Cryptocurrency Lisk (LSK) had revealed its plans to introduce major upgrades to its platform. After successfully testing it out on the test net, the v3 migration update will officially roll out on August 1 at approximately 08:00 AM UTC.
The Lisk Mainnet v3 migration is set to launch after the block height reaches 16,270,292. The company revealed that the migration will take place in stages to ensure that the network runs smoothly. The company explained in the announcement:
“Please be advised that the pre-migration delegate selection will persist until the block height 16,332,092 which will be reached approximately one week after the Lisk Mainnet v3 migration on 28th of August 2021, 2 pm CEST. Your new votes will only be applied once the new Lisk Mainnet has been running for a period of one week. This delayed transition ensures that the network is still performing correctly as we implemented a change in our delegate selection mechanism.”
New features
The new update will introduce a host of features to the mainnet ranging from improved transition power to new Lisk Improvement Proposals (LIPs).
The test results showed that the transition processing power has now improved by 5 times, comparing to the previous versions. There are now four product names namely: Lisk Core 3.0.0, Lisk Service 0.4.0, Lisk Desktop 2.0.0, and Lisk Migrator 1.0.0.
New features of the Lisk update were offered in the structure of Lisk Improvement proposals (LIPs). LIPs in the new update range from 0001 to 0036.
Other prominent changes in the system include the introduction of dynamic fees, multi-signature transactions, and minimum account holdings (0.05 LSK).