ShiftNrg Announces Redenomination of SHIFT to Wrapped Shift (wSHIFT)
First off, a big thank you to our development team for their hard work in making this update possible! ShiftNrg is excited for a transformative 2021 and this is only the first of many exciting changes coming to our project.
Following is a brief synopsis of why, how, and what we are doing.
Why?
- Create a safe medium of exchange for token-holders to trade our coin
- Provide greater outreach to future users of ShiftNrg’s Phoenix platform
- Assist in the migration from ShiftNrg’s Lisk-based blockchain to ShiftNrg’s new Substrate-based blockchain
- Operate as a 2-way bridge when paired with ShiftNrg’s new Substrate-based blockchain
How?
The migration from (old) SHIFT to wSHIFT is a 3 step process (not live yet):
- Burn SHIFT by sending one’s SHIFT to the designated burner address
- Submit a signed message, from the account used in step 1, to Shift Community Project for processing
- Submit a signed message to Shift Community Project, from one’s Ethereum account, to confirm ownership of the designated address signed in step 2
What you need to do right now?
Nothing.
The redenomination, as in DOT’s redenomination this past August, simply converts your 1 SHIFT into 10 wSHIFT without diluting your holdings. When the time comes to migrate your SHIFT, you should do so. As a holder of SHIFT, you have two options to convert your coins: SHIFT to wSHIFT or SHIFT to Substrate SHIFT. Instructions will be released to migrate your current holdings to wSHIFT or Substrate SHIFT in a non-dilutive, 1:10 ratio once our developers have completed their work on the migration process. We will post updates on Twitter, so follow us there to stay updated and — importantly — know what to do, how to do it, and when.
What’s next?
Liquidity. Bounty. Tutorials. Substrate migration. And, a full newsletter with more details soon (days to weeks).
In summary: DO. NOT. PANIC. ShiftNrg is NOT diluting current coin-holders. More details regarding wSHIFT are currently available on our GitHub page.
Please follow us on Twitter, ask us on Reddit, or join our Discord server or Telegram (unofficial) chat for the most up-to-date information.
Sincerely,
The ShiftNrg Team
