Lum Network
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Lum Network

Blockchain Migration Step #1

Get your SAT (ERC20) on a wallet you own before October 2nd 2019 — you will need a private key for the next step. Details in this article.

We’re happy to announce that we’re migrating to our own dedicated blockchain based on Tendermint and Cosmos Network! From an ERC20 token to a fully fledged coin: our Sandblock Coin (SBC).

Migration Steps

We will warn you by email at every major step of the migration with detailed tutorials and checklist. Subscribe to our newsletter to make sure you don’t miss any deadline and post a message on Telegram if you need any assistance.

▶️ Step #1 — Migration preparation (Sept. 2nd to Oct. 2nd)
➡️ Step #2 — SAT Contract snapshot (Oct. 2nd)
➡️ Step #3 — SAT to SBC migration (Oct. 3rd to Dec. 31st)
➡️ Step #4 — Migration completion & SAT deprecation

⚠️ Current Step Checklist ⚠️

Make sure you check all the following items before October 2nd 2019:
-
My Satisfaction Tokens are not on the Stakin application anymore
- My Satisfaction Tokens are not on any exchange (including DEX)
- My Satisfaction Tokens are not on any platform that manages cryptos for me
- I can access the private key of the wallet holding my Satisfaction Tokens (MyEtherWallet, Metamask, Ledger, etc…)

Now that you read the most critical information, here is some important details about our decision 😎

Why migrating?

First of all, let’s introduce Cosmos for those who haven’t heard of it.
Cosmos is a decentralized network of independent parallel blockchains. These blockchains are powered by BFT consensus algorithms like Tendermint.

Beside Cosmos’ desire to create an ecosystem of blockchains, Tendermint and Cosmos create what we believe to be one of the best available blockchain technology for public and business use. No wonder why the Binance Chain is being developed on Tendermint & Cosmos SDK.

At Sandblock, we’ve always wanted to create consortiums of brands and customers. While Ethereum was definitely the best solution to bootstrap our first protocols and solutions, it appeared pretty quickly that in such a recent, challenging and constantly evolving ecosystem, we would need at some point to reassess this decision.

And…. After considering all the available options, we’ve selected Tendermint & Cosmos as the backbone that will power the Sandblock project. We’ve then began to fork (the code, not the chain 😱) Tendermint & Cosmos SDKs to customize it for our needs.

Major Changes & Improvements

Sandblock.io

From SAT to SBC

On the new Sandblock Chain, we’re going to migrate all the ERC20 tokens (SAT) to a new coin (cleverly) named Sandblock Coin (SBC). SBC will be the primary coins of the Sandblock Chain.

Holding & Staking SBC

Sandblock Chain will use DPoS, meaning you will be able to stake your SBC. This is a huge difference with ERC20 tokens which by nature do not reward their holders for helping a project to thrive.

Hold tight for now, we will post an article regarding nodes, validators and staking in a couple weeks.

From Branded Tokens to Branded Currencies

Legacy branded tokens become branded currencies and we are moving from a smart-contract protocol to an on-chain protocol.

Using on-chain modules instead of Smart Contract increases scalability, transaction speed and, above all, reduces the execution costs associated with those transactions. Branded currencies can also be accepted by validators as transaction fees if they wish to do so (and if it makes sense).

Surprise.io

If you missed it, we’ve written quite a lot about what are Surprise points and why we believe it is a necessary step toward blockchain & cryptocurrencies mass adoption

This migration does not change anything in terms of the Surprise points. They will simply be migrated on the new Sandblock chain. They will become the first branded currency to see the light of day and they will continue to be backed up by the SBC.

These changes pave the way for the integration of major brands that will be able to create their own branded currency.

Important reminder: Surprise will keep the SBC pegged to the BTC until the SBC gets listed on a trading platform and reaches a significant enough daily volume.

Explorer

The Sandblock Chain explorer is already up and running if you want to have a look. It is still under development, we are finishing the last tests before the migration begins.

➡ You can access the Sandblock explorer here.

A note about Stakin mobile application

In order to smoothen the migration, all locked SAT on Stakin have been unlocked on August 26 and you can now withdraw them to a wallet that you control (the entire balance will be sent for free, you can’t transfer a part of your balance).

Follow Sandblock’s social channels to stay tuned!

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