MORE Token -Ethereum goes full proof of stake — Shapella — Details and full Manifestation
On April 12, 2023 @ 22:42 UTC the Ethereum network completed its final upgrade to proof of stake. Since 2017, one of MORE token’s major utilities has been to provide validation of the Ethereum network and mining of blocks within the Ethereum network with the active vector connecting these processes being the MORE token. At this point, proof of stake is completed and we have achieved success in providing this utility with minimal friction. We have now transitioned to Shapella, which was the most critical and important process the token has undertaken to this date. At this point we believe we have successfully completed the Shapella upgrade process with optimal outcome.
Regarding the upgrade. In order to provide optimal staking, consistent uptime, highest frequency node validation, and maximal extractable value in mining blocks, we made a decision with the Beacon chain upgrade (12/1/2020) to enlist the help of two third parties to ensure optimal results and limit potential errors. We believe, in hindsight, this was one of the best decisions we have ever made. The two third parties are compensated with a small percentage of staking rewards that they help us to achieve. The fees incurred from these two companies were not due until the Shapella upgrade, and they were promptly paid in Ethereum. The current fee model ensures that it is in every entities' best interest to ensure maximal validation rewards and mining fees are attained. Moving forward — these fees will be paid on a regular basis (monthly).
The above spreadsheet shows a detailed account of the 3rd party fees involved in the above Ethereum transaction link for full transparency.
Lastly, regarding the completion of the full proof of stake upgrade. We are now able to access the beacon chain Ethereum and the beacon chain staking rewards (around 167 Ethereum). These were promptly turned into 5 more Ethereum nodes ~(5 nodes x 32 Ethereum = 160 Ethereum). This move assures MORE stays true to its identity and strenghtens our utility; as well as allows MORE token to continue to provide this valuable service to the Ethereum blockchain.
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Please inquire at our e-mail address with questions. We can also exchange tokens for the Ethereum they represent for anyone who wishes to sell their tokens.