The migration of the ECOMI/VeVe ecosystem to Immutable X is well underway, and with phase two now behind us, we look ahead to the final phase- the migration of the OMI token to Ethereum. Understanding the difference between Layer 1 and Layer 2 will ensure your tokens are migrated correctly when the time comes.
WARNING: Please ONLY use the official links and information provided. The OMI token migration to Ethereum is scheduled to begin on January 27. Be wary of scams, or any service offering to swap your tokens for you ⚠️
Before We Get Started…
This is the first in a series of articles to be released to explain the migration process, and help you to understand how and when to participate.
The intention is to break up this information into easily digestible chunks, and we will release more detailed information pertaining to the actual migration process in the next article.
There is no action required from you at this time, and we remind you that phase 3 will NOT begin until January 27.
So, without further ado…
Why Are We Migrating?
Over the past couple of years, Ethereum has grown to become a ‘bluechip’ in the crypto space and is the most widely used, decentralised, and developed smart-contract platform available.
This wide-scale adoption of the network, and the underlying token standards, have also created opportunities for the interoperability of tokens and projects built on Ethereum.
Migrating to Ethereum via Immutable X serves to improve access to the VeVe app and OMI token, and enables the interoperability of our NFTs in the future.
Layer 1 vs. Layer 2- What’s the Difference?
Layer 1 (L1) refers to the base-chain, which in this case is Ethereum, while Layer 2 (L2) typically refers to a protocol/solution that can be used in conjunction with, and “on-top of” the Layer 1 blockchain.
Immutable X is a layer 2 solution that leverages the security and decentralization of the Ethereum blockchain (L1), whilst allowing for instant trades, scalability and gasless minting on the network (L2).
Why Layer 2?
Blockchains are a revolutionary technology, however, if they are ever going to compete on a global economy, issues of scale need to be addressed. Although it is one of the most well-known and valuable networks, the Ethereum base chain (L1) has struggled to scale with its adoption, as competition for block space has led to increasingly high gas costs and slow transactions.
Layer 2 solutions represent an incredible advancement in cryptography, and using Starkware’s rollup technology, Immutable X has solved issues of scalability and for trading NFTs, allowing for 9000+ transactions per second, gas-free, whilst operating in a completely carbon-neutral manner.
Moving to Immutables L2 offers a range of benefits to the wider ECOMI ecosystem, including:
- Security and decentralization offered by the base chain (Ethereum)
- Exposure to new audiences
- Interoperability of assets
- Ease of integration of the OMI token as ERC20.
Why Is This Important?
Understanding the difference between layer 1 and layer 2 will ensure that you move your OMI tokens to the right place before the migration, depending on how you want to use them.
It also ensures that you understand the difference between L1 and L2, so that you can port your tokens between each layer in the future, depending on where you want to use them.
Again- we will provide you ample opportunity to move your tokens, and no action is required of you at this time.
For your information:
- VeVe will sit and operate on Layer 2. If you want to use and/or store your OMI tokens within the VeVe app- they will also need to be migrated to L2.
- If you want to trade your OMI tokens on exchanges, they will need to be migrated to L1 OMI tokens.
Moreover, any OMI tokens purchased in the future on exchanges will be layer 1 OMI tokens, and if you wish to use them within the VeVe app, you will need to use our swap site in order to ‘bridge’ between L1 and L2 (more on this in the next article).
Do I Need to Do Anything Now?
No, you do not need to move your tokens or do anything just yet. In the next article, we will discuss your three options for swapping your tokens, how/where they can be used, and which option is the best for you.
WARNING: The OMI token migration will NOT begin until January 27. Please ONLY use the official links, as posted on this blog, and BEWARE of scams ⚠️⚠️
Information on this channel is for educational purposes only. It should not be considered financial advice and all users are advised to do their own research. See disclaimer.
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the VeVe app bringing pop culture and entertainment into the 21st century.
The VeVe app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the VeVe community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class that offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market, and the next to join this digital trend is the pop culture and collectibles industry.
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