Genesis
Summary of Changes
Lotus will be based on the Bitcoin ABC codebase and specifications, with the following changes upon initial launch.
- New Genesis Block
- Removal of all fork activation code
- Reset difficulty to 1
- New Netmagic and Diskmagic Values
- Extended Header Format
- Blocktime to 2 minutes
- New address format
- Economic adjustments
- The issuance of Coinbase rewards will be changed to be
260 * log2(difficulty)megasats.- Half will go to miners
- Half will go to servicing the blockchain and users through a selection of various projects which support the public good.
- Half of fees will be burned, the 25% will go to miners and another 25% will go selected projects.
- The issuance of Coinbase rewards will be changed to be
- Enforce all standardness rules as consensus
- MalFix
- Script changes:
- Increase opcode limit to 400 opcodes
- Relax OP_XOR and OP_AND operand size constraints
- Limit NUM2BIN to 68 bytes
- Increase integer sizes from 32 bits to 64 bit ones-complement signed integers
- Disable all unusable opcodes and reserve them for future hardforks
- Add Taproot support
- SigHash Lotus
Genesis Block
A new genesis block will be used. Lotus is not a fork of the blockchain, but is using the Bitcoin codebase.
Difficulty Reset
Due to starting fresh, the difficulty will be reset to a target of 1 initially similar to the original Bitcoin launch.
Removal of Activation
Due to the fresh start of the blockchain, all activation code for previous soft and hardforks have been removed. These features will be available from launch.
Magic Values
The diskmagic, and netmagic will be changed to the following values:
- Diskmagic:
ldskwith most-significant-bit set. - Netmagic:
lgoswith most-significant-bit set.
Economic adjustments
The block reward will be 260 megasats per block + half fees. The other half of fees will be discarded. Additionally, this reward will be split between miners and developers evenly. The development reward will be shared between a variety of projects and determined every 6 months by the Logos foundation.
Blocktimes
The target blocktime will be reduced from 10 minutes to 2 minutes. This allows faster confirmations, and has been requested for for Bitcoin ABC for a long time. Additionally, it reduces block variance significantly.
Enforce all standardness rules as consensus
Currently, Bitcoin variants have relaxed constraints on what is acceptable in a block versus standardness checks. Lotus now enforces all standardness checks on new blocks as well.