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News, updates, migration and plans for Honour
Dec 20, 2021
The time for Honour is here. It is time for us to shed some light into the migration process, our rationale, decision making and the future of Honour.
1. How we conducted migration
Honour aims to address and solve the hyper-inflationary issue that has arised in KATANA V2, whereby many leveraged a number of aspects ranging from arbitrage to other dynamics, in order to leverage these opportunities by creating an extensive amounts of nodes. This created an unsustainable, inflationary environment and imposed an unfair playing field among our holders. We therefore had to enforce radical measures in order to substantially reduce the number of nodes in order to maintain longer-term viability and a more sustainable growth of the project. For this we employed the following procedure:
The number of nodes a wallet contains was computed and divided by 10.
The result was then rounded to the closest integer.
That is the number of nodes an individual attains.
This would mean that those with less than 5 nodes would be disadvantaged by attaining 0 nodes, however that is not the case.
Holders with less than 5 nodes will still receive at least 1 node in Honour.
Furthermore, we wanted to recognize and acknowledge the different circumstances of our holders, as many entered our protocol at completely different entry points. We believe that the best way to achieve that is to distinguish our holders is by allocating them into relevant and corresponding node tiers.
2. Introduction of node tiers
Honour is launching a brand new node tier structure. Node tiers ensure that Honour is accessible to holders of all kinds and ensures holders can participate in the node liquidity mining programme in accordance with their preferences. The three node tiers of Honour are: Buke, Mononofu and Musha.
Node price = 1.0 HNR Daily reward = 0.05 HNR
Node price = 5.0 HNR Daily reward = 0.4 HNR
Node price = 10 HNR Daily reward = 1.5 HNR
*All node prices and expected rewards are subject to continuous changes!
The node tiers are also a vital component of the migration process, as they accurately reflect and distinguish the previous KTNA node holders.
How does the migration apply to different node holders?
We have decided to group existing nodes into three categories; V1 pre-hack, V1 post-hack, and V2 nodes. Your nodes in each of these categories will be divided by 10 and rounded to the nearest integer, those with less than 5 will still receive a node in their relevant node tier.
V1 Pre hack node holders are awarded with Musha nodes. E.g. An individual with 50 V1 Pre Hack nodes obtains 5 Musha nodes in the Honour protocol.
E.g. An individual with 3 V1 Pre Hack nodes obtains 1 Musha node in the Honour protocol.
V1 Post hack node holders are awarded with Mononofu nodes E.g. An individual with 50 V1 Post Hack nodes obtains 5 Mononofu nodes in the Honour protocol.
E.g. An individual with 3 V1 Post Hack nodes obtains 1 Mononofu node in the Honour protocol.
V2 node holders are awarded with Buke nodes. E.g. An individual with 50 V2 nodes obtains 5 Buke nodes in the Honour protocol.
E.g. An individual with 3 V2 nodes obtains 1 Buke node in the Honour protocol.
This is important, as it ensures that the holders are recognised and treated in accordance with their initial entry points.
3. New reward structure
Honour is introducing a simplified reward structure, whereby node holders are no longer expected to sync their rewards. We have abandoned the two step system of having to first Sync and then Claim. The two functions have been merged into a single action. You are now able to perform the “cashout” once every 24 hours (the rewards cycle clock is there to indicate when claiming is possible). The rewards will continue to accumulate even if you do not perform the cashout within 24 hours.
4. Shift to a full-on DAO governance structure
Honour is currently in its initial phases and hence it is vital to ensure that there is a team in place to steer its direction for the time being. However, Honour has planned and constructed a more thoroughly developed DAO governance structure that will be enacted in the coming weeks. Honour will strive to enable its holders to vote with HNR tokens and/or nodes, to ensure that its believers navigate and control the future of the protocol. Establishing a true DAO governance will deliver additional utility and added value to the HNR tokens and nodes while encouraging holders to hold long term and participate in the future of the protocol. Introducing a full-on DAO governance structure will simultaneously enable the proponents of HONOUR to partake in meaningful decisions pertaining to the technologies, features, parameter changes and on-chain upgrades to the relevant smart contract system that the protocol adopts and enforces.
We are excited to reveal more details regarding new features in the coming days. We are confident that these will further fuel the reach and growth of Honour.
We also want to mention ahead of time that we have been migrating, processing and filtering extensive amounts of data in the last few days. While we have actively tried to ensure the process is as smooth as possible, it is possible that misalignments may appear. That is why we are devoting a special task force to handling such requests and instantly launching a form that will collect the relevant data regarding these misalignments from such users. The collected information will be further evaluated in accordance with the snapshots we have taken. Should anyone fill in misleading information in the form, it will be treated as an attempt to abuse the system and the wallet will be blacklisted.
We look forward to the new beginnings and cannot wait to disclose more exciting details soon.
Link to HNR tokens:
Have your nodes not been migrated correctly? Is there an issue that requires fixing?
Forgot to migrate or commit Seppuku and wish to be migrated to Honour?
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