What is the Token Swap?
The Ethereum ERC20 based ITC token is converted into the native ITC of the IoT Chain mainnet. The token swap will be exchanged in a 1:1 ratio, ie 1 ERC20 ITC = 1 native ITC.
Please make sure to finish the swap process in time. Mainnet Gas-ITG will be granted to the users who swapped via ITC wallet.
ITC token swap supports the following two methods:
-Swap your tokens via ITC Wallet APP
Swap through the ITC wallet, you will receive the mainnet Gas-ITG.
1. Download and install ITC Wallet
ITC Wallet: https://iotchain.io/wallet
ITC Wallet Support: https://medium.com/iot-chain/itc-wallet-support-center-53d9025068b2
If it is already installed in your mobile device, please update it to the latest version.
2. Create an ETH wallet and an ITC main net wallet
2.1 Open the ITC Wallet APP and choose “Create an ETH Wallet”.
2.2 Set up the local application login password.
2.3 Create a ETH wallet according to the process prompt, and complete the backup and verification of the mnemonic words.
2.4 Click ”menu” on the upper right corner of “Wallet” page, choose “Create a mainnet ITC Wallet”.
2.5 Create an ITC mainnet wallet according to the process prompt and complete the backup and verification of the mnemonic words.
3. Enter the token swap page
Find “Token Swap” in the bottom navigation bar, begin the swap service process after reading and confirming the token swap agreement.
4. Choose the ITC mainnet wallet and ERC20 wallet
The ITC main network wallet address will be used to receive the swapped native ITC, the ERC20 wallet will be used to transfer out the ERC20 ITC for destruction. You can import the Ethereum Erc20 ITC wallet address according to the prompt.
5. Enter the number of ERC-20 Tokens you wish to swap, begin the token swap.
The swapping will consume a gas fee. In order to successfully complete the token swap, please ensure that there is enough ITC and ETH in the wallet.
6. Confirm the token swap information and enter your wallet password
This swap will be exchanged in a 1:1 ratio.
Entering your wallet password(transaction password) to confirm it.
7. Waiting for the ITC Foundation to distribute the native ITC and mainnet Gas incentives.
ITC Wallet will audit the token swap process to confirm that the swapped ERC20 ITC has been destroyed and will distribute the native ITC and mainnet Gas incentives. Users can check the ITC swapping progress in the token swap history.
-Swap your tokens through Exchanges
During the token swap period, the exchanges supporting the ITC mainnet token swap will provide the ITC mainnet swapping service for the users. The conversion ratio is 1:1. Please refer to exchange’s official notice and instructions for more detailed schedules.
Currently, we have been in communication with the exchanges which listed ITC to provide a smooth token swap experience. Token Swap schedule through the exchanges will be announced on the official channels. Please follow our social media channels for further updates.
IMPORTANT:
- Deposit & Withdrawal service of ITC during Mainnet Swap please refer to the specific announcement of the exchanges.
- Please make sure to update the ITC wallet APP to the latest version.
- The mainnet gas will be given to the users who swapped the tokens via ITC Wallet APP.
- To ensure the security of the encrypted assets, do not allow any third-party to perform the ITC Token Swap.
- ITC wallet is a decentralized application. Please be very careful to store your sensitive information such as private keys and passwords, you will not be able to retrieve them if you lose them.
