Blockchain Upgrade 2022
Q: What is a blockchain upgrade or hard fork?
A: A blockchain upgrade or hard fork is when a new blockchain is born from an existing blockchain. This means we will be retiring our existing blockchain and migrating to our new, upgraded second generation blockchain.
Q: Why are we performing this upgrade?
A: Security is always our top priority, so throughout the last year we have a been identifying methods that can assist in taking our already very secure blockchain to the next level of security. We have spoken about this in detail including: passwordless login, biometric 2FA, and more. And this is just the surface of what we can provide on the user interface level, there are many more upgrades below the hood that we’re completing with this blockchain upgrade. These upgrades required fundamental changes in our blockchain code which prompted the need for a hard fork.
Q: What does this mean for me?
A: As a META 1 Member you will need to do the following:
- Create a new wallet
- Sign a META Membership Agreement & Pay the $1 Lifetime Membership Fee
- Utilize the Migration Wizard to Automatically move all your funds to your new wallet
Q: Why do I have to pay a $1 Membership Fee?
A: When you sign your membership agreement, you are creating a legally binding contract between yourself and META Private Membership Association. That contract is not legally bound without some sort of value being provided, so in order to make META accessible for everyone we set the membership fee as low as possible. This is a ONE time fee for life. This fee can be paid in either fiat or crypto during the wallet creation process depending upon your preference.
Q: Why do I have to create a new wallet?
A: META 1 is migrating to our 2nd generation blockchain, this requires creating a new wallet.
Q: Will we still need to enter our long 52-character passkey with our new secure wallet?
A: No! To login to your wallet you’ll simply use our new easy to use passwordless login and bio-metric 2FA. The only time you’ll need your passkey is if you want to execute an action while login in, like placing a trade or sending funds.
Q: What happens to my Meta1 coins after the hard fork?
A: Your META1 will be automatically transferred to your new wallet, when you use the migration wizard.
Q: Will there be down time during the hard fork?
A: Yes, the META 1 Blockchain will be down for 72 hours during the transition to the 2nd generation blockchain.
Q: Why do I have to sign a Membership agreement?
A: META1 is now a private membership association. As discussed before, private membership associations (or PMA’s) are powerful structures that provide another layer of protection for operating in the private. In order to establish your membership with META Private Membership Association, each Member must agree to the terms of the membership and also pay a $1 lifetime membership fee.
Q: What is a Private Membership Association?
A: You can find more information about what a PMA is here.