Korean blockchain company Firmachain announced its first software upgrade of the Colosseum mainnet. This mainnet upgrade applies the updated features that were announced in November 2022 as part of the Imperium testnet upgrade.
Based on FIRMACHAIN’s decentralized governance policy, this network upgrade was registered as a governance proposal(FIRMACHAIN v0.3.5 Upgrade) and was voted on from the 8th to the 15th. Receiving 96.76% “Yes” votes, the proposal passed.
Some key features of this upgrade includes official CosmWasm version support, version upgrade of the FIRMACHAIN Binary, Cosmos SDK, IBC(Inter-Blockchain Communication Protocol) and Tendermint, and sets the minimum Validator commission to 5%.
“With the CosmWasm and IBC upgrade, we are excited to finally support smart contracts that can be used on the multichain platform,” said Firmachain CEO, Young In Yoon. “With the CosmWasm support, developers can now write a powerful smart contract and develop DApps on the Firmachain network. Additionally, by setting the minimum Validator commission to 5%, we are expecting the expansion of the Firmachain ecosystem that will ultimately enable us to grow into a ‘Utilitainment Platform’, the goal and mission of Firmachain.”
Firmachain originally aimed to transfer all paper-based social and legal activities onto the blockchain to introduce transparency and prevent document tampering and forgery. Firmachain team wants to provide business entities and Firmachain holders with blockchain based services that are useful yet fun to engage with thereby satisfying.