LikeCoin Community Call Minutes #202205
It’s about time for the LikeCoin chain upgrade!
Overall statistics of LikeCoin including airdrop campaign and growth in performance on chain. Do notice that liquidity on Osmosis dropped due to overall Cosmos Ecosystem performance as well as there are new DEX raises. We are aware of the new DEXs and likely we will be listed in some of the DEX. Discussion is welcome in Discord #trade channel.
Staking ratio and IBC Transfer remain steady and in terms of address we are actively growing which means new users are coming in, we are also growing in registered content on network.
We have about 100 days to go to claim the airdrop, if anyone hasn’t claimed their airdrop please do it asap. The statistic is publicly available in our block explorer as well.
The LikeCoin chain upgrade proposal is passed and it is scheduled on Wednesday May 4, the expected upgrade time is on Wednesday and the expected upgrade time is between 1:30-3:30pm UTC, it will be around 9:30pm-11:30pm for time zone in Hong Kong and Taiwan, block height 3,692,800. The two major features included in this upgrade are upgrading wallet prefix from cosmos to like and upgrading Cosmos-SDK to 0.44.8.
Validator has to prepare for the upgrade: The hardware requirement for this upgrade has significantly increased, make sure that you have 64GB of memory if you are going to participate in this upgrade. It is the first time that we are using Cosmovisor, expected to have it installed/setup before the upgrade. The recent validators are fixing some issues on setting up Cosmovisor, the documentation was updated to a version to cater the questions or issues raised by validators that set up Cosmovisor in the past week. Also make sure that you have the v.2.0.0. binary at the Cosmovisor upgrades folder before the upgrade time.
On May 4 validators do not have to do anything manually, as long as you have the Cosmovisor setup it will automatically switch binaires for you at the scheduled block height. Just to be online at the mainnet validator channel just in case anything come up. It should be less hassle to the last chain upgrade, given Cosmovisor is much more convenient.
During the upgrade, the LikeCoin chain will be paused and any transactions will not be available for about two hours, including exchanges / DEX and will be resumed after the upgrade.
The latest time estimation is 1pm UTC because the block time is taking slightly longer. It is 9pm in UTC+8 timezone. If the validator is using Comovisor with the default setting, right after the upgrade it will attempt to make a backup of the current data, please be aware about it, you will need to double the storage when running the upgrade. If you have other means of taking a snapshot, or you already backup your data, you can disable this behavior with a variable and how it works will be available in the validator channel later. In case things go wrong, the backup data will be useful, and will suggest the validator leave it on and reserve storage for that.
Vote will be counted in the validator channel so that 66% voting power should be available during the upgrade.
After Wednesday the wallet prefix will become like instead of cosmos; instructions for updating it on Keplr or Dapps will be available soon.
Two objective from last month:
Drop of impression due to cooling down after the airdrop awareness. Will continue to figure out the priority on Twitter and how we can reach the community better on that.
More events are coming to share more thoughts with partners and how we look at NFT related questions and more AMAs will be coming.
More community ambassadors are coming in for example Blockbuster will help us enhance the community engagement and onboarding procedure.
Just updated the NFT specification and added relation about NFT class, developers can use NFT for some special subscription or tier subscription, and add features of bind box release.
NFT marketplace will be pushed later for release, depending on the Cosmos-SDK status.
Liker Land team is actively redesigning the LikeCoin button to include the NFT feature, and will share the design next month.
dao.like.co enhancement design confirmed and is bootstrapping the project, will provide a demo site on the next community call.
Housekeeping update is on the blog article, including settling outstanding payment to Oursky twice, also the 2,000,000 LIKE from the community pool proposal 46. As the LikeCoin price drops, the money is spending more quickly than expected. The outstanding balance is 1,408,780 LIKE, and will have to raise more money from the community pool.
Added petty cash between multisig wallet and the vendor because the previous way to pay vendors does not work as it takes a few days to collect the multisig signature and the exchange rate has already changed, therefore petty cash wallet is needed between two. Report will be provided on a monthly basis.
Expected timeline for the testnet Star Ferry LikeCoin chain V 3.0, development will be finished at week 3 of May and will expect to arrive on mainnet in June.