FirmaChain Opens ‘Token Swap’ Service and Releases ‘Firma Station’
Hello. This is FirmaChain.
FirmaChain’s ‘Token Swap’ service and ‘Firma Station’, introduced through our previous medium posting titled as ‘G.E.F (General Encyclopedia of FirmaChain)’ is scheduled to launch at 18:00 KST (UTC+8 17:00) today.
The contents in the ‘G.E.F’ will help you to better understand the service.
[G.E.F #2] Experience ‘Token Swap’ Using FirmaChain’s Swap Site!
Hello. This is FirmaChain.
medium.com
For a more detailed guide on using the service, please visit the following link!
Firma Station:
Token Swap:
Following is a bullet point summary of the necessary details you should be aware of.
Please carefully read through the contents provided below before participating in the FirmaChain ecosystem using Firma Station and the Token Swap service! (Firma Station and Token Swap website links are posted at the end of this posting.)
- FCT and FCT2 listed on cryptocurrency exchanges are all FirmaChain tokens based on ERC20. Before swapping your tokens, you must first transfer your tokens from your cryptocurrency exchange wallet to your MetaMask wallet that supports FCT.
- We recommend first time users of MetaMask or those who are unfamiliar with using MetaMask to do some research on MetaMask usage and the concept of gas fee before swapping your tokens. Please note that gas fees vary depending on the Ethereum network condition. Please be aware of the fluctuation in gas fees.
- MetaMask deducts transaction fees in Ethereum (ETH). Therefore, you must hold over a certain amount of Ethereum (ETH) in your MetaMask wallet before transferring your tokens.
- Swapped FCTs cannot be transferred back to ERC20 based FCTs.
- Until cryptocurrency exchanges support the FirmaChain mainnet integration, swapped FCTs cannot be withdrawn to a cryptocurrency exchange wallet for trading.
- When staking, you can choose a validator to delegate, redelegate, undelegate and withdraw rewards.
- All staking related activities are charged a transaction fee in FCTs.
- Please note that if you delegate your entire available token, you might not be able to pay the transaction fees when redelegating / withdrawing reward at a future date.
- Redelegation occurs when your current validator is penalized for Uptime guarantee failure or changes the commission rate etc. which would ultimately result in the change in reward that you receive from staking your tokens.
- Redelgation charges a higher transaction fee when compared to other staking related activities.
- Undelegation occurs after a certain amount of time passes once a user registers an undelegation request.
- Token pending undelegation will not receive rewards.
- In some cases, even if you do not click Withdraw, you could receive your reward just by delegating / redelegating / undelegating to your Validator.
- If you are delegating to multiple validators, Withdraw All feature allows you to withdraw all of your rewards at once. Depending on the validator, your transaction fee is subject to change.
- Colosseum mainnet related policies can change as a result of decentralized governance proposal voting results.
- If you transfer your fund to the wrong address, due to the nature of the network, you will not be able to retrieve your assets.
- We only support FirmaChain’s FCT and not the FCTs of other projects. (Ex: Factom)
- The FirmaChain team hereby states that under no circumstances do we provide a guarantee of profit or the preservation of the original assets staked by our holders.
- Since token swap involves assets, in order to ensure the stability of the process there is a basic verification process and additionally the FirmaChain team will manually verify each transaction using a proprietary management tool. Therefore it can take up to a maximum of 2 days to complete the token swap process.
Additional information that requires an announcement will be updated accordingly.
Swapped FCTs can receive rewards through staking and can also easily be transferred from wallet to wallet on Firma Station at a relatively low transaction fee of 0.02 FCT (as of now). Initially, we planned a transaction fee of 0.01 FCT but changed the fee before the opening of the service, so please be aware!
You can participate in the governance of the chain by exercising your voting power. Your voting power is proportional to the amount of FCTs staked.
Those who stake a high volume of FCTs can participate in the FirmaChain ecosystem as Validators. Based on the above, you can formulate your own reward receiving strategy within the ecosystem.
Thank you.
For more information about FirmaChain, or partnership inquiries, please contact us at contact@firmachain.org. Those who wish to join the FirmaChain team, please contact us at info@firmachain.org.
About FirmaChain
FirmaChain seeks to replace all written contracts governing social and legal issues by using an electronic contract platform based on FirmaChain’s data blockchain. Since traditional written and electronic documents are easy to forge, and the verification procedures are complicated, blockchain’s decentralization is used to solve the problem. FirmaChain can check the contract’s validity through its hash function, which can be verified in an independent node. This verification process can be used as a means to resolve legal disputes. Blockchain is an effective technology that eliminates the risk of forgery of such documents, and it is applied to the first DApp (decentralized application) of FirmaChain — DONUE.
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