On July 17th, a new smart contract will be deployed and will replace our current one. Here are the fundamentals current token holders should know.
The LGO token is the heart, and fuel, of our project. We built our community around it during our token sale and are committed to its long lasting development since then. As we approach the launch of our retail activity, we have taken steps to implement the LGO token, as we mentioned in our White Paper, in the exchange.
When we initially wrote the smart contract back in 2017, one fundamental error in the code obliged us to use our reserves to complete the first and second bonuses to token holders.
As we mentioned a few weeks ago, we’ve decided to create a new LGO token in order to move forward and put this bug behind us. A new smart contract will be deployed and will replace our current one. We’ve partnered with ConsenSys to write the new token smart contract and deploy it.
The official token migration start date will be Wednesday July 17th at 2AM EST/8AM CEST and will last about 12 hours.
Here are a few fundamental points to keep in mind:
- All current token holders will receive the same amount of LGO they currently have in new LGO.
- The new smart contract will include a native burn() function that will be used to process the burning of LGO.
- The total supply in new LGO will be the same one as the old LGO supply would have been without the bug (181m released + 36m distributed in bonus).
- A new LGO token address will be created. It’ll be called the LGO Incentive Pool.
- We will re-create the tokens in the reserves that were used to pay for bonus 1 and 2 and these tokens will be entirely staked in the LGO Incentive Pool.
- The LGO reserves which haven’t been used will be transferred to new addresses controlled by LGO with higher security standards. When calculating bonuses 3 and 4, the balances of these reserves will be considered untouched. Any bonus that should have been paid to these reserves will go to the incentive pool.
- Future bonuses will neither be paid to the reserve nor founders. Rather, they will be sent to the LGO Incentive Pool. Only token holders who haven’t moved LGO tokens out of their ICO address will receive the two remaining bonuses.
Let’s dive deeper into the token migration procedure. Here are the different events that will occur/have already occurred in order to guarantee a smooth transition. As a friendly reminder, community members will be notified at each step of the process.
- The new smart contract has been deployed and the source code published. The smart contract is currently empty (no tokens). You’ll find it here.
- All service providers who currently support us (i.e. IDEX, MyCrypto, MyEtherWallet & BitGo) are already notified of the migration event.
- At 2AM EST/8AM CEST on July 17th, exchanges & wallets will stop listing the current LGO token.
For safety reasons, it is crucial that from 2AM EST/8AM CEST to 2PM EST/8PM CEST on July 17th token holders do not transfer any LGO to another address.
At the same time, the migration will begin:
- All current balances will be extracted from the old smart contract. We will decide on a block from which we’ll start the procedure. This process should last about 3 hours.
- The extracted data will be imported into the new contract.
- ConsenSys will mint new tokens through a bulk minting process which should take about 2 hours. ConsenSys will then renounce minter role.
As a reminder, old tokens will still be accessible as the old smart contract cannot be interfered with. However, none of the service providers will direct users to the old smart contract.
We have planned an AMA on Monday July 15th (Exact time TBD) to answer any question token holders may have.
Migrating to a new smart contract will allow us to move on and progress. We will be able to distribute the two remaining bonuses the way it was supposed to be, and create an incentive pool which will play a key role with our community as we roll-out the exchange to the general public.
On behalf of LGO, we’d like to thank you for your continued support and are looking forward to the long lasting development of LGO.
The LGO team
LGO has built and delivered a trading platform for digital assets with proprietary technology which is provably transparent, non-custodial and secure. The firm currently offers BTC / USD with additional pairs and currencies to be added in the future.