Get ready for the EFX Swap to EOS

Effect Staking Protocol, Bonus, Network Token NFX, Effect Dashboard and more!

Effect Network

Published in

Effect Network

7 min readApr 16, 2019

Hello Effect Community!

The most anticipated event of the year is now just days away. On April 30th 2019 at 11am CEST the Effect.AI team will open the EFX Token Swap Portal! This easy to use online portal will allow you to swap your old NEP5 EFX to the new EOS EFX. There’s lots to cover so let’s jump right in…

EFX Token Swap UPDATE
EFX Token Swap preparation & schedule
NEW! Effect Staking Protocol
Stake AGE (Accelerated Growth Exponent)
NEW! Effect Dashboard
What about some kind of BONUS for those who swap first?!
Can I buy EFX before the Token Swap?

EFX Token Swap UPDATE

The EFX Token Swap Portal is now complete and is being thoroughly tested by the Effect.AI team and external parties. The Token Swap Portal has been created to be very user friendly and easy to use. In our last Newsletter we showed off some screenshots of the EFX Token Swap Portal. Below you can now find a video demo of the Token Swap on a TestNet presented by our Chief Architect, Laurens Verspeek.

Demo of the EFX Token Swap Portal

On April 25th, 5 days before the Token Swap opens we will release video and written tutorials detailing every step of the EFX Token Swap. So make sure you don’t miss anything and subscribe to our YouTube channel and join us on our main socials… Twitter Telegram Facebook Medium LinkedIn

EFX Token Swap preparation & schedule

PREP!

Get your EFX off of exchanges: The very first thing we suggest is to get all of your EFX off of exchanges and into your own wallet by April 30th. Warning: You will not be able to swap your EFX through an exchange address.

Create an EOS account: You are going to need an EOS account (wallet) to receive your new EOS EFX. There are several ways to create an EOS account. You can find a good YouTube tutorial on the process of creating an account HERE

Keep up to date: Although the Token Swap process will be easy and user friendly, we still urge you to keep a close eye on all of the developments. There will be all sorts of information related to the Token Swap coming out consistently over the coming days. You will be able to stay in the information loop by following us on one of our many social media channels. YouTube Twitter Telegram Facebook Medium LinkedIn

EFX Token Swap schedule

The official date and time the EFX Token Swap Portal will open online is April 30th 2019 at 11:00am Central European Standard Time (CEST/UTC+2)
Detailed video and written instructions of how to use the EFX Token Portal will be published on Thursday April 25th 2019. We will post the instructions across all of our social feeds and send out to our newsletter subscribers.
Effect.AI introduces the Effect Staking Protocol along with Stake AGE (Accelerated Growth Exponent) for your EFX. This feature will be available for when the EFX Token Swap opens. More on this further into the Newsletter.
The Token Swap Portal will be publicly open to everyone to use for some time while people are still actively swapping . After this time the portal will be offline. You will always be able to Swap your tokens once the portal is offline by contacting support@effect.ai to gain access to the Token Swap Portal and get your EOS-EFX.
Exchanges will be delisting NEP5 EFX before or just after the opening of the Token Swap. Switcheo, Bitmart, LAToken and BitBNS will all stop the trading of NEP5 EFX and only allow for withdraws.

NEW! Effect Staking Protocol

We introduce the Effect Staking Protocol. This staking mechanism introduces many improvements over regular staking mechanisms. The incentive for staking will be a reward in the form of Network Tokens (NFX).

Stake AGE

One of the key features of the Effect Staking Protocol is Stake AGE (Accelerated Growth Exponent). Stake AGE is a factor that increases the weight of staked tokens linearly over time; The longer the tokens are staked the more reward they will give. This will incentive users to keep their tokens staked for a longer time. It also rewards early users as compared to new users.

