Sandblock Coin (SBC): specifications and FAQ
The migration from the Ethereum network to the new Sandblock Chain includes the creation (and swapping) of our new coin: the Sandblock Coin (SBC). What are the specifications of this coin? The answers to all your questions in this Medium post!
First of all, we’re already running a beta version of the Sandblock Chain. We will give you all the information when we move on to the final chain but you can note that we will snapshot the SAT Ethereum smart contract on October 2nd.
⚠️ Warning: If you have not migrated your ERC20 tokens to a wallet that you control by October 1st, you will not be able to swap!
To avoid losing access to your tokens, follow the Step #1 carefully (if you did not already).
➡️ Step #1 — Migration preparation (Sept. 2nd to Oct. 2nd)
▶️ Sandblock Coin (SBC): specifications and FAQ
➡️ Step #2 — SAT Contract snapshot (Oct. 2nd)
➡️ Step #3 — SAT to SBC migration (Oct. 3rd to Dec. 31st)
➡️ Step #4 — Migration completion & SAT deprecation
- SBC will be the reference coin for the Sandblock Chain.
- The Sandblock Chain is configured to allow the creation of Branded Currencies, which can be accepted by validators as transaction fees and which can circulate freely on the network.
- Surprise points are pegged to the SAT and will be pegged to the SBC. We will use the market value as soon as it has enough volume and visibility.
You will find here the list of all the wallets where you can store your SBC.
- Web Wallet: https://explorer.sandblock.io/wallet
- On a Ledger hardware wallet with the Sandblock Ledger application. The app will be available on the Ledger Live store in the coming weeks!
The coin is by default tradable in P2P without restriction. However, we know that you are all eager to have the SBC available on exchanges.
We are already discussing with some exchanges and will keep doing so. In any case, a listing will be possible once the migration is completed fully but also according to the various progresses of the Sandblock project and Surprise services in terms of community size, user base, businesses integration etc…
To help us be listed as quickly as possible and on the best exchanges, we need to have a large community around Sandblock and Surprise. That’s why you must continue to share the project, use our apps and talk about us around you.
You are our best ambassadors! 🤝
You asked us a lot of questions about the Sandblock Coin, the swap, this new blockchain… here are the answers.
I don’t understand the swap?
Our ERC20 token was named SAT. Our new coin will be the Sandblock Coin. The swap ratio is 1:1 so, 1 SAT = 1 SBC.
What will be the total supply in the new network? / Will there be an increase in total supply? / What will be the max supply?
We are making a swap at a 1:1 ratio, there will be no increase in supply. We will remain on a total supply at 42,500,000 SBC, which is also the max supply limit.
How to swap? / How will be the swap: an automated process or manual approving?
It will be fully automated. You will only need to sign a message to verify your wallet ownership and the destination on the new chain. We’ll publish a tutorial in due time for the migration. In the meantime, don’t forget to read our first post about the migration process!
Can I still use the Surprise app?
Yes. You can of course continue to use the Surprise app. The swap will have no impact on the app. There’s nothing to do for you.
What technologies are you using for the Sandblock Chain?
Can we stake SBC?
Yes. You will be able to stake SBC through validators thanks to our new Sandblock Chain. We will explain the procedure in a future blog post.
How can I become a validator?
You got a lot of SAT/SBC? You want to secure the network? If you want to become a validator on our network, contact us via Telegram. We will help you setup your nodes prior to the migration.
What about the Stakin application?
No new projects are planned on Stakin. We do not intend to maintain and develop the app in the near future. We want to avoid confusion between Stakin and the new Sandblock Chain. Projects in distribution phase must be managed by the teams of these projects: Stakin was only an intermediate app developed by Sandblock and used by those projects. The Stakin app will still be available on the AppStore and on the PlayStore.
So, do I have to migrate DRT, PHT, SMONART… from the Stakin application?
These tokens are not linked to our project. You can withdraw them if they’re available. Otherwise, you don’t have to do anything: these tokens will not be swapped. Only the SAT token will be swap for SBC.