Dear VZT Token Holders -
Vezt was initially built on the Ethereum ERC-20 protocol, as it was the only option for smart contract blockchain utilization at the point we started to build our platform in 2017. We knew there were inefficiencies involved and designed our backend to be flexible, as we knew there would be improved protocols coming in the near future, that would offer better metrics, both in terms of transactional speed and transactional costs.
We have been continually evaluating other blockchain protocols since then, and have determined that at this point, it makes prudent business sense to move to the Stellar platform, which is one of the most robust and trusted in the world. We have engaged with the Stellar team over the past months, and have worked with them to create a seamless transition process for VZT token holders. Stellar can handle thousands of more transactions per second than Ethereum and at a tiny fraction of the cost.
In light of the above, effective at 12:00 AM PDT on March 22, 2019, VZT tokens will move from an Ethereum ERC-20 protocol to the Stellar protocol. Existing VZT tokens can be traded for new VZT tokens through our web-based process at www.vezt.co/stellar. Note: Please see our guide here on completing this process. Do not complete these steps by withdrawing tokens directly from an exchange wallet as we will not have a unique public wallet address to identify your transaction.
ERC-20 based VZT tokens will no longer be tradable on any ERC-20 based exchange (including LIQUID and KOSS), but will be immediately available on the Stellar’s SDEX exchange (initially available at https://stellarport.io and also searchable on www.stellarx.com and www.stellarterm.com). There will be no difference in any value between the existing and new VZT tokens, and we are establishing a 60-day window (through May 22, 2019) to convert ERC-20 based VZT to the new Stellar based VZT.
In advance of any questions you may have about this process, we’d like to share the following details on what this process means for the Vezt application and yourself as a VZT token holder.
Can VZT still be used for purchases on the Vezt App?
Absolutely.
Will the VZT receiver wallets for existing ISOs store ownership allocation information using ERC-20 VZT tokens or the converted XLM-based tokens?
Existing ISO purchase allocation stored using ERC-20 VZT will be replicated and stored with the Stellar supported token.
What happens to my tokens if I am unable to meet the May 22, 2019 conversion deadline?
Tokens that are not converted prior to the deadline will be rendered useless and will not be tradeable on an exchange. If you believe you will miss the deadline for any reason, please contact support@vezt.co. We will have the bandwidth to assist with one-off conversions following the deadline on a per-request basis but we encourage completing the conversion within the above time frame to avoid any delays or issues.
What are the benefits of transitioning from an ERC-20 token to Stellar’s
We feel that Stellar offers VZT an exchange and network that is more robust and easy-to-use, in addition to being more accessible. It is our hope that these improvements encourage further adoption of VZT as a transaction method on the platform.
Will this change how the app currently integrates the token to function in any capacity?
This process is being executed in such a way that there will be virtually no difference in how the Vezt app functions. The only difference will be the improvements like the ability to process far more transactions as the platform scales at a fraction of the cost.
We appreciate your continued support, and believe this improvement will lead to fewer scaling issues as we move forward and continue to grow the platform.
Note: The new VZT token will be available on SDEX beginning this Friday, March 22nd. For information on how to trade on SDEX, please see this page. Until we’ve gained some visibility on additional Stellar exchanges, use StellarPort or the search function to find VZT on StellarX and StellarTerm.
Additional Notes:
Note 1: If you have sent old VZT without trusting the new VZT asset on the Stellar network, you will receive the following error message:
Note 2: Successful completion of steps 1–4 on the above guide will unveil the final step of the process:
