Recently a discussion had our community in a tight grip. The topic — “Is a month long enough to claim a stake ?”.
While we still believe that a month should be sufficient and that an extended period will mainly help those who do not care about NEM, seeing that even active and respectable community members were expressing some concerns, prompted us to sit down and find a compromise that could be implemented with a reasonable effort.
Consequently, we will be introducing some changes in order to facilitate a longer redemption period.
Here is the new adapted Redemption process:
Phase 1 — Step 1 i.e. registering the token and decoupling the stake from BTT account will continue as planned for another 2 weeks.
Phase 1 — Step 2 and Phase 2 will be merged into one Phase, which will be the new Phase 2 and will last for 3 weeks.
This results in BTT Stakeholders and AE Stakeholders providing their NEM-addresses during the same time period. We will do that through the BETA client which will have a built-in option to create private-keys for real(i.e. live net) NEM accounts. As an effect, there will be a widespread testing of the BETA since people will simply have to check out the client in order to get their needed address. Additionally, just in case there would be some seriously problematic bugs in the installation process or with incompatibilities, we’re sure 2000 people will be able to find them.
During Phase 2, it will no longer be possible to register new BTT tokens. If you haven’t registered your token before Phase 2 starts, you will not be able to participate in Phase 2.
After launch, redemption will be possible for 3 further months. During this period, redemption will happen with reduced equivalences for NEM stakes.
- during the 1st month after launch: 1 NEM stake is worth 750 000 NEM
- during the 2nd month after launch: 1 NEM stake is worth 500 000 NEM
- during the 3rd month after launch: 1 NEM stake is worth 250 000 NEM
As soon as the 3 months are over, not a single NEM stake will be able to be redeemed and remaining NEMs will be available for NEM development.
Best of luck and see you on the other side.
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