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Mock Conversion
This mock conversion document was prepared for the exchanges to conduct pre-conversion testing. However if you're someone who's technically-inclined then you're more than welcome to try this out yourself.
If you find these instructions hard to understand or follow, then it's probably best to just wait for the actual conversion.
The native token conversion is a big event for the Taraxa ecosystem. While the conversion mechanism is designed to minimize risk and the amount of work end users have to endure, it's nevertheless a good idea to try out the conversion for yourself prior to the actual conversion so you know what to expect.
The latest testnet reset occurred on March 1, 2023 (see Discord announcement), which mirrored the TARA ERC-20 contract at the
cutoff ETH block height: 16720500.
There are two simple goals of the mock conversion. Everyone should try to,
🪙 Verify your wallet's balance at the stated block height on the testnet, and
🔐 Verify your wallet's ownership by issuing a few transactions on the testnet
Let's get into a step by step example.
Alice has a wallet on the ETH network which holds some TARA tokens. She knows that during the native token conversion, all of her TARA holdings will be mirrored onto Taraxa's native Layer-1 network, but she doesn't know exactly how that works. Let's go through step by step on how she can take advantage of this Mock Conversion event to help familiarize herself with the upcoming native token conversion.
Alice's wallet address is
0xb2781265b0905123bed40d4d0fb08a4bff28702a , we can see that by block height 16720500, Alice has a balance of 1,289,181 TARA ERC-20 tokens on the Ethereum network. As of this writing, you can check this balance yourself on Etherscan, note that the last transaction occurred on ETH block 16690828, which is earlier than the block cutoff of 16720500. Note that, if unlike Alice, you've made additional TARA transactions after ETH block
16720500, then you'll need to manually account for them, or "roll back" these transactions in your calculations. Just find the transactions that took place after the cutoff and reverse them in your calculations. Alice has also participated in staking. As of this writing, she has
86,074,923 TARA tokens staked in the staking contract. If you have staked, you can check this in the community site's staking section. After the conversion, Alice's balance in her wallet should be her wallet balance + her staking balance, which in this case is:
1,289,181 + 86,074,923 = 87,364,104 tokens.
Now Alice will go to the Testnet that was recently reset, and see if her balance was correctly mirrored over from Step #1.
On the explorer, she visits her address's page,
and the balance is exactly what you'd expect from Step #1 - as of this writing.
🥳 Alice has verified her balance!
Now that Alice has confirmed that she has the correct balance on the Testnet, next she will try to confirm that she truly OWNS this wallet.
To do that, she can try to send some coins to other addresses from this wallet by doing the following.
- 1.
- 2.
- 3.Once connected, Alice can simply send some coins to any address, since this is the Testnet and this is a mock conversion, the tokens aren't real and she won't lose anything.
- 4.➡️ MAKE SURE Taraxa Testnet is selected in the wallet. ⬅️
- 5.If Alice is able to successfully make a transaction, that means she does indeed has ownership over her wallet!
🥳 Alice has verified her ownership!