NKN Mainnet Token Swap Update 2020

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mainnet token swap 2020

Introduction

Since September 2019, we have enabled two-way token swap between NKN Mainnet and ERC-20 tokens. A few major milestones have been achieved since then:

  • A very thorough and detailed security audit has been successfully completed and the final report has been published. This audit looks into all the source code of our nkn node software, as well as wallet and client SDK. Our core development team has fixed all major issues discovered during this 6-month long audit. We are certain that our mainnet is secure and dependable.
  • There is a significant increased usage of our NKN mainnet token for applications such as nMobile, nCDN and TUNA.
  • We have the world’s largest production mainnet with between 12,000 to 25,000 full consensus nodes, from July 2019 to June 2020. In addition, we have an absolute diversified and decentralized mining community, with less than 1% of mainnet nodes run by the NKN team.

Dual token co-existence

We plan to make both NKN Mainnet and NKN ERC-20 tokens available for the foreseeable future. Here are the reasons:

  • Ethereum is a proven platform with one of the strongest asset security capabilities in the entire blockchain industry. NKN Mainnet is very secure, as evident from the security audit, but relatively young compared to Ethereum.
  • It will take some time to complete integration with all major exchanges.
  • We want to make sure that every NKN token holder has enough time to carry out the token swap.

Swap schedule

The official swap tool is located here: https://swap.nkn.org 

NKN token swap between mainnet and ERC-20 is available according to the following schedule:

  • ERC-20 to Mainnet token swap: always open
  • Mainnet to ERC-20 token swap: open for 2 weeks every 2 months
    • July 20-31, 2020
    • September 21-30, 2020
    • November 16-27, 2020
    • Future dates to be announced.

Additional notes:

  • The minimum amount to be swapped is 100 NKN.
  • We want to make every effort possible to ensure that token holders can swap their assets in sufficient time.
  • Please note that NKN Foundation reserves the right to change the schedule due to national holidays, major events, technical support availability, and other factors.

Exchanges

Each exchange has a different technical and financial requirement when it comes to  an integration schedule for mainnet tokens. NKN will work with all major exchanges to make sure they support NKN mainnet token, and provide a smooth token swap mechanism for current ERC-20 token holders who deposit their assets on those exchanges.

We will start with smaller exchanges and gradually move up to higher volume exchanges, with abundance of caution for asset security.

Hardware wallet support

Hardware wallets add an additional layer of offline security and are valuable to some of our token holders. We intend to support the most popular hardware wallets, and specifically Ledger Nano. The time schedule for hardware wallet support will be announced later, after some of our commercial product launches.

Additional information

How to tell if your NKN tokens are Mainnet or ERC-20?

  • Mainnet NKN token address: NKN********
  • ERC-20 NKN token address: 0x12FE45****

The official swap tool is located here:

https://swap.nkn.org

For complete guide, you can find it here: https://forum.nkn.org/t/guide-nkn-s-official-mainnet-token-swap-tool/1727

After reading our guide and you still have questions, please contact our customer support [email protected].

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