Blockchain Migration & Coin Swap (Update)

As you most likely already know, we are now actively migrating from our old (NXT-based) blockchain to a smartchain powered by Komodo technology. As a result of our decision to migrate, and largely due to technical guidance from Komodo, the maximum supply of ACTN has been reduced from 10 billion ACTN to 2 billion ACTN (200 million of these will be “minted” or “mined” by ACTN stakers over the next 10 years).

Komodo Technical Guidance

The new blockchain is a 100% dedicated, “proof of stake” (POS) chain. I originally launched a 65% POS/35% POW smartchain as detailed in December, but during the testing phase, I noticed extended block times (up to 20 minutes) at various points throughout the day, followed by groups of blocks featuring extremely short block times. After some additional research and consultation, I attributed this behaviour to several factors, including a significant difference between the mining and staking difficulty levels (resulting in lengthy difficulty adjustments), in addition to the blockchain software compensating to meet a target of 1440 blocks per day; one that it was missing with increasing regularity.

What does all of this mean for the average user?

If you have an account on our main website, and there was a positive balance there on April 23rd, 2020, that balance was automatically reduced to 1/5th of the previous total (due to the supply reduction mentioned above). No further action is required. STEX users also had their coins automatically swapped for them on April 24th, 2020. Aircoins is currently working on an ACTN swap for their users, and ACTN deposits and withdrawls are currently disabled over at SWFT while they update their wallet.

Now, if you are one of the thousands of people that hold the keys to a wallet on the old blockchain, you now need to create a wallet on the new blockchain, then exchange your old coins for new coins by sending your old ACTN back to us along with an unencrypted message containing your new wallet address. Detailed instructions are located here. I will then respond , as I am able, by sending 1/5th as many of the new coins (due to the supply reduction mentioned above) to your new address on the new blockchain. Simple!

If you’re having issues, please reach out to other community members via our main Telegram channel, or contact our technical support department if you’re really stuck.