Eximchain Mainnet and Token Swap Q&As from live AMA session
Hello Eximchain supporters,
Thank you for everyone who submitted questions and participated in our first live AMA session today! We would like to highlight the answers we gave about Mainnet Launch and Token Swap here:
- When is mainnet launching? What happens after mainnet?
Mainnet is now tentatively scheduled to be launched on October 5th. On October 5th you will be able to connect to the network and the token swap process will begin. This marks the Gamma phase of our deployment to let outside participants connect freely. The Gamma phase will last 3 months while token swap preparations are conducted and early adopters participate in governance voting. If you want to participate in governance you will need to download our Eximchain Governance App which is a mobile application and go through the onboarding process.
What happens during the onboarding process? You will have to hold a minimum of 500 EXC tokens (we airdropped 518) and register/confirm the watch address with us before being able to apply for KYC. You’ll have about 10 weeks to complete the onboarding process between mainnet launch until the token swap if you want to participate in the first public voting cycle. We will give everyone enough time and guidance. There will be a video released next month before mainnet launch to explain the token swap and onboarding process.
2. When will there be masternode guidelines?
We plan to start the first masternode voting round in November, with early adopters first. The early adopters will be mainly private sale contributors and strategic participants. We’ll release the video demo of Quadratic Voting process and instruction on masternode setup before the first voting cycle starts. One thing to be noticed is in order to participate in the voting cycle in a specific month, you will need to A) hold a minimum balance of 500 native Eximchain tokens B) go through the onboarding process and pass KYC by the end of the previous month.
Example: Swap token and pass KYC by December 31 2018=>Swap token in Jan=> Participate in February Voting Cycle=> Voting lasts about one month and the new Master Node becomes effective in March.
3. When is it planned to swap the ERC-20 tokens for Eximchain native tokens?
Token holders will be able to start token swap registration process right after mainnet launch. Token holders have about 10 weeks to register for token swap, and go through onboarding process if they want to participate in the first public voting cycle. Two weeks before the Final Snapshot Day, T Day, an announcement will be made and the onboarding process will be paused. On T Day, all ERC-20 tokens will be frozen. Two weeks after T Day, Tokens will be fully swapped and everyone will be on mainnet. In the meantime, the onboarding process re-actives again.
What happens two weeks before T Day? An announcement will be made to remind everyone to move tokens from decentralized exchanges.
What happens on T Day? On the Final Snapshot Day the ERC-20 format of EXC tokens will be permanently frozen and no longer can be moved. Token holders will need to have a minimum balance of 1 EXC in a new ETH address (not holding ether). At this point the ERC20 ledger will serve as a mapping from secp256k1 keys controlled by holders and their EXC balances.
What happens during the token swap? Native tokens will be assigned on a 1:1 prorata basis to addresses on the Eximchain Network controlled by the same secp256k1 keys.
What happens two weeks after T day? Two weeks after the Final Snapshot Day, the full token swap will be completed and the Native Tokens will become active on Eximchain Network. The token holders who completed the onboarding process and passed KYC before token swap can participate in governance voting immediately, others can continue with the onboarding process for the following governance cycle.
You probably noticed the change from the whitepaper. The change happens because we realize the Quadratic Voting process is a complicated design and we would like to give token holders more time to get used to the voting process as well as verify stability on mainnet.
4. What’s the requirement on wallet to hold Eximchain Native Tokens?
Users must register the Ethereum address currently holding EXC in ERC-20 format to watch. Address must have ZERO ETH balance. You will be able to use the same private keys you use on Ethereum ERC-20 wallet on Eximchain network. We’re working on wallet implementation for token holders to use Ethereum mainnet Trezor keys for Eximchain Native Tokens later on.
5. Do we expect US citizen can run nodes soon?
We’re actively working with our US legal counsel and the plan is to get them issuing legal opinion as soon as our tokens’ utility functions are live after our mainnet launch.
You can find the full AMA video through below link:
https://www.youtube.com/watch?v=Fv2MBKiSlaQ
About Eximchain
Eximchain enables businesses to connect, transact, and share information more efficiently and securely through our blockchain utility infrastructure. Using Eximchain blockchain technology, enterprises can eliminate traditional supply chain barriers and integrates actors big and small into an efficient, transparent, and secure global network.
