If you have read our previous MidasCoin article, you will remember there were some minor issues with the network and the Gold Reserve. A few days have passed, and the developers have posted an update, so let’s take a look!
The attack which disrupted the MidasCoin network has been thoroughly analyzed by the developers, and we are pleased to announce patching the network has begun. No further details were given at this time, but the most important thing is knowing everything will be resolved in the near future.
There will be a new difficulty retargeting algorithm, which will now ensure the block time of 2.5 minutes , in conjunction with the Proof-of-Mining system, I’m interesting to find out which difficulty retargeting option the developers went with, but we will find out soon I assume.
All transactions originating from the MidasCoin mining pool to user wallets have been successfully voided, and all coins have been returned as pool balances. This will be implemented in the mining pool’s database when the accounting calculation script of the 10,000 MID super round finishes.
In order to avoid any further FUDing on the MidasCoin thread on BitcoinTalk, a dedicated team will be put in place to keep things in order. Even though everyone can still voice their opinion, deliberate trash talking will be moderated.
The MidasCoin IRC community will see some organized proper rewards and events for their continual support during these difficult times. I’m glad to see developers taking the time to give back to the community after harsh times. Kudos!
As you can see, a lot has been done in a short amount of time, but there is still a lengthy to-do list as well. Finishing and testing the MID network patch is on top of the priority list, which will take place once the super round has finished.
The MidasCoin team feels they need to work more on their communication skills towards the community. There were some misunderstandings and miscommunications, which led to badly informed people. A detailed FAQ will be written out in the near future too.
More marketing resources will be used for the merchant platform, and the benefits of accepting MID as a merchant. Last but not least, a proof of assets/reserve will be discussed with the community over the coming weeks.
There should be another MIdasCoin update tomorrow, and we will hope to have an ETA for all of the above by then.
Official announcement :