Guapcoin Rosewood Update Phase 1 Set to Release in December

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The Guapcoin Core Dev Team is hard at work applying the latest patches to the DAO. In the meantime, the phase 1 roll-out of the Rosewood update is expected to be released in December. This update will introduce an increase of 20 Masternode and 5 staking rewards until the Tulsa update is publicly released ( Guapcoin 3.0). Tulsa is the next major upgrade to the Blockchain, it requires security patching and additional testing on the devnet before implementation onto the main-net. Developer testing is expected to continue until the end of January, with the official release expected in February. After all code updates, patches and testing is a success, the Guapcoin 3.0 software upgrade will be required for all Masternode and desktop wallet users. 

Masternode(MN) holders will have up to 21 days to upgrade. 

Once at least 90-95 percent of the network is upgraded, a softfork will occur automatically around block height 1,260,000. Any Masternode that has not upgraded within the deadline will be rejected from the network and will not receive Proof of stake rewards or the ability to participate in DAO voting.

In March of 2021, Masternode owners voted and approved the Tulsa update which is designed to deliver the following features.

1. Treasury funding:
2. Governance: Onchain masternode voting
3. The ability to submit proposals on chain via Desktop Wallet
4. Rewards increase and update: 25 guap will extend to block 1,350,000
More information regarding the new rewards structure can be viewed here –> https://www.guapcoin.org/wp-content/uploads/2021/03/Guapcoin-MN-Owners-Vote-Final.pdf

 

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Below are the frequently asked questions.

1. What will happen when Guap Reaches Block 1,260,000 ?

Answer: Since the Guapcoin Tulsa update will be slightly delayed, an increase of 20 Guap Masternode and 5 staking rewards will automatically occur until we release the Tulsa\DAO update.

2. What will the Masternode reward payout be after the Tulsa update?

Answer Part A: After the Tulsa update, rewards will adjust to (21 guap) and 4 Guap to fund DAO. The payout will reflect the following distribution 16 Guap to Masternodes, 5 Guap to POS = 21 GUAP
Answer Part B: 4  Guap awarded to Treasury .. as voted by Masternode holders

3. What is the purpose of the Treasury Fund?
Answer (Part A). The Treasury Fund will ensure the sustainment, growth and further development of the Guapcoin infrastructure.
Answer (Part B). Community members can submit funding proposals to improve and create additional features, services and platforms which support the Guapcoin ecosystem.
Answer (Part C) The Treasury Fund is also designed to fund marketing and promotion of Guapcoin to the world.

4. How will Masternode owners be notified of the Tulsa upgrade?

Answer (Part A) All social media pages, The Guap Foundation newsletter, Slack, telegram and Guapcoin websites will announce the upgrade including full instructions and details. Video tutorials will also be made available on GuapAcademy.org.
Answer (Part B) All software will be publicly available on the Guapcoin Github Repo
Answer (Part C) Developers may also offer customized Masternode upgrade scripts on the private Guapcoin Git Lab page. (donation preferred)

5. How much time will Masternode owners have to perform the Phase 1 upgrade?

Answer: After final testing and validation, Masternode owners will have a maximum of 21 days to perform the upgrade. The increased rewards  will not become active on the blockchain until 90-95 percent of the Network nodes are upgraded. After the Masternodes are upgraded, we will initialize the new features across all nodes automatically at block height 1,260,000 .  We have a tentative release date of December 10 2021, however this date could change. For more information, contact the Guapcoin Devs via Telegram here.

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