NKN token swap: NEP-5 to ERC-20

Posted on January 4, 2019

Summary

One NEP-5 NKN token swap to One ERC-20 NKN token (1:1 ratio)
Exchanges such as gate.io and Bilaxy support automatic swap for its customers
Use NKN’s official web-based token swap tool https://swap.nkn.org , if you hold the tokens in private wallets.
Token swap deadline is March 28th, 2019.
This token swap has nothing to do with NKN test tokens (tNKN) which are mined on NKN’s public testnet.
There is no change to total number of token issued or token economics.

Timeline

Why

Based on feedback from community members, institutional investors and leading digital asset exchanges, NKN’s Project team propose to swap the current NEP-5 based NKN tokens to ERC-20 based tokens. This will enable improved liquidity as well as leveraging the larger ecosystem built by Ethereum.

What

Swap one NEP-5 based NKN tokens (Asset address: c36aee199dbba6c3f439983657558cfb67629599) to one ERC-20 based tokens (contract address: 0x5Cf04716BA20127F1E2297AdDCf4B5035000c9eb). The swap ratio is 1:1.
This move does not impact the content nor the schedule of NKN mainnet launch, currently planned for June 2019.
This token swap has nothing to do with NKN test tokens (tNKN) which are mined on NKN’s public testnet.
There is no change to total number of NKN token issued or token economics.

How

If you are a customer of exchanges (such as gate.io, Bilaxy)and store your NKN tokens there, exchange will carry out the swap automatically. Please follow exchange’s official notice and instructions.
If you store your NKN tokens in a personal NEO based wallet (such as O3 Wallet, NEON Wallet), please use NKN’s token swap web tool (https://swap.nkn.org ). Detailed instructions are on the swap website under Help-> Tutorial and also published on NKN’s Medium: https://medium.com/nknetwork/guide-nkns-official-token-swap-web-tool-375c5c48a87a
If you store your NKN tokens on any other digital asset exchange

You can wait until the exchange and NKN agree upon a time to swap within the trading platform.
Or you can withdraw NKN tokens from that exchange and deposit into a NEO based wallet (e.g. O3 or NEON). Then follow instructions in step 2.

FAQ

How long will this token swap take? Are there any cut-off date?

For Exchange (e.g. gate.io, Bilaxy) customers, please follow exchange official notice and instructions.
The deadline for token swap is 23:59 UTC, March 28th, 2019

2. How safe is the token swap?

Safety of digital asset for NKN token holders is of ultimate importance to NKN project team. Therefore we carry out all necessary precautions and planning.
Please only use the official NKN token swap web tool https://swap.nkn.org , or via exchanges (such as gate.io). Do not fall for scams that claim to be NKN team members or use spoofed website.
We have a transaction record mechanism in our token swap web tool. If for any reason the swap transaction is not confirmed for a long time (for example, 4 hours or more), please record your order ID so our customer support staff swap@nkn.org can help you track the issue.

3. What will happen to the NEP-5 smart contract?

NEP-5 smart contracts will stay intact, and will be locked to prevent further transfer or trade after the token swap deadline.
You can monitor the NEP-5 assets here: https://neotracker.io/asset/c36aee199dbba6c3f439983657558cfb67629599

4. Can you publish the new ERC-20 smart contracts?

You can monitor the ERC-20 smart contract here: https://etherscan.io/token/0x5cf04716ba20127f1e2297addcf4b5035000c9eb
We will publish the team wallet address for entire community to monitor.

5. Have you done security audit of the NKN ERC-20 smart contracts?

Yes, we have contracted with reputable auditing service (CertiK) to carry out comprehensive security audit of our ERC-20 smart contract. We have received their report on December 27th, 2018.
We have successfully passed the security audit with following summary: “CertiK believes this smart contract passes security qualification to be listed on digital asset exchange.”

About NKN

NKN is the new kind of P2P network connectivity protocol & ecosystem powered by a novel public blockchain. We use economic incentives to motivate Internet users to share network connection and utilize unused bandwidth. NKN’s open, efficient, and robust networking infrastructure enables application developers to build the decentralized Internet so everyone can enjoy secure, low cost, and universally accessible connectivity.