The Einsteinium Foundation has decided to remove the ‘Wormhole’ feature from the coin which will reduce the total supply by 55075320 coins.
In the past, the Wormhole was a useful feature that created volatility on the market and kept the volume and interest of the community. However, along with the price increase, abuse has increased as well.
This move will increase security of the chain and represents a hard fork for EMC2.
Bittrex has already confirmed the update and we are waiting on a response from Poloniex.
Our code has been updated and is currently in the testing phase. It will be available in next two weeks for all users to upgrade.
Application development is going as planned. There will be a detailed update on that as well.
Code change that is removing Wormhole functionality and reducing total coin supply is ready for release.
This change is simple in terms of coding but complex in terms of testing and deployment.
As EMC2 coin is available on some of the biggest exchanges and 3rd party services, all of them must update during the same time frame.
We are working with them on defining a maintenance window for upgrade.
At the same time we are also doing extensive blockchain testing.
Final test results and confirmation from exchanges are needed before the final push.
We are getting very close release but the HF initially scheduled for October 6th must be rescheduled to insure network security and exchange synchronicity.
Next target is block 1640530 which will occur approximately on October 25th.
The countdown is coming.
We will share more information as soon as we can.
EMC2 Dev Team.