Proposed Update to ADC Codebase

Audiocoin (ADC) has enjoyed a robust and uninterrupted history since 2013. From our triumphant launch at the foremost Music Expo Event MIDEM, our ongoing integration with our sister music platform Aurovine.com and our pilot with the Bjork store, through to our Wingtip pilot (in conjunction with Blockpool) at SXSW in 2017, the chain has remained constant and enduring.

Whilst the chain remains solid, the blockchain itself has now grown to a size that makes self hosted wallets cumbersome to set up and synchronise (even with a bootstrap). Furthermore the initial supply and inflation rate have led to a deflationary price trajectory that needs to be addressed. The evolution of the blockchain space into more tangible use cases for smart contracts and NFT’s has also influenced our thinking on a proposed upgrade.

We are proposing that the total supply of ADC is reduced from 10.5 billion down to 2.5 billion and that rewards will be reduced in line with a diminishing block reward system so that approximately 2 billion coins will be in circulation by 2031. There are currently approx 1.1 billion coins in circulation and current holders of ADC will be able to transfer to our new chain following a snapshot at a pre-determined block number. Existing coin holders with accounts on other platforms such as Aurovine.com and TXbit.io will be auto upgraded (subject to agreements with said platforms).

The new ADC codebase

Now that blockpool.io have introduced their enhanced sidechain model we see several benefits of moving ADC over to a BPL codebase and infrastructure:

1. Development updates and access to broader development community
2. Light wallets that require no large downloads or synchronisation
3. Opportunities for enhanced smart contracts/NFTs/atomic swaps
4. Delegated network control
5. Pools for all ADC holders to earn more rewards (as an alternative to staking)
6. Control inflation and reduce total supply

The new chain will enable fixed block rewards for delegates with a target of 2 billion coins by 2031 as follows:

180 million year 1
160 million year 2
140 million year 3
120 million year 4
100 million year 5
80 million year 6
60 million year 7
50 million year 8
40 million year 9
30 million year 10

year 11 onwards will see 15 million per year until 2.5 billion max reached.

There will be a structured upgrade path for all existing ADC holders. Following ratification by the ADC Foundation Governance model we will announce the upgrade procedure and timelines asap.

FAQ

1. Can I still earn ADC from my wallet after the upgrade?

Yes, there are 2 ways you can continue to earn ADC:

Active Delegate: The chain will be delegated by the BPL corechain. You can become a delegate on the BPL corechain providing you have set up a delegate and have enough BPL tokens. 51 delegate positions will be available for ADC and existing BPL holders will have the chance to forge ADC in addition to BPL.
We will publish more details on the delegate structure in further communications.

Voting for a pool: For none technical users, ADC can be earned by simply voting for a nominated pool delegate. This process is very simple and entails a vote being registered from your wallet to one of the pools being set up for ADC. The rewards are then paid directly into your wallet. The more ADC you have, the more rewards you will acquire.

2. Do I need to buy BPL to continue using ADC?

No, ADC wallets will operate in a similar way to existing wallets. The only time you will need to buy BPL is to have the chance to become a main delegate so that you can forge your own BPL and/or ADC rewards. We are lobbying for an exchange pair of ADC/BPL so that users can easily trade between both coins.

3. What will happen to the old ADC chain?

At a predetermined block number in Q3 2021 we will announce the block number for the snapshot. Coins can then be claimed on the new chain up to and including that block number. Any transactions or coins used post this lock number will be considered legacy and will not be supported by ADC governance/partner exchanges or platforms. It will be a requirement for all ADC holders to follow the upgrade path to retain control of their coins on the new chain. We will take no responsibility for any activities on the legacy chain and cannot provide any assistance other than the published documentation and support of the upgrade process.

4. Will ADC increase in value after the upgrade?

We cannot advise on this. The upgrade to a smaller supply and reduced inflation should help combat some of the issues faced in the past. Together with the improved codebase and functionality we expect to see more partnership opportunities as a result of the upgrade.

5. What do i need to do?

Please ensure you have your wallet protected with a strong passphrase and await further instructions to be posted at https://audiocoin.co.uk