Several weeks back, PlatON made an official announcement via their Twitter page regarding an ongoing updates and also called all stakers to placed their votes in or against the purpose updates and I am happy to say, few days back the vote passed through with 89.18% for which showed a massive interest from stakers.
What does this upgrade entail?
Basically, PlatON operates a PPOS network which means pure proof-of-stake and individuals can decide to lock their funds/assets to any Validator of their choosing or they could become a Validator themselves by simply completing certain requirements and also locking a min of 100k LAT and yes it's that easy.
The recent network upgrade was made to increase the staked period of time users will need to de-delagate their assets, meaning if a user decides to stake their assets today to any validator of their choosing they will have to wait 56 epochs for their assets to fully unlocked and going by days, this means a time frame of 7 days.
One might ask what is the benefits of such upgrade?
Well, for starter I have seen and used other network that requires users to wait more than 20 days for locked assets to be fully unlocked and while they had similar benefits of generating incentives to stakers none come close to the current APY PlatON presents to all stakers a trial from you will definitely prove this right.
This will also cub the sell pressure to somewhat of a degree against any whale who simply wants to gain the reward for a short period of time only to dump back to the market place (what this mean is that, assuming a situation where someone bought a million of LAT with the intention of staking their asset for a couple of minutes or hours, gain the incentive and dump back into the market, this upgrade requires them to wait for 56 epoch or rather 7 days for their assets to fully unlock before performing such act and thus cubs the effect of selling pressure).
Other benefits also improve greater security against hackers or individuals who for some reason gain access to your keys and instantly goes to unstake ones locked asset, they will have to wait for a timeframe of 7 days to fully complete before gaining access to such funds in which the said party would have been alighted and also perform the required actions to prevent such funds from going to wrong party or address.
The benefits are quite numerous and the above is simply a few.
For users who might have the question as to what next, do they need to perform any action to keep up with this upgrade?
If your mode of access is via a mobile device which includes the use of ATON wallet then you simply have to ensure that your app is up to date and running on v1.1.9 to meet up with the upgrade and for user who uses Metamask be it on mobile device or pc then simply change your chain ID configuration from 100 to 210425 to maintain connection.
To read more about this network upgrade regarding the proposal and how the vote was carried out then check the forum link https://scan.platon.network/proposal-detail?proposalHash=0x123c5fd192f1d1c1b6cc9c14ae29e1d795825bccccc3cbe73dccb8c5b58a2858
All information regarding how vote were made, the percentage that voted, and basically general info from date of proposed to time of actualization can all be found there.
Moving forward, for users who might want a complete guideline on what next to do since this upgrade was implemented then simply check the link here, it has been translated to English already and it supports both the Chinese version and English translation.
https://forum.latticex.foundation/t/topic/6542
Until some other time or if you have a contribution regarding this topic then kindly leave a reply via the comment section below.