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Key facts:
The network upgrade was executed this 28th of October, with the approval of the validators.The test network will be reset the next Wednesday 30 October at 9 am UTC.This October 28, the Stellar Development Foundation (SDF) reported the update of the protocol of Stellar to version v12.0.0 (Protocol 12), which removes the function of inflation of the network.In a message posted on his Twitter account, the Foundation claims that the network upgrade Stellar was successful, further noting that, as part of the process, the re-establishment of the test network (testnet) is scheduled for next Wednesday, October 30, at 9 am UTC.
The Stellar network have successfully upgraded to protocol v12!Check out our developer blog to learn what this means: https://t.co/nbOtATBxWBReminder: The Test Network (Testnet) Reset is Wednesday, October 30th 2019, 9:00am UTC— Stellar (@StellarOrg) October 28, 2019
Although the message is not accurate the results of the consultation conducted between the validators Stellar, scheduled for this October 28 in order to approve or not to approve the update, it is assumed that the results were favorable to the change. This taking into account that information earlier indicated that the update only would be if it was approved by votación.De this way, when you approve the proposal and update to Protocol 12, the reward payments will continue on the network, but will not be available for expenditure, as was noted in previous publications. On this issue, the team made a series of announcements, with the purpose of offering the users enough time to download the new software and prepare for the vote. Earlier this month we released the version v0.22.1 Horizon, the API server for the ecosystem Stellar, which already included support for the new protocol. Also, the updates for the new version became available since last October 14, in the test network.The team of Stellar clarifies that the Protocol 12 creates a new type of offer (path_payment_strict_send), which disables definitely the mechanism of current inflation. The removal of this function was raised at the end of last month, with the intent to avoid a likely problem of scaling of network in the future, as described by the developer in the proposal.
Elimination of the function of inflation
In the networks of blockchain we speak of inflation when the miners create more tokens than are being used, a situation that, in a similar way to what happens with the money trust, tends to reduce the value of the criptoactivo.In Stellar the mechanism of protection against inflation was introduced by the generation of tokens native network: lumens (XLM), intended to promote the development of the ecosystem. Currently, the elimination of the role of inflation part of the idea that the same is not being used for the purposes for which it was created. His initial goal, narrowing the developers, was to give support to the projects that needed it.However, “increasingly, the inflation is being divided proportionally between the holders of individual accounts, which tend to join in the pool to claim the surplus”. Thus, in the opinion of the Foundation, the tokens that are generated are not used to promote new projects. “Which means that in reality have no economic purpose,” argues the team is Stellar in its proposal.Currently, circulating approximately 20,000 million of XML. Each lumen has a price of USD 0,063504, with an exchange volume of around us $ 337 million in the last 24 hours. In December of last year, the network recorded an increase in the number of user accounts. At that time, amounted to more than a million accounts and totaled with 2 million users by the close of 2018.