Coinswap announcement

Dev update

Zano
Zano
Jun 26, 2019 · 3 min read
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We are excited to announce the beginning of the coinswap, starting on June 30th. However, we’d also like to share some changes to that plan that will be implemented along with our reasoning behind them.

The reasons behind these changes are twofold; primarily this is a response to valuable feedback from many of our stakeholders. However, another important reason is that we’ve recently found new information regarding what it will take to get listed on some of the major exchanges.

This idea of a voluntary coin swap is new. We remain committed to it, as we believe a hardfork would have forced any Boolberry (BBR) holders that have been committed to that project since 2014 to give up a long-term stake. However, we also wanted to ensure that any of those same supporters who have been committed to the team behind BBR don’t get cut out of our new project.

Changes

Throughout development and launch, the Zano team has been working to increase the project’s value, while maintaining our high standards of ethics and transparency. In keeping with this ideal, here is a list of the changes that will be made to the Zano coinswap.

1. The first change to the coinswap concerns what will happen to any leftover Zano coins. The original plan called for any coins that remained unswapped (from the pool set aside to cover all the potential Boolberry coins that could be swapped), would have been split between development resources and emissions. It was a major concern for our community and too complex for proper due diligence on exchanges part, therefore we decided to take another route. With this new path forward, all unswapped Zano coins will be burnt. Instead, long-term development funding of Zano will come out PoS rewards that come from coins set aside for development. We’ll publish a report on the distribution of premined coins swapped from Boolberry, the development fund, partnerships, and marketing funds after swap is concluded.

2. Second, taking into consideration the feedback mentioned in the previous paragraph we concluded that an extended swap period will prevent us from listing on major exchanges since we can’t provide viable data on the current supply and distribution. Information about the upcoming swap has been publicly available for a few months now and we believe anyone who is following the project has had the opportunity to learn about it and make an informed choice. To get us where we need to be sooner, the length of the coinswap will be dramatically shortened from 12 months to 30 days.

Schedule

The coinswap will be launched on 30th of June at 12pm UTC and will be open for 30 days up to 30th of July. In the next post, we’ll provide a detailed guide on the swap and all the necessary tracking information.

Conclusion

This new path is in-line with what several our supporters have been requesting for some time. It’s important to us that we acknowledge those voices now and say that we appreciate the guidance you’ve been offering on this subject and your patience as we’ve come around to your way of thinking.

It was crucial to make this change before the coin swap starts, and we’re happy to have understood the limitations of what we were planning in time to change it. Thank you for your continued support.

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