Improvements to the BOID token contract are being deployed to improve token security, utility, and enable decentralized governance. The migration process will be done in a few steps. At the end of the process, the following new functionality will be operational on-chain.
- Boid Power
- Powered stake calculation
- Token staking profit calculation
- Boid Power profit calculation
- Token stake delegation
- Token stake expiration
- Chintai market support
- Token recycling
- Boid worker proposal fund
The migration will take place in 5 steps to ensure the security of the BOID token contract:
Upgrade to the new contract with new components locked.
Internally migrate existing stake data to the new stake/delegation format.
Unlock the contract staking and delegation actions.
Unlock the contract to enable on-chain Boid Power management.
Unlock the contract to enable on-chain bonus collection.
At the end of steps (1) and (2), you will not notice a difference in how the BOID token contract functions.
At the end of step (3), you will be able to delegate your existing stakes to other Boid accounts. The token staking bonus will still be calculated on-server at this point, but now the BOID token delegate will receive the stake bonus.
At the end of step (4), you will notice that your Boid Power number has changed slightly. This will happen for every account and is due to the new on-chain Boid Power calculation.
At the end of step (5), you will be able to call the
claim() function to receive bonus BOID tokens for your participation in the Boid network. Bonuses come from two sources: token stake and computational work completed (Boid Power).
We have been working on these upgrades for four months now and are happy to be able to now deploy these changes and unlock new potential for the Boid network.