The CENNZnet Journey Part 1: Token Swap
The CENNZnet token swap was officially closed at the end of October and boy was it a good one! Over the 8 week swapping period more than 831 million $CENNZ were sent to the transition contract.
It’s certainly an exciting time to be a token holder on the CENNZnet. Understandably our community is bursting with questions about the next stage, so while our team is busy minting all the tokens, we wanted to run over some key concepts and the developments that happened during the swap.
Refresh — why did we do a token swap?
The CENNZnet mainnet, our robust blockchain, went live on August 31st 2020 and is now ready to support our CENNZ utility token. The recent token swap allowed us to move the old Ethereum-based (ERC20) tokens onto the native CENNZnet mainnet. Once the CENNZ tokens have been minted and set up on the mainnet we can move to the next stage of our roadmap — public staking (complete with CPAY rewards), more on this later.
Thanks to our dedicated community, the swap transition period has been a massive success. We are looking forward to uniting CENNZ and CPAY token holders onto the CENNZnet very soon and collaborating to shape the future of the CENNZnet economy!
What will happen to any unswapped ERC20 tokens left in the exchanges?ERC20 tokens will not be used by CENNZnet because only the new CENNZnet CENNZ will be able to stake and earn yield. A future way to convert ERC20 CENNZ tokens into CENNZNet mainnet tokens has not been announced yet.
We are working with all the exchanges who list CENNZ to support them in the transition from ERC20 CENNZ to CENNZnet tokens.
In the background — Upgrading CENNZnet
Running alongside our swap there have been some exciting developments to the CENNZnet network. Pl^g, our blockchain framework, is transitioning to 2.0, so the CENNZnet team has been preparing compatible CENNZnet modules. This will mean better overall network security and more accurate fees for users. This is particularly important as we begin to use the mainnet with live tokens, and it will also become essential for federated staking.
The new design will make transactions slightly smaller, the transaction processing more efficient and the APIs more user friendly. This is the last step for CENNZnet before we are ready to integrate with exchanges and have live tokens on the network.
What happens next? — CENNZ return and public staking
The next definitive steps in the CENNZnet journey are returning your newly minted tokens and the start of public staking. Here’s how each is going to work:
Returning your CENNZnet native tokens
Now that the swap transition period has finished, our team is hard at work taking all the ERC20 tokens and converting (or minting) them into new CENNZnet native tokens.
Once the full amount of $CENNZ has been converted, the new CENNZnet native tokens will be automatically returned to your CENNZnet wallet. As soon as our authorised exchanges have confirmed that they are ready we will begin returning the tokens. We will update you via our social channels as soon as the CENNZ are being returned.
The start of public staking
Let’s be honest, the most exciting next step is the opening of public staking on CENNZnet. Public staking is the next point on the roadmap and we will be keeping you regularly updated as to how and when you can start using your CENNZnet tokens. We are currently preparing some in-depth guides to explain the CENNZnet specific staking process and how you can get involved. We look forward to sharing this information with you very soon!
We will be keeping token holders informed via our Telegram channel, so please make sure that you join. Feel free to share comments, support requests or concerns via support@centrality.ai and follow @cennznet Twitter for public communication.
CENNZX FAQ
As usual, there are lots of essential questions being asked by our community around the swap process and the CENNZX. Here are some of the most common questions and their answers:
How can I access my account/tokens?
There are two ways to access your account or CENNZ tokens on CENNZnet, both will require your password.
1. Go to cennznet.io. Enter the secret phrase and password that you created during the swap process.
OR
2. Go to cennznet.io. Use the generated JSON file that you selected during the swap process and then enter your password.
I’ve lost my wallet password, what now?
Unfortunately, due to the decentralised nature of blockchain, we can not help you regain access or reset your account password. This is because we do not have access to your wallet or the password to unlock it.
If you find yourself in the situation we recommend you try logging in using every password combination you can think of.
Are there fiat options?
No, CENNZX is fully decentralised and can be thought of like uniswap for trading tokens on CENNZnet only. We are integrating with centralised exchanges, which will provide fiat.
What is the webpage for the CENNZX exchange?
We plan to provide a basic CENNZX UI on our CENNZnet portal https://cennznet.io. The APIs are available so the community may also build DApps of their own for CENNZX too.
This article is part of a series. You can find Part 2: Public Staking here.
