OpenWeb Token swap feature is now supported by BlockChing Wallet

OpenWeb Team
May 26, 2019 · 3 min read

OpenWeb Network has partnered with BlockChing Telegram Wallet to provide token swap feature to enable OWT token holders to swap to OWTX.

BlockChing is a Telegram Wallet which is simple to use and accessible to everyone as Telegram being one of the most widely used app within Crypto community. Moreover, BlockChing wallet offers no cost token swap feature from ERC20 to BEP2 which precisely meets the long term need of OpenWeb Network.

Need for Swap

OpenWeb Token was originally issued on the Ethereum network (Ticker: OWT) to be used as the incentive token on the decentralized OpenWeb network powered by Ethereum based smart contracts. While the core features of the Network will remain decentralized, there is a massive opportunity to use tokens on many value-added services that are currently building on the network. These services are blockchain agnostic and can use new blockchains like Binance chain which are faster and has a lower transaction fee for these services. Binance chain was selected as the viable blockchain to power the second layer services. Hence, OpenWeb Token was issued on Binance Chain (Ticker: OWTX) allowing existing OWT token holders to swap to OWTX 1:1, thereby not affecting the circulating supply as only OWTX will be tradable on exchanges.

Swap Process

Swapping between OWT to OWTX will be a simple and a two-way process and users can swap to the OpenWeb Tokens between Binance and Ethereum blockchains depending on what they need the tokens for.

To swap from OWT to OWTX, please perform the next steps:

Step — 1 (Add sufficient gas fee to your wallet)

Firstly, you need to start the @blockching_wallet_bot in Telegram to start the process.

Before you can start depositing OWT (ERC20) tokens, you need to have sufficient ETH in your wallet to pay for the gas fee.

You can deposit ETH by “/deposit ETH” command. Once ETH is sent to the deposit address, press “Confirm Deposit” and Ethereum will be credited to your wallet.

.

.

.

.

.

.

Step — 2 (Deposit OWT tokens to deposit address)

Deposit your OWT on your BlockChing wallet using the deposit command.

Once OWT tokens are sent to the deposit address, press “Confirm deposit”. The OWT tokens will be credited to your wallet.

.

.

.

.

.

.

.

.

.

.

Step -3 (Swap)
To swap from OWT to OWTX, use “swap <number of tokens for swap> OWT” as shown in the attached screenshot.

To check you OWTX balance, you can use the “/balance OWTX” command.

Should you wish to swap your OWTX to OWT, please repeat the process by replacing the token ID with OWT. The swap can be performed through BlockChing Wallet at any time, with no limitations timewise.

Step- 4 (Withdrawal)

Once the swap is done you can withdraw it to your Binance wallet or anyone you wish to send the tokens to by using the “/withdraw” command.

.

.

Please Note:
1. Withdrawals for OWTX have been currently disabled as per OpenWeb team instructions. Withdrawals will be enabled once we progress closer towards exchange listing for OWTX.
2. Deposits and Withdrawals of tokens need native blockchain tokens (BNB/ ETH) for gas fee.

OpenWeb Network

OpenWeb Network combines blockchain technology and distributed hosting to create a peer to peer version of the internet which is free from intermediaries.

OpenWeb Team

Written by

Author @ https://openweb.network

OpenWeb Network

OpenWeb Network combines blockchain technology and distributed hosting to create a peer to peer version of the internet which is free from intermediaries.

More From Medium

More on Blockchain from OpenWeb Network

More on Ethereum from OpenWeb Network

More on Ethereum from OpenWeb Network

OpenWeb Token Airdrop

More on Binance from OpenWeb Network

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade