IoTeX Announces Hard Fork Scheduled for July 20th
The upcoming hard fork, v.1.11.0, scheduled to activate on July 20th on the IoTeX mainnet, introduces several new features that enhance the functionality and security of the blockchain. These features include:
IIP-13: Staking Buckets as NFTs — With this improvement, Staking Buckets will be represented as non-fungible tokens (NFTs). This update aims to improve the staking experience for users on the IoTeX network.
IIP-14: Account Abstraction — Account abstraction is a ground-breaking proposal that aims to enhance the IoTeX platform by abstracting various account operations and properties, such as authentication, authorization, replay protection, gas payment, batching, and atomicity.
Enforced ChainlD in Transactions — As part of the hard fork, ChainlD will be enforced in all transactions on the IoTeX mainnet.
What is a hardfork?
The cryptocurrency mainnet operates according to certain rules. To improve network performance or correct errors, changes are periodically introduced into it. A hard fork represents changes that are not compatible with previous versions of software supporting the cryptocurrency network. In order to continue to mine the cryptocurrency, miners need to update the software.
In some cases, as a result of a hard fork, a completely new cryptocurrency may appear, as happened with Bitcoin Cash and EthereumPoW.
@iotex_io
All nodes must upgrade to the latest config.yaml & genesis.yaml.
New features:
➡️ IIP-13 Represent Staking Buckets as NFTs
➡️ IIP-14 Account Abstraction
➡️ Enforce ChainlD in transaction
https://github.com/iotexproject/iotex-core/releases/tag/v1.11.0