►READ FULL BY LINK
Blockchain Cryptounit — Convert CRU to WCRU
CryptoUnit has its own blockchain, which is developed on the basis of the EOS code and uses the Delegated Proof-of-Stake consensus algorithm. Cryptowallet on the Cryptounit blockchain allows you to safely store your CRU, WCRU, UNTB, USDU tokens, make transfers, and also receive rewards for staking CRU, WCRU tokens.
The conversion of CRU tokens to WCRU is not mandatory, but holders of WCRU tokens are the owners of the Global Investment Portfolio Cryptounit and are entitled to distribution of profits (“dividends”). This article describes how to convert your CRU tokens to WCRU tokens and then stake your WCRU tokens.
Conversion is available for unfrozen and frozen CRU tokens. When converting CRU tokens into WCRU security tokens, they are frozen for a new period, defrosting begins after 365 days and occurs according to the schedule at 1–5% per month.
CRU tokens — system tokens of the Cryptounit blockchain (Utility token), they can become an alternative to Bitcoin, as an internal currency in the “Cryptounit Blockchain” system. By staking CRU tokens in your crypto wallet, you can get additional income (UNTB tokens). But staking of CRU tokens is only available for tokens with the status “Available” (defrosted tokens). You can buy and sell unfrozen CRU tokens on exchanges: UnitEx and LocalTrade.
Security Tokens WCRU (WorldCRU) — an equal share in the Global Investment Portfolio CryptoUnit and entitle token holders to participate in the distribution of profits (loyalty program bonus, profi-bonus, staking reward, value growth income). By staking WCRU tokens in your crypto wallet, you can get additional income (UNTB tokens). Moreover, staking is available for both defrosted and frozen tokens. For more information about WCRU security tokens, see the link.
Other articles on the Cryptounit wallet:
- Key generation from CRU account (my-cryptounit)
- Key generation from UGPay Group account
- Registration of a new Cryptounit wallet
- Instructions for using the Cryptounit wallet
Converting CRU tokens to WCRU
1) Log in to your crypto wallet on the Cryptounit blockchain and go to the “Wallet Dashboard” section.
2) Update crypto wallet balances:
- Click “Refresh frozen” and be sure to wait until the operation is complete.
- Click “Refresh balances”.
3) Stake UNTB to add NET/CPU resources to your wallet. Go to “Staking -> UNTB for NET/CPU”, enter the number of UNTB tokens you want to stake for CPU and NET resources, and click the “Stake UNTB” button.
This item is recommended, but it is not required. To perform such a resource-intensive operation as “Converting CRU tokens to WCRU”, it is recommended to add 50 UNTB to CPU and 50 UNTB to NET for the fast operation of your wallet (but you can try less). After performing a resource-intensive operation, if necessary, you can “Unstake UNTB” at any time and return UNTB tokens to your wallet balance (do not unstake the entire amount of UNTB, otherwise your wallet will not be able to function). UNTB tokens can be purchased from other users of the Cryptounit blockchain or on exchanges: UnitEx and LocalTrade (will appear soon).
If you do not currently have the ability to buy UNTB tokens, then you can sell some of the unused RAM in your wallet (do not sell all the memory, otherwise your wallet will not be able to function). To sell RAM, go to the “Buy/Sell RAM” section in your wallet, specify the number of bytes of RAM to sell and click the “Sell RAM” button (for example: selling 3000 bytes at the moment can give about 100 UNTB). Tokens for selling RAM will immediately appear in your wallet account and can be staked to add CPU and NET resources. After converting CRU tokens to WCRU, it is advisable to buy back RAM memory, for this you can unstake those UNTB tokens that you previously set for CPU and NET.
