FX-EVM Mainnet Proposal #10
What is FX-EVM?
Essentially it supports EVM logic and all the functionalities of EVM.
EVM compatibility enables smart contracts and hence a whole host of dApps in the areas of DeFi, GameFi, NFTs and many more. More information on features and functionalities and changes released with EVM can be found here. (Do note, these features will soon be available on Mainnet if the proposal passes).
Plan for Governance Proposal and upgrade process for validators
- Governance proposal will be ready at 6.30pm (GMT+8), Today 29 June 2022.
- After 14 days of voting, proposal will end on 13 July 2022 6.30pm (GMT+ 8)
- If it passes, the upgrade height is set at 5,713,000 which should occur approximately at July 16th, 2022 at 12:00:00 UTC or 8pm (GMT+8)
- Validators will have from the upgrade height on 16 July 2022 8pm (GMT+8) to about 17 July 2022 11pm (GMT+8) to upgrade their validator nodes (20,000 blocks or ~27.7 hours). More information can be found here.
- When more than 2/3 of the network upgrades from the upgrade height, the chain will start producing blocks with the new code and it will be EVM compatible
More on upgrading details on the release note and changelog.
What will EVM mean for the community? And what to expect?
As mentioned earlier, the enablement of smart contracts, and a whole host of dApps like will be coming your way:
Additional information for Validators
Previous method i.e. Hard fork
The code after the upgrade is backward compatible, so the node can (and needs to be) upgraded before the upgrade height, and when the upgrade height is reached, the node will automatically switch to the new logic.
Current method i.e. Software Proposal upgrade:
After the upgrade proposal is passed, we need to wait for the block height to reach the upgrade height set in the proposal. We cannot use the new program to update the node in advance, because the code after the upgrade is not backward compatible. So when the upgrade height is reached, all the nodes will stop producing blocks, and will print a log “ERR UPGRADE” Upgrade proposal plan name “Needed at height: Upgrade proposal sets the height…”, and then we can use the latest program to upgrade the nodes.