Stake AGE has a number of benefits over regular staking:

Users will be incentivized to keep their tokens staked for a longer time to gain AGE.
Early users are rewarded. It will be harder for new users with a lot of tokens to immediately take big rewards.
The penalty for unstaking will be bigger as users will lose their Stake AGE for their unstaked tokens, making sure users are incentivized to keep their tokens staked.

You can read more about The Effect Staking Protocol here:

Blog Post: https://medium.com/p/ed43da6c4b83
Technical Paper: https://effect.ai/download/effect_staking_protocol.pdf

NEW! Introducing The Effect Network Token NFX

The NFX token is an essential addition to The Effect Network. NFX can and will have several features and functions for the Effect.AI community to take advantage of. NFX represents the power to access the Effect DAC (Decentralized Autonomous Community) and give members the ability to participate in the governance of The Effect Network. Read more about the Effect Network Token in the following blog post:

Blog Post: https://medium.com/p/f02f94890c7e/

What is the difference between EFX and NFX?

NFX is generated by a Proof of Stake algorithm. The Effect.AI development and design team have built a user friendly UI/UX interface to connect and interact with the Effect Staking Protocol. This dashboard allows EFX token holders to easily stake their EFX to generate NFX and manage their Effect Network account. More on this in the next section…

NEW! Effect Dashboard

Here is the first glimpse of the Effect Dashboard. The Dashboard will be released on the same day as the EFX Token Swap (Tuesday April 30th). The Effect Dashboard will have a few key features upon release. You will be able to manage staking with the Effect Dashboard. Here you can see your balance, send EFX tokens, stake or unstake EFX and claim your NFX reward. We aim to release the Effect Dashboard shortly after the Token Swap opens. Check it out!

The Effect.AI team will continue to add features to the Effect Dashboard as the project and community grows.

Token Swap BONUS

500,000 EFX Giveaway and the most Unique BONUS ever!

What’s an event like this without some giveaways!

Swap your EFX within the first 14 days and get a shot at 500,000 EFX lottery giveaway! The Effect.AI team will randomly pick 5 lucky winners to share in this 500,000 EOS- EFX bonus pool. The lucky winners will be selected live on YouTube. The full details of this EFX lottery giveaway will be published next Monday April 22.

Why stop there…

The Most Unique BONUS Ever! 50 days of Stake AGE!?

A gift of time or should we say AGE… If you read the entire newsletter you would have learned of the NEW exciting Effect Staking Protocol (https://effect.ai/download/effect_staking_protocol.pdf) and the introduction of Stake AGE (Accelerated Growth Exponent). As Stake AGE acts as a multiplier on the reward you receive for staking, we thought it might be AWESOME to incorporate Stake AGE into a type of bonus. If you could only cheat time and start your stake AGE in the past… Well, that’s exactly what the bonus is! Anyone who Swaps and Stakes their EFX in the first 72 hours of the EFX Token Swap will get the incredibly unique bonus of Stake AGE. This bonus gives your first EOS EFX Stake an AGE of 50 days.

If you would like to learn more about the Effect Staking Protocol and Stake AGE check out this Medium blog: https://medium.com/p/ed43da6c4b83

Can I buy EFX before the Token Swap?

Yes, of course. The EFX token is listed on 4 exchanges but you need to get them soon! As mentioned, all exchanges have agreed to delist the EFX token on or around the Token Swap date of April 30th. If you like decentralized exchanges then Switcheo is the place to snatch up some of the last NEP5 EFX. There are 2 international exchanges you can get your EFX before the Swap and they are Bitmart and LAToken. And if you are a resident of India you can get yourself some EFX on BitBNS (only for Indian residents).

REMINDER: These 4 exchanges will delist EFX just before or shortly after the EFX Token Swap opens. If you happen to have any EFX on these exchanges you will still be able to withdraw for several weeks but trading will be disabled.

The most exciting time in the history of The Effect Network is upon us! Thanks for joining us on this EPIC journey of building an open, democratic and decentralized network for artificial intelligence.

Thanks For Reading