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  • Writer's pictureAlperen

Introducing Soarchain Network V4 Migration - "Plutus"

A Leap Forward in Blockchain Technology

As we continue to evolve and improve the Soarchain network, we are excited to announce our next significant upgrade, codenamed "Plutus". 

Highlights of the Plutus Upgrade

  • Transition to "tsoar" Denomination: In a major shift, the Soarchain-core will transition its bond-denom to "tsoar". 

  • Resolution of the Tesla-Reward Claim Issue: We have identified and resolved an issue affecting the claiming of Tesla rewards. With the "Plutus" upgrade, all Tesla users will be able to securely claim their net earnings without any hitches, ensuring trust and satisfaction.

  • Enhanced Governance Proposals: The upgrade introduces custom governance proposals specifically tailored for the PoA (Proof of Availability) and Soarmint modules. This development allows for more refined control and adaptability, reflecting our commitment to community-led 

  • Staking Rewards and Commissions: With the "Plutus" upgrade, all staking rewards for delegators and commissions for validators will be automatically withdrawn and transferred to their wallets in the new "tsoar" denomination, simplifying and securing the reward distribution process.

  • Token Transformation: As part of the upgrade, all existing tmotus funds will be burned, and new tsoar funds will be minted. 

  • Secured User Funds: Ensuring the security of user funds remains a top priority. With "Plutus", users’ funds will be securely transferred to their wallets as "tsoar", and net earnings for motus owners will be migrated accordingly. Users can then claim their rewards in the new denomination.

Plutus: Inspired by the Greek God of Wealth

Named after Plutus, the ancient Greek god of wealth, this upgrade symbolizes the wealth of possibilities that Soarchain aims to unlock. Plutus in mythology is portrayed as a figure who blesses the deserving with wealth, reflecting our initiative to reward our network participants fairly and generously. The transition to "tsoar" embodies this spirit, paving the way for a prosperous and stable economic framework within our blockchain ecosystem.

As we approach the implementation date, we invite our community to prepare for these changes and share any feedback.

Stay tuned for further updates and prepare for a smoother, more rewarding Soarchain experience. We are excited to embark on this new chapter with you!


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