OWN Native Blockchain & Token Swap Explained + FAQ

WeOwn
WeOwn
Mar 22 · 7 min read

As announced last year, we will be swapping the CHX ERC-20 token on the Ethereum blockchain to our OWN native blockchain. To do this we are creating a new native CHX coin running the OWN Blockchain.

Swapping all ERC-20 CHX to the OWN Blockchain allows us to eliminate the complexities of having two tokens, while achieving the scale, speed, and flexibility required to become the standard platform for STOs.

The swap will be a direct 1:1 exchange. There are 168,956,522 ERC-20 CHX tokens. We will be creating 168,956,522 native CHX tokens on the OWN blockchain. No additional tokens will be created.

All participants in the swap will receive exactly the same number of native CHX tokens as obtained ERC-20 CHX tokens at the time of the ERC-20 smart contract freeze.

Over the past few months, we have strengthened and hardened our OWN infrastructure to prepare for the swap, moved our OWN applications onto the native Blockchain, and worked with multiple service providers to prepare for a smooth swap. We will be providing support for the swap over the next three months and we encourage you to swap your ERC-20 CHX tokens for native CHX by 1st June 2019.

Simple Guide — What do I need to do?

  1. Withdraw any ERC-20 CHX tokens you hold on exchanges before 1st June 2019. Ensure your ERC-20 CHX tokens are held in a wallet where you control the private key (e.g. MIST, MetaMask, MEW, Ledger or Trezor).
  2. Create a new address on the native OWN blockchain using the OWN wallet. (How-to video coming soon).
  3. Submit a special transaction on the Ethereum network from your ERC-20 CHX wallet that tells us your new native OWN address. (How-to video coming soon).
  4. We will freeze the ERC-20 CHX smart contract on Ethereum network on 1st June 2019.
  5. We will then send you your new CHX native tokens to your native CHX address.

Detailed Swap Process Explained

There are three stages in the token swap process:

  1. Address Mapping

The goal of address mapping is to enable ERC-20 CHX token holders to specify the address on the OWN Blockchain where the new CHX native tokens will be sent.

The address mapping process consists of the following steps:

  • Generate a new address on the OWN Blockchain, using the OWN blockchain wallet. Remember to keep your private key safe and secure. At no point will you need to reveal any private keys.
  • Submit a special transaction using our swap smart contract on the Ethereum network, using your existing Ethereum wallet. You will need your new native CHX address to do this.
  • This will allow us to create a mapping table with Ethereum addresses and corresponding new native CHX addresses.

During the whole process you will never be requested to reveal any private keys. Even when you sign the Ethereum transaction you will only publicly share the signature hash.

Address mapping will be an ongoing process. There is no time limit or deadline for this process.

2. CHX ERC20 Smart Contract Freeze

On 1st June 2019 we plan to freeze the ERC-20 CHX smart contract. We reserve the right to change this date if required and will ensure the community is given prior notice of any changes.

Once the ERC20 CHX smart contract is frozen, no further transfers of ERC20 CHX tokens will be possible on the Ethereum network. Nobody will be able to trade ERC20 CHX tokens. The ERC-20 final balances will remain visible on the Ethereum network as a transparent audit trail* (see note at the bottom).

3. Allocation of native CHX on OWN blockchain

After the ERC-20 CHX smart contract is frozen, we will allocate native CHX on the OWN Blockchain to everyone who has submitted their swap transactions. We will continue to process new requests on a weekly basis.

The process will be as follows:

  • Take the address pair (ERC-20 CHX address -> Native CHX address) from the token swap contract on the Ethereum network
  • Get the CHX balance of the ETH address from ERC20 CHX token contract
  • Allocate the balance to native CHX address on the OWN native blockchain

Allocation of native CHX will not start before the ERC20 CHX smart contract freeze on 1st of June

There is no deadline on address mapping and native CHX allocation. Address mapping can be performed before or after the ERC20 CHX smart contract freeze* (see note at the bottom).

Remember that once your native CHX balance is allocated on the OWN blockchain, no further changes are possible — meaning if you submit the wrong address and we allocate native CHX to that address, your tokens are swapped and cannot be reverted or moved to a different CHX address.

Support

We will provide support from 1st May onwards for the duration of the entire token swap period. We will communicate all final dates across all our official social media channels. Remember to only follow instructions from our official channels.

Q&A

Below is a collection of some of the key questions and answers you may have. Please check back regularly as we will update this section with further details and clarifications.

What do I need to do now?

