What is the Hermes Hardfork and Why is it Important?
The Hermes Hardfork is a major upgrade that is scheduled for September 2024, marking a pivotal moment for the Beldex network. It aims to introduce several critical enhancements designed to boost speed, security, and overall functionality. So why is this hardfork significant for those invested in Beldex?
Key Features of the Hermes Hardfork
The upgrade includes the incorporation of Ethereum address and domain name functionality, fixes for existing security issues, a limitation on masternode setups to enhance efficiency, and improved compatibility for macOS users.
How Does Ethereum Address Integration Enhance Cross-Chain Interactions?
What Changes Are Being Made?
The Hermes Hardfork makes Ethereum addresses and ENS domain names integral to the Beldex network. This change will enable users to link their Ethereum identities to Beldex Naming System (BNS) identities for easier cross-chain transactions.
Why is this Enhancement Important?
The cross-chain technology simplifies transfers and enhances chances for cross-chain activities like swaps and lending. It also: - Allows swift asset movement between different networks, making transactions more effective. - Alleviates network congestion, boosting transaction speeds. - Enhances capital utilization, allowing staking across multiple blockchains.
What are the Implications of Limiting Masternode Setups?
How Does Limited Setups Affect Scalability?
Restricting masternode setups can slow down network performance. Masternodes help verify transactions and govern key operations. Fewer masternodes might lead to service delays if transaction volumes increase.
What Does it Mean for Decentralization?
Limiting setups could centralize power in fewer hands, jeopardizing decentralization by focusing on a select number of actors. This could increase vulnerability to centralization risks.
Are There Tradeoffs and Solutions?
Striking the right balance between scalability and decentralization is critical. A cap may provide immediate scalability but may undermine long-term decentralization goals. Encouraging participation in running masternodes may help find that balance.
How Can Users Prepare for the Hermes Hardfork?
What Are The Steps Needed for Preparation?
To transition smoothly to Hermes, all node operators, including masternode users, and service providers must update their binaries. The process involves:
bash
curl -L https://deb.beldex.io/pub.gpg | sudo apt-key add -
echo "deb https://deb.beldex.io/apt-repo stable main" | sudo tee /etc/apt/sources.list.d/beldex.list
sudo apt update
sudo apt upgrade beldex-master-node
The Hermes Hardfork is set to activate at block height 3546545. Updating now will lead to a smoother transition.
How Do You Migrate Masternodes?
For those running more than three masternodes on one machine, excess nodes must be migrated to new servers to prevent deregistration. Steps include generating a key for easy transition:
-
On the Old VPS Server:
bash sudo beldex-mn-keys show /var/lib/beldex/key_ed25519 -
On the New VPS Machine: After achieving full block sync:
bash sudo beldex-mn-keys restore --overwrite /var/lib/beldex/key_ed25519
Enter the secret key when prompted, restart the daemon, and stop it on the original machine.
What Lessons Can Be Learned from the Bern Hardfork?
How Did Bern Infrastructure Help?
Bern implemented BNS and a deflationary token model with BDX coin-burning, encouraging user-friendliness while managing supply to favor long-term holders.
What Does Hermes Learn From Bern?
Hermes extends Bern’s success, focusing on technical improvements for a more reliable network. By introducing Ethereum integration, Hermes adds to BNS's value and increases compatibility with other blockchains. It also strengthens security and upholds decentralization principles.
Summary
The Hermes Hardfork is an essential upgrade that promises to improve the Beldex network. By updating binaries and following migration instructions, you can help shape a more efficient ecosystem. Your support is invaluable, paving the way for a brighter future.
Update now for a front-row seat to Beldex’s next chapter!
