Learn more about the test $GEOs conversion mechanism
GeoDB is getting close to deploying GeoCash on the Mainnet. The coming of the Mainnet includes a swap from GeoCash Testnet tokens to erc20 tradable $GEO Tokens. Our community continues to grow, and we see constant engagement within GeoDB social media channels. With thousands of Geocash wallets given a chance to convert to Mainnet, we now have the opportunity to add a large number of new $GEO token holders!
To keep everyone up to date on what’s happening with the Mainnet launch, token swap, and distribution, the team will be compiling all information into several short articles.
Token swaps are never easy; however, we have tried our best to simplify this as much as possible. While this proposal may be attractive for many of you, not everyone will be able to swap their tokens to the Mainnet immediately without considerable guidance. Hence, We will also provide ample time for the community to understand how the conversion will look.
As most of you already know, investing in cryptocurrency requires some technical knowledge and know-how. Many online guides are written for those who already have a good understanding of the process, and very few are designed for those who wish to get into this space for the first time.
In the spirit of demystifying the process, we will be putting together several detailed guides and videos covering how to convert your tokens from Testnet into the Mainnet.
We have accumulated a large number of dedicated users who have helped us build a strong Testnet. Since there are so many of you, we must eliminate false data, while simultaneously rewarding correct data provided to GeoDB. This means that any GEOs mined through unnatural behavior (including cloning or using devices not linked to real people) will not be rewarded and will not be swapped. This will enable us to provide a great conversion rate to our actual users.
Our systems can differentiate between GEOs that have been mined through genuine human behavior and those which have been mined through attempts to trick the system. All Geos mined during our Testnet phase have been categorized as either true or false, based on our analysis. For any blockchain project, it’s essential to have procedures in place to stop those who try to trick the system and take advantage of the community! We have been doing our best to build a platform that prevents those who trade in bad faith from having an unfair advantage. Some people have produced geo tokens by cloning and attempting to sell them in the market. Since all tokens produced by unnatural means will be deemed false, these tokens will be removed from the system; i.e., you will not be able to swap them. We are currently making all efforts to ensure that the system runs appropriately and fairly.
Idea of conversion
The swap is necessary because GeoCash currently resides on the Testnet which uses non-tradeable Geocash $GEO tokens.
We are now introducing a staking mechanism so that we can curb the acts of token-dumping which may artificially drive down the price of the token. With our new mechanism, our users will be able to hold onto their tokens for a more extended period. As a result, they will be rewarded with a better conversion rate (Up to 1:1) for doing this!
NOTE: All false Geos will be cancelled during the swap process and will have no value.
GeoDB will not be held responsible for purchases of testnet Geos from anyone whose tokens are cancelled during the swap process.
GeoCash users will be able to convert their GeoCash $GEO tokens immediately as soon as the swap platform launches. The rate will be 5% on day one and 100% after 365 days of holding a token.
Important facts to be aware of before swapping tokens
- Do NOT send GeoCash testnet tokens to exchanges or other erc20 wallets — if you do, you risk losing your those GEOs forever.
- There is no minimum of testnet $GEOs required for the swap.
- Please make sure to follow our instructions properly. Any mistakes can result in the loss of GEOs.
- Remember to keep some ETH in your wallet to pay for transaction/gas charges.
- We will announce well in advance regarding the date of the swap platform launch.
- Do not buy GeoCash testnet tokens from anyone as they are maybe selling with the fear of being blacklisted.
Our team will be deploying a unique web portal to make it easy for our users to go through the swap process. We will also be publishing a detailed technical article covering how the process will look.
Look out for the next post!
In the meantime, please stay safe out there.
The GeoDB Team