Just make sure your ERC-20 CHX tokens are withdrawn from any exchanges and are stored in a wallet where you control your private keys by 1st June. Once they are in your wallet, you are all set for the token swap.

When mainnet?

The mainnet release and genesis block is scheduled for 1st of April. Throughout the month, a select number of community nodes will participate in a closed final validator node test.

Why aren’t you doing the swap on the same day as the mainnet launch?

We will be testing the integrity of the system under production conditions with a number of community nodes, and we will equally ensure validations, staking and reward mechanisms are working as expected. We will also undertake any required final bug fixes and performance tuning.

When can I participate in staking?

Public staking and node operations will be activated after the token swap, which is scheduled for 1st of June.

How much time for the swap do I have after I am in possession of my ERC20 CHX tokens?

There is no deadline for swapping your ERC-20 CHX for native CHX. But you must ensure you have your ERC-20 tokens in a wallet you control the private keys for before the freeze on 1st June. You must ensure any ERC-20 CHX tokens are withdrawn from exchanges (such as IDEX, HitBTC etc.) before 1st June.

What happens to my ERC-20 CHX tokens if I leave them in MEW after the mainnet release?

Nothing; you will still be able to swap them as explained above.

Will swapping be possible from a hardware ERC20 wallet?

Yes. You just need to be able to sign a transaction, which you can do with any ERC20 compatible wallet. You cannot swap from an exchange. Make sure you withdraw any ERC20 CHX from exchanges before 1st June.

Are exchanges supporting the swap?

We highly recommend that you perform the simple swap steps yourself. Extensive user guides, videos, manuals and support will be provided throughout the process.

I am a beginner — can I do the swap myself?

Yes! Please follow our official channels for detailed instructions to learn how to engage our support team.

Can I stake against a validator in June?

You will be able to stake once the ERC20 CHX contract is on freeze and your balance has been allocated on the OWN native blockchain. This is scheduled for 1st June.

When will public nodes go live?

The initial nodes will be run by OWN during April and May, along with a few select community partner nodes from the closed test. Once the ERC-20 contract is frozen, users will be able to start staking, and create public validator nodes if they wish. As new public nodes come online, the participation of OWN nodes will slowly be reduced to support the decentralisation of the network, ensuring stability, security and validation through the process.

How will the genesis address know how much CHX to delegate to public validators?

The genesis address will create the total unallocated supply of native CHX tokens as a direct 1:1 mapping of the ERC20 CHX contract. No new tokens will be created. Native tokens will be distributed to owners after the ERC-20 smart contract freeze.

Can I still trade ERC20 CHX tokens after the smart contract freeze date?

No. Once the ERC20 CHX contract is frozen, no further transfers of the ERC20 CHX tokens will be possible, including trading, transfer or withdrawals from exchanges. If at the time of the freeze your ERC20 CHX tokens are not in a wallet where you control the private key, you will not be able to perform the swap or withdraw the ERC20 CHX tokens from the exchange, and they will be lost forever.

It is important to not fall victim to any scams associated with ERC20 CHX tokens after the smart contract is frozen. Any centralised exchange trades after the contract freeze will not be reflected on the CHX ERC20 token balance since withdrawal will not be possible.

Will the new native CHX tokens be immediately tradeable?

Yes. Details will be provided in due course.

Will there be further details on the token swap, including how to use the OWN wallet?

Yes, further instructions, step-by-step manuals and video tutorials will be provided in due course. We want to ensure everyone has enough time, and fully understands how to safely participate in the swap.

How is mainnet running before the token swap?

The initial nodes will be run by OWN during April and May, along with a few select community partner nodes from the closed test. These nodes will be operating using native CHX tokens from the OWN AG reserve fund. These tokens are 1:1 mapped from the OWN AG ERC-20 CHX reserve fund tokens. OWN AG will not be creating any additional tokens for itself or anybody else.

What are your formal communication channels?

*Make sure your ERC-20 CHX tokens are held in a wallet where you control the private keys before 1st June (e.g. Mist, Meta Mask, MEW, Ledger or Trezor). If you hold your ERC-20 CHX tokens on an exchange, or anywhere else where you don’t control the private keys you will not be able to swap your ERC-20 CHX tokens and your tokens may be lost.

OwnMarket

Investment for the Digital Generation https://weown.com/

WeOwn

Written by

WeOwn

Investment for the Digital Generation www.weown.com

OwnMarket

OwnMarket

Investment for the Digital Generation https://weown.com/

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