Bytom 2.0 Q&A: All You Need to Know About Bytom 2.0
We’re taking Bytom to the next level by launching Bytom 2.0. In this article, we collect questions and answers about Bytom 2.0 that BTM holders and users are concerned about.
Q1: Is there one blockchain or two blockchains in Bytom 2.0?
A: Only one chain. Vapor will get through with Bytom 2.0 at the initial stage. After the migration of assets and applications is completed, Vapor will be shut down, only Bytom 2.0 blockchain operates.
Q2: After Bytom 2.0 blockchain released, what should users pay attention to? Is it difficult to get started?
A: Bytom 2.0 blockchain reduces the confirmation time and the trading fee, while the business is no different from before.
Q3: Can Bytom (erc20) and mBTM be directly migrated?
A: Bytom (erc20) and mBTM can be directly exchanged for BTM (Bytom 2.0), but cannot be migrated to BTMC (Bytom1.0)
Q4: How to convert my BTM (Bytom1.0) to BTM (Bytom2.0)?
A: Your BTM (Bytom1.0) on mainstream exchanges will be automatically exchanged. You can also put BTM (Bytom1.0) in the wallet that supports BTM1.0, then it can be exchanged automatically also.
Q5: Will BTM (Bytom1.0) in grid traded in Pionex be automatically converted to BTM (Bytom2.0)?
A: We will keep communicating with the third-party platforms like Pionex. We cannot guarantee that they will convert token. (If you are worried about the asset on the third-party platform, you can transfer the assets to OKEx or Bycoin and wait for the automatic migration).
Q6: Is there any trading fee for the transfer from sidechain to Bytom 2.0?
A: Same as Bytom 1.0, but not too much. There will be no side chain concept after migration.
Q7: What about BTM on other wallets?
A: The mainstream wallets support BTM automatic switching, but it is recommended to ask the customer service of other wallets. If you are not at ease, you can mention it in Bycoin.
Q8: After Bytom 2.0 mainnet released, what about SUP? When will SuperTx proposal that Make Proposal Implementation Public be implemented?
A: After Bytom 2.0 mainnet released, the progress of the proposal will be found in the weekly report.
Q9: When can I vote for Bytom 2.0? Now that the voting rewards is gone, will it be compensated in Bytom 2.0?
A: You can vote as soon as 2.0 mainnet released and get rewards.
Q10: How to deal with the BTM that are delayed in lock-up (some is locked for 2 years). Will they be converted to BTM (Bytom 2.0)?
A: Yes. The lockup assets will be released and sent directly to the account.
Q11: Does MOV still support BTM (Bytom 1.0) transactions after migration? When will BTM (Bytom 2.0) be supported?
A: BTM (Bytom 1.0) transactions will be supported. BTM (Bytom 2.0) will be supported first. BTM (Bytom 1.0) renamed as BTMC
Q12: What about the specific support of Bytom 2.0 compatible with EVM. The existing Ethereum Solidy contract code is directly compatible with compilation and operation? Will docking with common contract development tools like Remix be supported?
A: EVM is not supported at the early stage of Bytom 2.0. It will have its own contract language.
Q13: If BTM is used as collateral, can it be migrated to Bytom 2.0?
A: Bytom 1.0 Asset in Magnex order, JieDai deposit, JieDai mortgage, mBTM, erc20-BTM will be affected. But it will not affect Bytom 2.0.
Q14: POS voting lockup 50% means 50% of 1.566 billion?
A: This is an estimate. According to the POS revenue, there is an expected 50% lock-up.
Q15: Will the order book + AMM Magnex be launched simultaneously when Bytom 2.0 is officially launched?
A: Will not be launched simultaneously. It will switch to the main chain after the side chain has been running for a period of time.
Q16: When will MAG be listed on the trading pair?
A: MAG can be traded after Magnet V2 launched.
Q17: Can Metaverse games be played directly on Bycoin?
A: Yes. We already support ETH DApp.
Asset-related
Q: When will the migration start?
A: The migration will start on August 20, 2021, and an announcement will be issued at that time. You can follow the official channels for more information.
Q: Do Bytom 1.0 and Bytom 2.0 use the same key derivation method?
A: No, it is different.
Q: Will the Bytom 2.0 token synchronize with the Bytom 1.0 token price?
A: No.
Q: Will the coins on the Bycoin main chain be affected during the migration process?
A: It will not be affected, but it is recommended not to operate during the migration process, which may affect the Bytom 2.0 asset migration.
Q: Some assets are in the lock-up period. What should I do during this period?
A: They will also participate in the migration of BTM (2.0) and BTMC. At that time, the delayed lock-up will be lifted, and the new asset will be migrated to the user address.
Product-related
Q: Will the explorer merge after the migration is completed?
A: Yes.
Q: Can I operate cross-chain during the migration?
A: No, we will suspend all cross-chain operations during the migration period.
Q: Can I use MOV SuperTx and other products during the migration period?
A: During the migration period, SuperTx, Flashswap, and JieDai lending functions of BTM and SUP-related trading pairs will be suspended.
Q: What about JiedDai during the migration period?
A: The deposit of coins does not affect the migration of BTM(2.0), but it will affect the migration of BTMC, and the deposited assets will not be migrated to BTMC (1.0). The borrowing of coins does not affect the migration of BTM (2.0), but it will affect the migration of BTMC, and the collateralized assets will not be migrated to BTMC (1.0)
Q: How long will the migration be? Will my assets be affected? How long can it be traded again? How to deal with the price difference caused during the migration?
A: The migration time is: August 20, 2021 to September 2, 2021. During the migration, the user’s assets will not be affected. The exchange will suspend the deposit and withdrawal on Bytom1.0, the time depends on the specific announcement issued by the exchange; after the migration, all operations will resume, and users can perform normal operations.
Q: Can the BTM in the SuperTx pool participate in the migration?
A: The BTM stored in SuperTx pool can participates in the migration of BTMC and BTM (2.0). mBTM and Bytom (erc20) deposited in SuperTx pool can participate in 2.0 migration, but cannot participate in BTM (1.0) migration. Users who have not exchanged into BTM (1.0) before the start of the migration will not be able to obtain BTMC. Do not deposit or withdraw assets during the migration, as this may affect the migration of assets.
Q: Can I create a 2.0 wallet with the private key and mnemonic of the 1.0 wallet?
A: User can input the private key or mnemonic phrase of the 1.0 wallet to 2.0 wallet.
Q: What is the impact on Magnex pending orders?
A: It can participate in the migration of BTM (2.0), but it will affect the migration of BTMC, and users will not be able to obtain BTMC.
