Over the next 5-10 years dozens of sovereign nations will issue state-backed cryptocurrencies and cash will start becoming a thing of the past. China is expected to launch their very own digital currency within a few months. Less progressive countries will be left at a disadvantage until they develop their own cryptocurrency, or adopt another, and the almighty USD could even lose it's global reserve currency status as lawmakers drag their feet on the subject.
Those of us that are actively involved in the blockchain space, are in essence pioneering a technology that will most likely impact more than three quarters of the world's population in less than a decade. Very exciting times indeed!
Over at Action Coin we’re continuing on our quest to establish an ecosystem of products and services that are powered by Action Coin and the Action Blockchain. Behind the scenes we have been working on a number of interesting initiatives, and today I’m pleased to tell you about some of the changes that we’re making to our public blockchain platform, as well as fundamental changes that we’re making to the associated crypto-assets ACTN and FRMBK.
Action Coin Blockchain Migration
After months of research, testing and thoughtful consideration, we are now moving forward with plans to replace our existing blockchain software solution with Komodo, a “composable smart chain platform”. We have been busy experimenting with a custom testnet for the past few weeks, and we’re planning to soft launch our new mainnet before the end of the year.
The developers of the Komodo blockchain platform recommend a total supply of not more than 2 billion coins in order to avoid 64-bit overflows. As a result, the total circulation of Action Coin (ACTN) will be reduced to just 2 billion coins on the new blockchain. All existing ACTN collectors will be entitled to receive new coins at the rate of 1 ACTN(new) for every 5 ACTN(old).
Detailed information about the upcoming ACTN coin swap will be released as soon as it becomes available.
Farmbook Token (FRMBK) Supply Changes
As previously announced, we will be reducing the FRMBK supply to just 500 million tokens. This change is not being made due to a hard limit (as is the case with ACTN), rather it’s a big shout-out to the 500 million family farms that produce up to 80% of the food that feeds us.
0.235% of the existing FRMBK supply is already held by our community, and the owners of those tokens are therefore entitled to receive a proportional share of the new tokens through an official token swap. All existing FRMBK collectors will be entitled to receive the new tokens at the rate of 1 FRMBK(new) for every 200 FRMBK(old).
Detailed information about the upcoming FRMBK token swap will be released as soon as it becomes available.
Farmbook will be re-launched on or by December 1st, 2019. The new website is being developed as an agricultural marketplace; one that ultimately seeks to encourage the consumption of locally grown food.
The FRMBK token may be used for 100% of the purchase price on this new marketplace, at the rate of $0.002 USD per token.
In closing, I would like to take the time to thank everyone that continues to make this journey possible. Our core team, our brand ambassadors, and more than 100,000 community members worldwide.
Oh, and btw.. I’m also looking for more help. We need designers, investors, programmers, rocket scientists (j/k), teachers, writers and more.. Please contact us if you’d like to get involved!