ZIP — 5: Proposal to Migrate $ZBC to $ZBCN
Abstract
In response to the evolving needs of our ecosystem and the integration of various blockchain-enabled services, and in line with the company rebrand to the Zebec Network, we propose the migration of ZBC to a new token, ZBCN, at a 1:10 ratio. With no additional mint / supply added, value will not change with token split.
This migration is designed to facilitate our expansion beyond the payments network into data and physical Infrastructure (DePin) network and accommodate the increase in transaction volume anticipated with the Zebec PoS terminal launch.
The tokenomics of ZBCN will mirror those of ZBC, with the main difference being a more practical gas fee structure of 1 ZBCN per transaction vs. 0.1 ZBC.
Rationale — Why is it Important and timely?
The migration to ZBCN is crucial for several reasons:
1. Scalability and Efficiency: As our network’s capabilities expand, the increased transaction volume requires a more efficient and scalable token structure.
2. Simplified Transactions: A 1:10 token split allows for simpler and more intuitive gas fee calculations in whole numbers, enhancing user experience.
3. Market Accessibility: The lower nominal value of ZBCN post-split will make our token more accessible to a broader range of investors and users, potentially increasing participation and investment in our ecosystem.
4. Enhanced Network Functionality: With the integration of payment, data, and physical infrastructure services, a unified and versatile token like ZBCN will streamline transactions and network interactions.
Motivation for split
The decision to migrate from ZBC to ZBCN is driven by the need to:
Accommodate our network’s growth and the expanded range of services it offers
Improve the practicality and accessibility of the network’s token economy.
Align our token structure with the anticipated increase in network activity and transaction volume.
Accompany Zebec’s rebrand to new name — Zebec Network
Specifications
Token Swap Ratio: ZBC will be exchanged for ZBCN at a 1:10 rate.
Token Supply: No new ZBCN supply will be created; all existing ZBC tokens will be burned and replaced with ZBCN at swap.
Migration Period: The swap will commence on April 10th and conclude on May 10th, during which both tokens will coexist.
Migration Mechanism: A dedicated migration portal (migration.zebec.io) will facilitate the token swap. ZBC swapped for ZBCN will be burned in the process through a smart contact.
Exchange Coordination: Exchanges currently listing ZBC will support the transition and swap tokens automatically, with ZBC trading and withdrawals suspended on April 8th, and ZBCN trading commencing on April 10th.
By adopting this proposal, we aim to position our ecosystem for sustainable growth and enhanced utility, ensuring our network remains competitive and responsive to the needs of our users and the broader market.
