We have completed the chain patch and the chain is now fully functional. A mandatory wallet upgrade is needed and the latest version (v5.0) can be downloaded from the https://alqo.org website or the official GitHub (link: https://github.com/ALQOCRYPTO/ALQO/releases/tag/v5.0) — you only need the QT. Those of you running masternodes will need to be restarted. If you have any questions, please feel free to ask in #general-support and someone will assist you asap.
*If for some reason you are unable to reconnect to the network, please add this to your ALQO.conf file in your blockchain folder: ‘addnode=89.47.166.229’ and ‘addnode=89.47.161.144’ (do not include the quotation marks)
In addition to the chain patch, we have some information to share with the community. Firstly, we are retiring Liberio.app on Dec 1st. Please withdraw any funds from the platform asap, after Dec 1st the webapp portal will no longer be available and any funds remaining on the Liberio platform will no longer be accessible. Secondly, we will release 2 technical articles in the coming days, one of which will address the unauthorized Liberio transactions and another which will give a technical overview of Liberio’s design architecture. Thirdly, we will release the Liberio source code at the same time as the articles. Additionally, we will institute a Liberio compensation fund and affected users will be able to submit a claim for the return of their lost funds. Lastly, we have decided to remove the developer fee, since the reward scheme of the new chain does not support a traditional developer reward structure, and we have decided on a one-time fee payout to support the adoption, growth, development and marketing of the new chain.
Please review the outline below for full details of each bullet point:
1. Liberio will be retired on Dec 1st at 12:00 am UTC.
Users with funds on Liberio will have until Dec 1st 12:00am UTC to withdraw their funds before the webapp/webwallet is deprecated completely and no longer accessible — funds will no longer be accessible after this withdrawal period ends. Withdraw your funds ASAP!
2. We will release a technical summary on November 1st regarding the unauthorized Liberio wallet transactions.
The ALQO development team will release an in-depth technical article providing a review of what we believe occurred and how we will mitigate risk associated with future ALQO product releases. This article will be published on the ALQO Medium account (https://medium.com/@alqo) on November 1st.
3. Detailed technical article explaining the Liberio framework and its architecture.
The release of Liberio’s source code will accompany this article.
4. Remove developer fee block reward and replace with one-time payout.
After internal discussions on how to proceed with incentivizing 3rd party development and adoption of the new ALQO chain, we have decided to substitute the current developer block reward with a one-time payout reward to the developer fund of 10m XLQ. This will allow us to properly reward participants who take an active role in the adoption and development of the new ALQO chain upon its release in the coming weeks. An additional 5m XLQ was allocated for a Liberio compensation fund.
More details below:
10m dev fee will be used to reward new developers which build products utilizing the new ALQO blockchain, codenamed ‘Polaris’.
- Bug Bounties — Bounties rewarded in XLQ for developers who identify and propose fixes for software bugs.
- dApp development — Incentivize developers to take advantage of the new ALQO blockchain tech and develop their products utilizing its tech.
- Use-case(s) — Anyone who proposes a unique use-case which is adopted as part of ALQO core.
- Rewards for critical code contributions and protocol improvement proposals which are merged to core.
- Liquidity provision for Bitfineon, i.e., market making
5m XLQ dedicated to Liberio compensation fund.
- Affected users will have a period of 4 weeks to file a claim.
- Once a claim is filed, it will be reviewed for legitimacy.
- Valid claims will be filed, and funds allocated to the victim at a future date.
A thorough investigation has revealed what we believe to be losses not to exceed 5m XLQ. Any funds remaining in the Liberio compensation fund which are not used once the claim process is complete will be burned and removed from circulation. However, if total valid claims exceed the 5m compensation fund cap, a weighted average will be applied to all claims. For example, if the total fund value was 1m and claimant A. had 800k and claimant B. had 400k XLQ for a total of 1.2m XLQ, then claimant A would receive 666,400 XLQ and claimant B. would receive 333,600 XLQ.
Claim Timeline
- User files claim (webform link will be provided) — (4 weeks)
- Claim is verified (all claims will follow an internal review to reduce any fraudulent claims) — (1 week)
- Claimant will be required to KYC (a valid email address will be required) — (1 week)
- Funds are disbursed to claimant (user will provide new ALQO wallet address for funds transfer) — (1 week)
