New FairCoin Wallet has been released this thursday 26 february, mandatory update for everyone.
Important advice for everyone that have a Faircoin Wallet. Read it carefully.
This release contains some major changes to Faircoin. Our aim is to develop Faircoin further and prepare it for broad adoption. With the changes we’ve made to the code base the development of merchant applications, alternative FairCoin wallets and mobile applications now becomes easier and can be implemented faster. The Faircoin Dev team have improved the performance of the FairCoin wallet significantly. The overall speed gain and still maintaining the same high level of block chain security is also a prerequisite to establish a reliable and stable monetary system for Fair.Coop.
For this reason the existing block chain has been converted to make use of the much faster and proven SHA256 hash algorithm. This gives us 2 major advantages:
- It is much easier to port existing software that was written for Bitcoin to the Faircoin network.
- Much better performance! The scrypt hash algorithm that was used up until now is much slower compared to the SHA256 hash algorithm.
What do you need to do:
On Thursday, the 26th of February 2015 at block height 94613 all versions older than v1.5.0 has been obsolete and must not be used any more. The new wallet is available for download here. After you have downloaded the new release, please follow the guide here, before installing it: https://fair-coin.org/faircoin-v1.5.0.html
- Make a copy of your wallet.dat file and store it at a safe place! Write down the FAIR balance that is displayed in your old wallet.
- If you haven’t done yet make a copy of your wallet.dat file and store it at a safe place!
- If you missed step one and two, make a copy of you wallet.dat file and store it at a safe place!
- Now, after you made a copy of your wallet.dat file and stored it in a safe place, delete the entire FairCoin data directory
- Start the new wallet and let it download the new block chain. This takes about 10 to 30 minutes depending on your internet connection and your computers performance. (Your balance will NOT be displayed yet, so don’t worry!) Also, you should not create a FairCoin.conf file, it is not needed.
- After your new wallet successfully synchronized to the network, stop it
- Copy your old wallet.dat file (you made a backup copy of earlier) to the newly create FairCoin data directory
- Start the wallet again and it will display your complete balance (if your balance differs from the one your wrote down please contact us at support@fair-coin.org)
Unused or lost coin recovery:
The new block chain will contain a special block that recovers about 4,000,000 FAIR that were freely distributed at the start of FairCoin back in March 2014 and have never been used since then or are simply lost.
We will use one part of these coins to recover the pending claimed mintpal faircoins (see: https://bitcointalk.org/index.php?topic=702675.msg9791401#msg9791401) and the other part (about 2,000,000 FAIR) will be used as bounties for new developments and as a new and fair redistribution to promote broad involvement in next faircoop events like the fairmarket.
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