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Owners of the ONE token from the group at Consistency need to make strategies to exchange their ERC-20 (ethereum) or BEP-2 (binance chain) symbols for the coin on Consistency’s blockchain if they wish to have the ability to join laying as well as various other network tasks.
According to an article shared Thursday, Harmon’s token swap prepares to begin, permitting present owners to change to the firm’s indigenous possession.
“The ONE token swap is the initial of numerous actions we will certainly absorb 2020 in the direction of a completely fledged Consistency system. Mainnet ONE owners will certainly quickly have the ability to lay their coins to make benefits as well as get to our safe, quick as well as inexpensive blockchain,” Nick White, a Consistency founder, informed CoinDesk through e-mail.
Consistency is a proof-of-stake blockchain that makes use of sharding with the goal of getting to very quick, massive negotiation for numerous individuals. It increased $18 million in a token sale to calculated financiers in 2014, adhered to by a first exchange offering on the Binance Launch Pad in May, offering an extra $5 million well worth of symbols.
For individuals of specific exchanges, this swap will certainly be automated. According to a resource accustomed to the issue, a lot of ONE symbols currently rest on exchanges.
Unlike some previous token swaps, such as EOS, there’s not a means for individuals to by hand perform the swap. Owners of either of the symbols will certainly require to pack them onto an exchange taking part in a bridge with Consistency. As soon as on such an exchange, the symbols can after that be taken out, however they will just return as the ONE indigenous coin.
Token swaps were a significant motif of 2018 appearing the first coin offering boom, however they’ve been much less typical as even more firms have actually avoided offering cryptocurrency in advance of their performance.
According to a Consistency agent, just Bitmax presently has the swap live as of this writing. Binance ought to be running the swap since Feb. 3.
The statement additionally shows various other companions will certainly allow the swap quickly, consisting of HonestMining (a betting solution), as well as exchanges consisting of Huobi, Gate.io as well as Kucoin. Owners will certainly have the ability to make added ONE coins by laying, however they will certainly require the indigenous variation to do so.
Consistency has actually additionally incorporated with numerous equipment budgets for storage space offline, such as Journal as well as SafePal.
The Consistency network is online currently, though not all the attributes are. As an example, confirming nodes continue to be permissioned, however this will at some point come to be open. Validators will certainly be compensated with brand-new ONE symbols in incentive for protecting the network, under Consistency’s proof-of-stake system.
Consistency had a pre-mine of 12.6 billion ONE symbols released on the ethereum as well as binance chains, 36.9 percent of which was offered in the seed as well as launch pad sale.
The firm has actually not yet revealed whether there will certainly be a target date to make the swap.
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The leader in blockchain information, CoinDesk is a media electrical outlet that pursues the greatest journalistic requirements as well as abides by a rigorous collection of content plans. CoinDesk is an independent operating subsidiary of Digital Money Team, which buys cryptocurrencies as well as blockchain start-ups.
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