Hempcoin will be leaving their blockchain project, be moved to Komodo’s network and turned into an asset. THC will not turn into a token, but rather have its own blockchain that is connected directly into Komodo’s chain.
The Migration Itself
As stated above, THC will not be a token, but a standalone resource with its own chain that is tangled with the Komodo chain. The swap of THC coins will be held mid-June and the Hempcoin team will provide further information and instructions on how you as a user can initiate this transfer. This does not mean that you have to do it yourself, as it was indirectly advised by them that the exchanges will be able to swap the coins as well. What this will mean for users and how it will affect them is too early to speculate.
Why Komodo?
Although there is only limited information regarding this subject out there, the team have made the effort to inform the community on why they chose Komodo’s chain and elaborate on the advantages that this will bring.
The first note that was made was that the smart contracts are hard-coded into the code base of the Komodo network, meaning that they can be easily written in C and C++. Not only that, but it also brings the possibility to be written by any language that can create a linkable library and be able to be called by C and C++ functions. The C languages are widely spread and understood making them easy to work with, thus any utxo-based smart contract can be programmed to do what other applications and programs can do.
Second thing to note is that those utxo-based smart contracts are way more secure that the standard balance-based smart contracts. The Komodo contracts are utxo-based as well, making the chain way more resistant to malicious bloating and flooding of the network. On the other hand, the balance-based smart contracts are linked to balances in the chain instead of blockchain-enforced utxos making them easy to manipulate by a malicious party resulting in disastrous effects.
Utxo-based contracts are in essence an extension of the Bitcoin protocol making it possible for a series of RPC calls to be established making it very simple to customize and implement the utxo smart contracts. It is a very simple process to create a GUI so people without CLI knowledge can operate with it. Once enough RPC calls are created it will be possible to make entire RPC-based decentralized applications.
It is also worth to note that the custom consensus of Komodo allows zero-confirmation micro-payments, which are also secured by the custom mechanism the Komodo network has – delayed Proof of Work (dPoW). Although there is no concrete information regarding what mechanism the new chain will use, the developers have stated that it will contain the dPoW mechanism, so speculations point to a hybrid mechanism for the future.
Last but not least, the merger also will mean that there will no longer be any masternodes as the original chain will no longer be continued.