4) Convert CRU tokens to WCRU. Go to the “Convert WCRU” section and select the CRU tokens you want to convert. For conversion, you can specify “Select all” tokens, or only tokens for which the unfreeze should occur in more than 365 days (“>365 days”). You can also specify any arbitrary period by moving the slider under the chart. For more information on the unfreeze schedule, click the “Unfreeze schedule” button. After specifying the number of tokens, click the “Convert CRU -> WCRU” button, in the window that opens, enter the PIN code of your wallet and click the “Convert” button.
Commission calculation when converting CRU to WCRU.
When converting CRU tokens to WCRU security tokens, you need to pay some commission. 1 WCRU = 1 CRU + Commission.
The commission is paid in USDU tokens (1 USDU = 1$), which must be credited to the balance of your Cryptounit wallet. The amount of the commission depends on the current cost of CRU and WCRU tokens and is determined by the formula:
(WCRU/USDU_Rate - CRU/USDU_Rate) * CRU_Quantity
+
Commision_Rate_% * CRU_Quantity * WCRU/USDU_Rate
- WCRU/USDU_Rate — the current sale price of the WCRU security token through the UGPay Group (in US dollars).
- CRU/USDU_Rate — the current price of the CRU token on the UnitEx exchange (in US dollars).
- CRU_Quantity — the amount of CRU tokens you are converting.
- Commision_Rate_% — this parameter is currently 1%.
For example, if the price at which the CRU token is traded on the exchange is $0.15 (see Fig. 3), and the current value of WCRU = 1$, then when converting 75000 CRU tokens, the commission will be:
(1 - 0.15)*75000 + 1%*75000*1 = 64500$
How can you save on commissions when converting CRU to WCRU?
The opportunity to convert CRU tokens to WCRU with a minimum commission will be provided in 2024.
Khovratov Andrey Fedorovich guarantees all holders of CRU tokens the opportunity to purchase (convert CRU to WCRU on the Cryptounit blockchain) on preferential terms with a 1:1 ratio with a reduced commission for conversion in the period from 01.04.2024 to 30.04.2024.
During the specified period, it will be possible to make a purchase (conversion of CRU to WCRU) on preferential terms based on the cost of WCRU as of 07.07.2021 and equal to $0.035.
5) Deposit your wallet with USDU tokens to pay the conversion commission. USDU tokens can be purchased from other users of the Cryptounit blockchain or on the UnitEx exchange.
6) Pay the commission for the conversion. Go to the “Convert WCRU” section, there you will see a list of transactions awaiting payment for the conversion. Click on the payment button. In the window that opens, enter the PIN code of your wallet and click on the “Pay Fee” button.
All WCRU tokens are frozen after conversion in accordance with the requirement of the US Securities Commission (SEC). After 365 days, WCRU tokens begin to unfreeze according to a schedule similar to the unfreeze schedule for CRU tokens (1–5% per month).
7) Check your WCRU wallet balance. Go to the “Wallet Dashboard” section in your wallet, refresh the page and check the number of WCRU tokens on the balance.
8) Stake WCRU tokens to receive UNTB. Go to the “Staking -> WCRU for UNTB” section, enter the number of WCRU tokens you wish to stake and click the “Stake WCRU” button.
A certain amount of UNTB tokens is distributed every second among all participants who have staked CRU and WCRU tokens to receive UNTB. To see the actual number of UNTB tokens that are credited to you for staking, you must click the refresh button.
The accrued number of tokens will be displayed in the “Unclaimed Staking Reward” column. To receive the accrued tokens to your wallet, you can click the “Claim UNTB” button at any time. UNTB tokens will be added to the balance of the crypto wallet and will immediately have the status “Available” (the balance of the wallet can be viewed in the “Wallet Dashboard” section). UNTB tokens can be used to add RAM, NET, CPU resources to your wallet, can be sent to wallets of other participants, and also transferred for sale on exchanges UnitEx and LocalTrade (will appear soon).
Read also: How to create a new Cryptounit crypto wallet, and also detailed instructions on all sections of the Cryptounit wallet — see the links “Other articles on the Cryptounit wallet” at the top of this page.
