What is the conversion and how does it work?
As of this writing, the Taraxa token is still an ERC-20 contract residing on the Ethereum blockchain. The goal is to eventually convert the ERC-20 tokens into the native tokens residing on the Taraxa blockchain.
Technically, the conversion is pretty simple. But the technical process must be done in coordination with the exchanges that the TARA token is currently listed on, since otherwise all deposits and withdrawals will be disabled on these exchanges, wreaking havoc on the ecosystem.
Here's a quick overview of the mechanics of the conversion,
- 1.Coordinate with the exchanges on a specific date & time when the conversion will take place
- 2.Disable the ERC-20 contract on Ethereum
- 3.Copy down the balances of the ERC-20 contract on Ethereum
- 4.Place these balances inside the genesis block of the Mainnet
- 5.Reset the Mainnet with the updated genesis block
We've submitted all materials & documentations required to the exchanges, and are waiting for them to give us a timeframe. You can track the status here.