ITC Progress Update 10/08/2019–16/08/2019

IoT Chain

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IoT Chain

3 min readAug 16, 2019

DEVELOPMENT

IoT Chain

1. Staking service

[In Progress] We are working on the staking of the Smart Contract development.
[In Progress] Also we are currently working on the Staking related background service development.

2. ITC Wallet

[Completed] We have completed the staking service front-end UI and UE design.

3. [In Progress] The third-party security audit is still in progress.

4. [In Progress] Token Swap Support by Exchanges

We are checking the schedule and process of the Mainnet ITC Token Swap with our current exchange partners, we will announce the schedules on our official social media channels (Medium, Twitter, Reddit, Facebook and Telegram).

ANNOUNCEMENT

Mainnet ITC release

The mainnet ITC token swap application has been open for more than a month, the mainnet ITC is now issued in accordance with the application submission order, gas token-ITG will be distributed to the users who has finished the token swap through ITC wallet.

Conversion ratio: 1:1, ie 1 ERC20 ITC = 1 Main net ITC
ITG distribution ratio: 100:1, if you have swapped 100 ERC-20 ITC, you will be receiving 1 ITG

Community members who have submitted swapping applications, please update your ITC wallet to check the mainet ITC and ITG. Please refer to our [ITC Token Swap Guide] for a detailed tutorial guide.

IMPORTANT: Please do not send your native ITC tokens to any exchange.

Mainnet gas token-ITG launched

Recently, IOT Foundation announced that the ITC main network- IoT Chain will support ITG mining. The total amount of ITG is 1 billion. According to the community members’ holding behavior of the mainnet ITC.

ITG is the Gas required for the IoT Chain network eco-transfer and smart contract, which will be used to support the transfer fee, consensus node calculation storage, smart contract call and other fees in the main network.

The total amount of ITG is 1 billion, which will be generated according to the behavior of ITC holders, of which 0.1% is 1 million as a token swap incentive, the remaining 99.9% is generated by mining.