HomeCoinsBand Protocol (BAND)BCIP-2: BandChain Laozi Mainnet Official Upgrade Proposal | by Sorawit Suriyakarn |...

BCIP-2: BandChain Laozi Mainnet Official Upgrade Proposal | by Sorawit Suriyakarn | Band Protocol | Jun, 2021

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Sorawit Suriyakarn
BCIP 2 BandChain Laozi Mainnet Official Upgrade Proposal by Sorawit

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.

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).

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

For any questions, please feel free to raise any questions or concerns regarding the proposal in our Discord group.

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.

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.



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