BCIP-2: BandChain Laozi Mainnet Official Upgrade Proposal

BCIP-2: BandChain Laozi Mainnet Official Upgrade Proposal

BCIP-2: BandChain Laozi Mainnet Official Upgrade Proposal
BCIP-2: BandChain Laozi Mainnet Official Upgrade Proposal

With the success of the Laozi Testnet #1 upgrade and stable network performance over the past months, we are ready to move on to the final step before the launch of BandChain Phase 2. We are excited to share that the core Band Protocol development team has submitted a new BandChain Improvement Proposal (BCIP-2) to propose upgrading BandChain from Phase 1 (GuanYu) to Phase 2 (Laozi).

This is the last step for BandChain to upgrade to Phase 2 Laozi, bringing a scalable feature of on-chain streaming revenue, cross-chain compatibility and improved performance. Find our more about the features and upgrade here.

The Outcome of the Proposal

Upon the proposal conclusion on July 12, 2021, there are two possible outcomes:

  1. If the proposal passes, we will proceed to upgrade the network at block 7486289 (expected to be on or around July 13, 2021, 11:00 am UTC) and Laozi chain will start 6 hours precisely after the upgrade time (We experimented exporting the current chain state and it used ~3–4 hours to export the current state to the new genesis file).
  2. If the proposal fails, we will not upgrade our mainnet and collect feedback to submit a new proposal that addresses all raised concerns.

Delegators Can Vote

Every delegator and token holder on BandChain has voting power based on the tokens that have been staked on the mainnet network. Delegators have 5 possible options to interact with Bandchain proposal, including this one, as follows:

  1. Vote “Yes”, if you agree with the network upgrade
  2. Vote “No”, if you disagree with the network upgrade
  3. “No with Veto”, if you strongly disagree with this proposal
  4. “Abstain”, if you do not intend to vote in favor or against the proposal but accept the result of the vote
  5. Do not vote (do not submit transaction), if you wish to delegate your voting power to the validator who will vote on your behalf
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For any questions, please feel free to raise any questions or concerns regarding the proposal in our Discord group.

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How is the Proposal’s Outcome Determined?

After the voting period ends, this proposal will be determined as YES if all of the following conditions are met.

  1. More than 40% of total bonded tokens vote on this proposal.
  2. “No” with veto votes must be less than one-third of the total votes.
  3. “Yes” votes are more than the sum of “No” and “No with Veto” votes.

Effects on End-Users

During the six-hour upgrade window, BandChain network is expected to experience downtime and transactions on the blockchain network will be paused during that period. Integration partners will be using a Proof-of-Authority BandChain network during the upgrade period to ensure that oracle data will continue to be served with no effect on functionality or user experiences.

After the upgrade is completed, you will be able to use the same wallets / private keys/mnemonics to access your accounts. Please note that major exchanges may disable native BandChain token deposits and withdrawals during the period — ERC20 is expected to be functional as per normal.

We are excited to hear your feedback on the proposal and continue discussions on how Band Protocol should be shaped on our official Discord. Thank you to our supportive community, validators, stakeholders and partners — BandChain Phase 2 has only been made possible as a collaborative effort.

About Band Protocol

Band Protocol is a cross-chain data oracle platform with the aspiration to build high-quality suites of web3 development products. The flagship oracle solution aggregates and connects real-world data and APIs to smart contracts, enabling smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance*.*

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