we would appreciate community feedback on the following solution.
We intend to create a new blockchain with the exact same number of coins that had been generated on the network as of block 76300. We are going to use the same blockchain parameters so old keys will still work. Coins will be sent to the exact same addresses on the new blockchain as currently exist on the old blockchain.
Consider it an effective hard fork.
While proof-of-work mining was originally desirable, the nature of the cryptocurrency space no longer affords an energy efficient manner of proof-of-work mining that is also secure enough for long term use. The space has simply evolved that quickly and that is a reality we must face. There is the possibility of a multipool in the future to allow miners to still participate distribution.
So, what you're saying is you plan to release a new version of the wallet client that would disable proof of work and rely on only proof of stake from here onwards. And anyone who purchased or mined Bitseeds will still have their balance (and presumably would be able to receive any balances stuck on the pools)?
While I was looking forward to continuing mining in the future, I don't have a problem with any of the above if it gets things up and running again.
What about the 900K+ mined by the person/people who attacked the network? Looking at the rich list I have to assume they own most of the wallets in the top 10 aside from the Foundation's and one other one I recognize. Any other changes happening beyond switching to POS only? Thanks for the update.