Dear community users:
FCoin is scheduled to upgrade the lockup mining algorithm from 0:00 on May 15th, 2019 (GMT+8), according to The Community Committee passed the proposal on upgrading lockup mining algorithm. (All FT return from lockup mining on May 15, 2019 will be based on the snapshot at 0:00 on May 15th, 2019 and return to lockup mining users according to the new algorithm.)
FCoin will online the function transformation between “Dividend Lockup” and “Fixed Term Lockup” on May 13, 2019 to cooperate with this upgrade. The current dividend lockup users can change into fixed term lockup users without applying unlocking after online of this function.
Please see the specific lockup mining algorithm upgrade as follows:
User’s daily return from Lockup Mining = total return amount of Lockup Mining * the user’s lockup cardinality / the sum of all users’ cardinality
1. The coefficient is calculated as:
For these non-fixed-Term lockup types which including Dividend Lockup, OTC Merchant lockup, Community Referrer lockup, Certified Organization lockup, etc., the coefficient is 1
Fixed-term Lockup with lockup cycle between 3-5 months (including 3 months) , the coefficient is 1.2
Fixed-term Lockup with lockup cycle between 6-11 months (including 6 months) , the coefficient is 1.5
Fixed-term Lockup with lockup cycle between 12-24 months (including 12 months) , the coefficient is 2
Fixed-term Lockup with lockup cycle more than 24 months (including 24 months) , the coefficient is 3
(Note: The coefficient is only related to lockup cycles, regardless of the specific lockup starting time or unlocking time)
2. User’s lockup cardinality calculation does not include these with remaining lockup time <24 hours.
3.1 The Community Committee determines the coefficient related to fixed-term lockup specified in the above clause 1 as the minimum coefficient (that is, the future fixed term lockup coefficient can only be increased but not be lowered. Only the coefficient of non-fixed term lockup can be lowered).
3.2 The Community Committee determines the proportion of the current mining output from Lockup Mining to the daily planed total mining output of the current cycle (currently the ratio is 10%) as the lowest ratio (that is, it can only be increased in the future but not be lowered).
3.3 A referendum is required if the above two points need to be changed. The Community Committee has no power to pass any resolution that contradicts the above two terms (3.1 and 3.2).
4. To further implement the original intention of Sustainable Mining and better reward to community users, the total 720,404,905 FT hold by FCoin Team with a lockup period of 3 years will not participate in Lockup Mining or receive any Lockup Mining return.
May 11, 2019