The first major upgrade of the Minter network

Just five months after having successfully launched the network, Mr. Lashin and the team prepared a major upgrade. Here is a summary of the upcoming changes: https://medium.com/@MinterTeam/minter-v1-1-0-d73281a95809

We will release detailed documentation along with code.

What’s new? First of all, speed and reliability will increase significantly. Remember that we work with money here and thus need to be extremely careful and constantly optimize all processes.

Second, one will be able to create coins with limited supply. BIP is limited to 10 billion units, and with a new upgrade, one will be able to set maximum supply for their own custom coin. This might come handy if you do something that requires supervision—for example, sell concert tickets or accrue loyalty points.

Third, we will introduce multisig addresses that can be managed by multiple participants (up to 20) simultaneously—this will provide for the highest security standards and also become our base for integration with IOM, TON, and Cosmos HUB. Consider this: your custom coin is locked on Minter multisig, and the same amount is issued on TON inside our smart contract under a ticker tNAME to be further used for various in-app activities. Take, for example, a game where the winner gets it all, clicks “Withdraw to Minter,” and collects the coins from a multi-signature address on Minter at the same time burning them on TON.

Thanks to multisig, we will launch the IOM sidechain, which will enable atomic swaps of BIP for Bitcoin, Ether, and other integrated cryptocurrencies.

Also, multisig will allow for accepting fiat payments from bank cards much faster. The testing process is currently under way, and transactions take up to one hour. With multi-signature addresses, the time will reduce to less than a minute.

Version 1.1.0 code will be proposed for testing and implemented once 2/3 of the validators have voted in favor of proceeding with the upgrade. No additional action from users will be required.

#V110