It’s Time to Convert your POE!

This was originally posted on the Echo blog.

Update: Please do not deposit any POE into any contract or send POE to anyone in conjunction with any Echo conversion. Please read the newer articles for additional context.

Dear Po.et Community,

The time window to upgrade your tokens into ECHO and claim your bonus is officially open. We couldn’t be more excited to have you join us on the ground floor of testing, launching, and securing the new programmability layer for Bitcoin.

As a reminder, POE tokens will be upgradable at a 1:1 rate to ECHO and there is an additional bonus of up to 100% available during this early conversion phase. This bonus starts at 100% until block 8,937,635, approximately one week from today: 12 am UTC on Friday, Nov 15th. After that, the bonus multiplier decreases by 1% every 3840 blocks or ~17 hours (varies due to block times), which averages out to approximately 10% decrease per week. To see the current bonus amount, visit: https://poet.now.sh/

The 1:1 ECHO upgrade tokens will be distributed upon launch of the Echo mainnet, while the bonus tokens will be distributed over the first 3 months after the mainnet launches as a bonus for staking and securing the network.

To get started with the upgrade, read the POE to ECHO conversion tutorial.

If you’ve already completed the conversion steps, you can follow steps from the tutorial to verify that everything was completed correctly. You will not see ECHO tokens in your POE/Ethereum wallet as ECHO is not an ERC-20 token. To claim your ECHO, you’ll connect your POE address to your ECHO address through very similar steps as the conversion process once the Echo mainnet launches. Until mainnet launches, you cannot generate an ECHO address to use.

As always, if you have any questions feel free to drop by The Echo Chamber discord group and ask!