IONOMY Upgrades to ION 5.0

IONOMY Upgrades to ION 5.0

The ION Core Development Team has announced that ION 5.0 is now live. Following its release, the code has been rebased to Dash. According to the team, the upgrade will allow its network to run more efficiently and reliably whilst radically improving the security and utility of ION.

Although ION 5.0 is live, the transition will not happen until July 21. A fork has been set on the said date at block height 1,760,000. Users can however upgrade their wallets in anticipation of the fork.

Talking about security, ION 5.0 incorporates a hybrid consensus algorithm that utilizes both Proof-of-Work and Proof-of-Stake. So, users can either mine for Electrons (ELEC tokens) or deploy masternodes. It’s however worth stating that mining and staking will be available after the fork.

Another exciting feature of the upgrade is its intention to curb inflation through a Proof of Transaction (POTX) verification protocol. The POTX is part of an earlier ION Improvement Proposal 6 (IIP 6) which hopes to introduce a series of new services and fee structure to drive deflation.

The POTX which is the second of two deflationary strategies to be adopted by ION will allow transactions to be memorialized and verified by corresponding on-chain transactions.

Each on-chain transaction will result in ION fee collection, burn, and distribution. POTX can be used by any entity via its API. The ionomy platform will adopt POTX for verification of all on-chain transactions, contributing significant and regular downward pressure on the overall ION supply.

Along with the fork and the transition to ION 5.0, the team will release a new Electron wallet.


This is a companion discussion topic for the original entry at https://masternode.buzz/404/