ShiftNrg Announces Shutdown of Lisk-based Mainnet in Anticipation of Migration to Substrate

Sara Frankel

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Feb 22 · 5 min read

As we have acclimated to the reality of underlying blockchain technology, as well as, the pros and cons of the various core technical options, we find ourselves at the brink of a new chapter in our story:

“One of the final acts of the previous team was to make the decision to migrate to Polkadot.”

From the beginning of the transition, the old and new team decided that the best way forward for ShiftNrg was via a Substrate-based blockchain. At this juncture, the Lisk-based mainnet serves zero purpose — it’s essentially dead weight. The infrastructure costs and wo/man-hours involved from the team’s perspective, and for everyone else running delegate and non-delegate nodes, can and will be refocused elsewhere, where it will make a positive impact to reach milestones that are critical for us to achieve — and ultimately exceed — our vision for a truly decentralized web. That is the core mission of our organization and that is what we will deliver to our community and the world, at-large. As such, and by virtue of a near-unanimous delegate vote, ShiftNrg will be shutting down our Lisk-based mainnet on April 30th at 12 PM CST.

Please note:

1. User’s funds are 100% safe
2. Coinholders need not do anything at this time
3. The ability to exchange SHIFT for wSHIFT will be expanded to everyone in the coming weeks
4. Further details are outlined below.

Initial Direct Impacts

1. Balances are locked to each account on the mainnet
2. Delegates no longer forge SHIFT coins for maintaining their node and securing the chain
3. Delegates can shutdown their mainnet nodes
4. Delegates can no longer share forged SHIFT with their voters
5. Voters have no passive SHIFT growth
6. Delisting off of any remaining CEX’s.

Points #2 and #3 above are resolved below in the “Resolutions” section.

Benefits

Direct Benefits for the Team

• More resources dedicated to our core technology and towards developing our Substrate testnet and mainnet
• Less resources to maintain, streamlining the Shift Community Project

Direct Benefits for the Delegates & Non-delegates

• Money saved — no more VPSs to run for the mainnet
• Time saved — no more building/maintaining tools/nodes for the mainnet

Resolutions

Turning off the mainnet will set ShiftNrg’s inflation rate to zero.
Delegates will not forge new SHIFT. Delegates can no longer share their forged SHIFT with their voters. This is understandably a negative drawback for the community.

To mitigate against this negative impact on our community, the team will artificially keep the inflation rate constant during the period that no mainnet is active.

Here’s how this will work:

1. ShiftNrg’s monthly inflation rate will be calculated and divided among the top 101 delegates
2. The top 101 is designated at the time of mainet retirement
3. Delegates will be able to redeem these contributions in the future
4. Note that delegates will have to actively participate in order to redeem these contributions
5. Any SHIFT not redeemed subsequent to a 90 day period after redemptions are opened will be forfeited and not minted (i.e., supply doesn’t increase)
6. Delegates will need to setup a node as a Validator on the new substrate mainnet when it launches, else they forfeit their pending contributions
7. Delegates will need to keep their delegate’s passphrases secure and safe during this time (passphrases are the literal key to migration and unlocking these contributions)
8. Losing these passphrases means forfeiting pending contributions on top of any balance on a delegate’s account, if it wasn’t migrated yet
9. All delegates will share 10% of their contributions to voters of the Lisk-based ShiftNrg mainnet during this period of no mainnet being operational
10. This rate is subtracted from line item #1 above
11. This share is distributed to people that have voted for any of the top 101 delegates; delegates themselves do not count as voters in this context
12. Distributions will be weighted to the voter’s balance that is frozen at the time of mainnet retirement
13. Delegates have no time or monetary commitments during this phase of the project; this 10% loyalty compensation is to retain our current community during this next phase.

Things that remain constant

1. Core tech and dev work are refocused and accelerated
2. Migration efforts continue as before
3. No burn transaction needed; three steps become two steps (burning was only needed to safeguard funds from being double-spent across two different chains)
4. Uniswap, via wSHIFT, remains unaffected
5. People may wish to migrate sooner than later, helping wSHIFT achieve 2,500 unique token holders which unlocks an authenticity level on Uniswap.

Conclusion

This article serves as a notice of the retirement of ShiftNrg’s Liks-based blockchain and will give any potential company/entity/person sufficient time to do what they need to do (delisting, for example, from CEXs). This information will be disseminated across all mediums: Our website, Twitter, Telegram, Discord, Reddit, Bitcointalk thread, and via email.

The majority of token-holders need to do nothing. Their balance(s) in their account(s) is/are safe and remain frozen until migration.

The only action needed is to keep your passphrases secure and backed up.
Passphrases are your key to your balance for the migration to wSHIFT or Substrate-SHIFT. Anyone losing their passphrase will not have their balance restored.

In summary:

1. Lisk-based blockchain will be shut down on April 30th at 12pm CST
2. Substrate migration and testnet/mainnet development are ongoing
3. Your tokens are safe and coinholders need not do anything at this time
4. The ability to exchange SHIFT for wSHIFT will be expanded to everyone in the coming weeks, follow us on Twitter to stay informed
5. wSHIFT is tradeable on Uniswap

Sincerely yours,

The ShiftNrg Team

About ShiftNrg:

ShiftNrg combines the transparency, immutability, and decentralization of blockchain technology with distributed hosting. We are a community of dedicated crypto-enthusiasts who believe in your right to a decentralized web. As an exciting 2021 begins, our project is continuing to develop technology to decentralize the internet as we know it and overcome censorship throughout the world.

Follow us on Twitter, connect to our Discord, join our Telegram, learn more about our technology on GitHub, and ask us on Reddit.

Feedback? We’d love to hear from you! Reach us as above or by email: [email protected]