SWM Upgrade

A Streamlined Token for a Decentralized Network

SWARM Council
Aug 23 · 4 min read
SWARM Network is replacing its old ERC20 token contract with a new token contract.

A ballot will open on a proposed upgrade to the SWM token. This upgrade would involve replacing the existing SWM token with a new — and better — SWM token.

Most token holders will need to do nothing to benefit from the token upgrade. If the ballot passes, on August 30th 2019 the existing SWM tokens in your wallet will be replaced 1-for-1 with new, upgraded SWM tokens, with no action required from you. The new contract will be much lighter, safer, and take advantage of the increased maturity of Ethereum in the two years since SWM launched.

The main reasons for making this upgrade are:

  1. The existing contract is more complex than typical ERC20 contracts because it contains rich features which are no longer needed, and some that could post future risk to the project.
  2. Reducing the weight or “cleaning up” the token contract will make it easier to integrate into wallets, exchanges, and other financial infrastructure with reduced gas needed for transactions.
  3. The new contract is fixing the supply of SWM tokens to 100M SWM, with no ability to mint new tokens, which provides long term predictability and trust in the economic model of the SWARM network.

A detailed look at the changes and their benefits

Heavy contracts limit scalability

So why was it so heavy?

The current SWM contract contains a richer set of features than the average ERC20 token. This includes functionality like a drip liquidity release (vesting) for tokens, a feature which was used in the first year after SWM was launched, but is no longer needed today.

Mitigating risk

What’s in a name?

Timeline and process

Vote

NOTE: This blog will be updated to reference the new token contract at a later point.

Upgrade

  • At that time, the balances of all wallets holding SWM tokens will be recorded.
  • The new SWM tokens will then be distributed to the recorded wallets. The old tokens will remain untransferable in the wallets for a certain grace period, but will be destroyed subsequently.
  • After the distribution, the wallets will contain the upgraded token, also called SWM, which will be fully functional and transferable.

The entire token upgrade process is expected to be completed within a few hours.

You won’t need to do anything to upgrade the SWM tokens in your wallet. They will be replaced when the upgrade takes place. The upgraded SWM tokens will require less gas, and will be more easily integrated into wallets and marketplaces.

Exchanges

How to prepare

That said, we do recommend that you transfer SWM tokens from exchange wallets to personally held wallets before August 30th 2019 and hold them in your own wallets. As described, if the token upgrade is approved, the state of the tokens (i.e., where the tokens are held) on August 30th 2019 immediately before the token upgrade will determine where the new tokens are distributed.

A streamlined token for a decentralized network

We will host an AMA in Telegram on Monday, August 26 (time TBA) to answer community questions about the token upgrade.

Thank you for your ongoing support!

SWARM

SWARM Blog

SWARM Council

Written by

SWARM

SWARM

SWARM Blog

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