Popular cryptocurrency exchange KuCoin has disclosed details of its anticipated Ambrosus mainnet upgrade.
Kucoin will automatically swap the mainnet tokens for Ambrosus (AMB). In line with the upgrade, withdrawals and deposits will be temporarily disabled on June 30, 2020 (UTC+8).
More details on the Ambrosus Network
KuCoin Ambrosus network has announced several new cryptonomic upgrades scheduled to go live on its network. Most of the upgrades are, however, still introductory and are designed to provide the platform with longevity. The upgrades will ensure all participants are duly involved and also enable adequate incentive allocation. Ambrosus network upgrades will range from entrepreneurial developments to Apollo Auctions, and will also include modifications to bundle cost and improved access to Hermes Masternodes.
1. Total migration to Native AMBER (Ambrosus 2.0)
Following several months hard and consistent work the transition from ERC20 AMB to native AMBER is finally here. This is only possible due to the successful completion of external security audits. Also, the team carried out a complete revamp of AMB-NET infrastructure while ensuring that all validator nodes on the network are up and running smoothly. The Amber token swap is scheduled to take place on July 1, 2020.
2. Retiring Atlas Masternodes
Originally designed to improve Atlas Masternode operators. Prior to this time, turning off an Atlas node would have resulted in the irreversible loss of bundles. However, a new mechanism designed by Ambrosus network team will enable fair and equal “distribution of the retired Atlas’ bundles among other node holders of the same level of seniority”. Simply put, after retiring, the Atlas node shall be sent back to the node operator. Notably, the operator will still be able to receive any reward earned but not yet allocated before its retirement date.
3. Entrepreneur based changes to Hermes Masternodes
To further facilitate easy onboarding of AMB-Net, entrepreneurs no longer need to pay the compulsory entry sale of 150.000 AMB. Business owners and entrepreneurs need to only pay a bundled fee which is a fixed cost of $25 worth of Amber. This fee will cover storage costs on the Network for one year.
4. Inflation Rate and Block Rewards
Starting from July 1, 2020, the inflation rate on the Ambrosus network is expected to increase by 10% annually.
Other upgrades include Long Term Treasury and Node Allocation Structure, Apollo Auctions, Sidechain Development, and New Entrepreneur Projects.
For now, all focus is on the impending token swap, as well as the complete migration to native Amber, slated for July 1, 2020. Moving forward from July 1, work will commence immediately on “the side-chain infrastructure of Ambrosus”. This, in essence, will equip the network for incoming entrepreneurial projects in the near future.