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Version 4 - Ready for Primetime

whalesharesPosted to Public3 months ago6 min read

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We are pleased to announce the next update to the Whaleshares blockchain has successfully been implemented and deployed. This update builds upon the milestones achieved in the previous hard forks and brings together the final visions, as outlined in the founding Whalepaper, for a network of self-supporting, self-moderating communities of like-minded individuals who find value in sharing content with others having similar interests.

Updates with Hard Fork/Version 4

  • Finalized Reward Distribution: 85% to Daily Vesting Reward, 10% Witnesses, 5% DevFund. Unclaimed rewards fallback to devfund.
  • New HTLC Integration (Cross-Chain Atomic Swap)
  • New Tip System Replaces Stake-Weight Voting Rewards.
  • New Interests System to Allow Finding Users/Pods by Searchable Interests.
  • New Notification System
  • Improved Pods Functionality
  • Posts are Archived after 30 Days of Inactivity
  • Voting for Disabled Witness is Restricted


Economic Changes

Hard Fork 4 brings the final changes to the economic engine behind the platform. The updated distribution of WLS tokens created by the yearly inflation is as follows:

85% Daily Vesting Reward Pool
10% Witness Reward Pool
5% DevFund



Rewarding Reimagined

The Content Reward Pool, a carry-over from the original codebase, has been evolved out of the rewarding economics of the platform and replaced with a direct Tipping System. This new feature does away with the daily restrictions on rewarding power that were previously limited by MANA. The remaining WLS in the Content Reward Pool balance has been burnt.

You now have a new “personal reward pool” called Tip Balance, that is used to hold WLS funds set aside for Tipping Users and Content. This adds another option when claiming your Daily Vesting Reward. The reward can be divided up and claimed however you want as long as it is done within the current claim cycle time.

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Tips can be given on Posts, Comments, and even directly to Users from their profile page. There is no more waiting for content to close before earning rewards, the Tips you send are available for immediate claiming by the recipient.

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Want to Tip more than the amount of WLS your Daily Vesting Reward earns you? No problem! You can simply transfer liquid WLS to your Tip Balance from the Wallet App. Your Tip Balance never expires and can be reclaimed to your account as Whalestake at any time.



HTLC Enabled (Cross-Chain Atomic Swaps)

Many have asked why we haven’t pursued listing WLS on any number of centralized exchanges. The prospect of paying expensive listing fees for the “privilege” of a centralized listing fraught with high fees and counterparty risk didn’t seem like the way to go.

Not to mention, for those watching other chains in the ecosystem, there’s really no guarantee that these centralized exchanges will even support or maintain those markets.

Instead, we implemented HTLC (Hash Time Locked Contracts), otherwise known as Atomic Swaps!

While the explanation is beyond the scope of this post, HTLC essentially facilitates decentralized and trustless cross-chain token swaps! For example, you can now safely exchange 30 BTS on the BitShares chain for 1000 WLS on the Whaleshares chain without anyone in between, and thus without any counterparty risk, and as low as ZERO COMMISSIONS!

So, how’s that for progress! 😁

For those of you interested in understanding more about how atomic swaps work, we welcome you to check out the following article: https://blockgeeks.com/guides/atomic-swaps



Connect with Interests

You can now quickly find and connect with others simply by searching the Interests set by Users and Pods. Community building with like-minded individuals has never been easier.

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Interests are now a fully integrated part of the platform and are located in your profile settings section of the Wallet App. Please take a few minutes to update your Interests.



The Power of Pods

Building communities of like-minded individuals is at the core of Social Sharing Friends Network, and Pods are where that happens. New features and functionality, such as statistics, badges for ranking and interest settings, have been added to Pods to strengthen their community building and networking abilities. Some features that didn’t work correctly in Version 3, have been fixed in Version 4.



Notifications

A fully integrated Notification system has been added to the platform, giving you up-to-date alerts about your account’s activity. Now you can see what’s going on with your account from a single place, all while browsing the platform!

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Post Archiving

When a post is Archived, it can still be viewed, but it is closed to all interactions including, editing, commenting, and rewarding.

Previously, posts were archived after 14 days. However, with HF4 posts will remain active for 30 days after the last interaction. This means posts that have a lot of ongoing activities, such as continued commenting and tipping, will remain available for further comment and tipping until 30 days after all activity stops.
Keep in mind that although an archived post can no longer be tipped itself, you can still directly reward the author with a tip from the top of their profile page.



Disabled Witness Voting

You will no longer have the ability to vote for a disabled witness. However, you can of course still remove your vote from a disabled witness. If a disabled witness becomes active once again, their ability to garner additional votes will be restored.



What's Next...

HF4 brings the platform to the level required to begin promoting and marketing to users of traditional social media services. Development is currently underway on a suite of new features, and use-case tools intended to set the new standard for cryptocurrency-backed social media platforms. Social Share Rewarding, WLS Service Partnerships, and an Adaptive Consensus Model will be the next focus of development.

We encourage everyone to Read the Whalepaper for a thorough understanding of the vision and goals we have set for the platform.

Change is in the air and Whaleshares is nearing the end of its BETA phase. With the long-term view in mind, the platform is being designed and built to function as fairly as possible, to as wide of an audience and user base as possible.



The door is always open,
come join us anytime!

Stay tuned for more official announcements on the way.
https://discord.gg/3pqBXKY

Please SHARE this post
to spread the news!

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