please backup your
wallet.dat file by saving a copy of it somewhere on your machine. We do not feel this step will be necessary, but it is always an available option for those that wish to backup their wallet data.
We have placed a hold on all payments until the network strength is back to normal. We feel this is a necessary step to help ensure the network is not overloaded. As soon as block times regain consistency we will provide access to payments again.Please note-
this has zero impact on the Latium referral system and all commissions will still be credited to your Latium account.Again, we appreciate your understanding and patience through these growing pains. Thanks to you, Latium continues to gain more momentum daily.
