Transparency On Upcoming Wallet and Masternode Changes
“In The Spirit of Transparency”
BiFrost Wallet Updates:
What you need to know.
In response to an overabundance of coins on the market and the effects of that inflation on the value of everyone’s coins, the BiFrost network has temporarily suspended trading on our exchanges and is about to execute a network fork.
What Is a fork?
A fork is simply a change in the rules BiFrost wallets and Masternodes operate under.
Since this rules change requires a MANDATORY wallet update, this change is called a “hard fork”.
The BiFrost team is now testing and will soon publish new wallet software for everyone to install.
You will have full transparency during this process.
Masternode Collateral Increase
Following the fork, Masternode collateral requirements will change from 5,000 FROST to 10,000 FROST and block rewards will adjust from 50 FROST to 10 FROST.
Also following the fork, old Masternodes and Wallets will no longer be valid, and transactions created with old wallets will not appear on the new blockchain.
Transparency – Coins currently held in your wallets are completely safe and will appear on the new network as soon as you install the new wallet software.
Coins held by BiFrost partners like GIN and Simple POS Pool will also be safe and available as soon as our partners update their wallets to the new version.
To give everyone plenty of time to upgrade, there will be a transition period of one week where block rewards will drop to 1 FROST per block.
This transition period will be followed by a “double reward” period of one week, where Masternode owners who have upgraded will enjoy block rewards of 100 FROST per block before the network adjusts to its normal rewards level.
Once the exchanges have updated their wallets, deposits and withdrawals will open back up, and trading will resume.
For details on schedule for the fork and for specific upgrade instructions and technical support, please join us on Discord.