NKN testnet token (tNKN) redemption

Posted on 6月 17, 2019

June 17th, 2019

Why

Since its debut in late August 2018, our public testnet has grown to over 12,000 nodes globally in June, 2019. That is more than Bitcoin or Ethereum in terms of full consensus nodes. Thanks to our community for supporting the new kind of Internet, making it stable, performant, and secure.

Since our mainnet launch is approaching fast, we need to ramp down testnet and conclude this phase of testnet reward program.

What

As we promised earlier, we are happy to announce that you will be able to redeem your NKN test tokens (tNKN) into ERC-20 NKN token starting Monday June 17th, 2019. The end date is to be determined and will be announced later.

The official tNKN testnet token swap tool is here:

https://swap4testnet.nkn.org/

Conditions and restrictions:

The minimal tNKN test token you can redeem is 100 from each wallet address, and the maximum is 500,000.
Conversion ratio is 5:1, 5 NKN test tokens will be converted to 1 ERC-20 NKN
The redemption period will start Monday June 17th, 2019 and the end date is to be determined.

Notes:

When we announced the testnet incentive plan late last year, tNKN was valued at 0.0046 USD at 5:1 conversion ratio. The current tNKN is equivalent to 0.0127 USD: almost 3 times appreciation.
There is a daily upper limit of 2,500,000 tNKN (equivalent of 500,000 NKN), for swap. It is designed to enhance swap system security and smooth out the impact on overall token supply. If you have special needs, please contact swap4testnet@nkn.org directly.

Guide

Read me first

Ratio of swapping tNKN in testnet to ERC-20 NKN is 5 : 1。
Please do a test swap with a small amount of tNKN tokens before you swap a very large amount of tokens.
If you have any questions, please contact our customer support swap4testnet@nkn.org directly.

Fill in the details

The official tNKN swap tool is here:

https://swap4testnet.nkn.org/

There are three inputs you need to enter:

Testnet wallet address FROM where you will send your tNKN token. We show here screenshot from testnet wallet, where to find this address.
Amount of tNKN you want to swap: e.g. 1,000.
ETH wallet address TO where you will receive your ERC-20 NKN token. We show here screenshot from Metamask wallet as Chrome browser plug-in.

In the following example, you can find out your tNKN address from NKN testnet wallet. This address should start with letter “N”.

https://testnet.nkn.org/wallet/open

In the following example, you can find your Ethereum address from Metamask wallet. The address should start with “0x”.

Once you collect all the information, you can enter into the web tool as below. Then press “Next Step”.

Although the email address is optional, we still recommend that you provide an email address in case you need to contact NKN technical support.

Transfer the tNKN tokens

One you press “Next Step” from Step 2, you will find a similar screenshot on your https://swap4testnet.nkn.org website. This is a summary of your swap order, with all the information you previously entered, as well as an Order ID, and swap status.

Please record your Order ID now, for future reference in case of issues.

This screen also shows you a very important address: “tNKN payment address”. You will need to transfer your tNKN tokens from your wallet to this “tNKN payment address”. Note: you need to transfer the EXACT same amount of tNKN token as specified in the swap order. Otherwise the order will be rejected.

We show an example of such transfer from NKN testnet wallet. Your wallet may have a different user interface and procedure but the concept should be the same.

Click “Transfer”:

A Transfer Dialog pop up, paste TNKN payment address to “Transfer to address”，enter amount of tNKN token and wallet password，click “TRANSFER”，your tNKN will be sent to tNKN payment address

Check your token swap progress

Using the token swap web tool https://swap4testnet.nkn.org, when you press “Next Step” within the dialog from Step 3, or if you click on the top right corner “History” menu, you can see the progress of your token swap order.

There are small confirmation time on both the NKN testnet and Ethereum blockchain, but this swap should not take more than a few minutes. Please record your Order ID, in case you cannot get token swap completed successfully within a reasonable amount of time (for example, 4 hours or more).