Walk-through of the LAPO Network 2.0
Last week we released the good news about the integration of Stellar in our platform and we know you are excited to know more about this. So, here we go!
We already started with the first step of the integration, creating a representation of LAX token in the Stellar Network. The new LAX will be active from August 1, 2019.
This new token will have a maximum supply of 10'000'000'000 LAX (10 billion LAX) and will replace the old LAX network.
FROM OLD LAX TO NEW LAX
How to swap
We also built a swap machine that will be available directly on your web dashboard starting from August 1, 2019. The swap machine is designed to guide you through the process in the easiest way. Check our step-by-step guide on how to easily convert old LAXs to new LAXs.
Important notes
Keep in mind that you can activate a maximum of 3 “LAX Deposit” addresses. This means that you must move all your LAXs in a maximum of 3 transactions. After that, it will not be possible to swap any other old LAX into the new LAX token.
Wallets
We are focused on the development of our multi-currency wallet for the LAX Token, the Stellar Lumens, Bitcoin, and many more. In the meantime, you could use one of these Stellar token compatible wallets:
Desktop:
https://stellarterm.com/
https://lobstr.co/
Mobile (iOS/Android):
https://getstargazer.com/
https://lobstr.co/
KYC
LAX holders with more than 500'000 LAXs must accomplish the KYC process by following the instructions that will be available on their Dashboard, in order to convert their old LAXs into new LAXs.
LAX IS GETTING SEXIER
In order to provide you with a more valuable LAX ready to hit the exchange, we designed the following swap strategy:
- The LAPO Foundation will reduce its supply from 5'000'000'000 to 100'000'000 LAX.
- The LAPO Executive team will reduce its supply by swapping its LAXs with a ratio of 10:1 (10 old LAX for 1 new LAX).
- The LAPO Team will reduce its supply by swapping its LAXs with a ratio of 2.5:1 (2.5 old LAX for 1 new LAX).
- Miners & airdrops will have a swap ratio of 2:1 (2 old LAX for 1 new LAX).
- Contributors will have a swap ratio of 1:1 (1 old LAX for 1 new LAX).
New mining/staking protocol
Starting on November 1, we will activate a distribution pool. It will be a cool, energy-free and democratic way to get rewarded with LAX. We will share the details of the mechanism in September.
Important note: we will no longer have Masternodes, but the distribution pool algorithm is designed to reward users who are more active in the network and hold more LAX tokens.
End of old Blockchain
By using the Stellar platform we will have additional functionalities already built-in and ready to enjoy (such as the distributed exchange, the possibility of reversing a transaction, etc.).
The integration with Stellar also allows us to concentrate on our real purpose and business without spending valuable time on blockchain infrastructure and source code maintenance.
So, we say goodbye to our old Blockchain to focus on the development and delivery of more LAPO products.
By November 1, 2019, all the old network LAX must be swapped to the new Stellar LAX token (also called LAX).
LET’S MAKE THE HISTORY OF DIGITAL FINANCE TOGETHER!
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