Learn more about the first phase of our swapping mechanism
We are pleased to announce that we are now beginning phase one of the swap process.
Those of you who have kept up with the last few articles will be aware of the upcoming process and the exchange ratio.
For a complete idea of exactly what this means, check out the two articles below:
The first step is to ensure that the relevant wallets get rewarded. This means running a blacklisting process.
Our big data team is still in the process of identifying and analyzing these wallets. GeoDino Bot will notify you if any of the wallets you registered become blacklisted after December 23rd.
The full swap platform will be going live in the last week of December. For those who wish to swap beforehand, keep reading.
Why Are We Blacklisting Wallets?
Ultimately, this is about achieving the best possible conversion rate for our genuine users.
We want to identify and eliminate any false data generated as a result of fraudulent behavior. Any Testnet GEOs mined through unnatural behavior (including cloning or using devices not linked to real people) will not be swapped for tradable $GEO Tokens. This is all about carrying out some due diligence to ensure that you get an optimal conversion rate, as explained in our previous article.
Unnatural behavior is a coverall term for mining carried out using the following methods:
- Running emulators
- sharing constant data from a device which doesn’t have a natural human behavior (e.g., a phone which always has been in the same position)
- Using third party software to stimulate walking/running.
- Any other means of misleading or defrauding the system
All $GEOs mined during our Testnet phase have been categorized as either true or false. False $GEOs are those that have been mined using the above methods or similar. We are currently going through the process of blacklisting wallets with false $GEOs, and ultimately, all $GEOs on the network that are false will be purged.
As mentioned above, our bot will notify the blacklisted wallets by sending a private message from the GeoDino telegram account. The methods of identifying false $GEOs are advanced but for peace of mind- please make sure you register your wallets before the swap process begins. This is the only way to check whether or not your wallet has been blacklisted.
As ever, our primary concern is to do what’s best for the Geo ecosystem, its token holders, genuine users, and the community overall.
This process takes time. We need to do some manual checking in some cases, and we are committed to being completely thorough. We understand that waiting for the swap might feel frustrating, but ensuring the most substantial possible conversion rate and the network’s integrity is essential.
The good news is, this gives everyone time to mine more $GEO testnet tokens!
We also have an option for those who cannot wait and want to start swapping now.
Like we said, when the full platform is live, the best conversion rates will be available. Between now and then, we will be blacklisting all wallets with false $GEOs. If you feel that you are at risk of being blacklisted, we offer you a one-off opportunity to swap your tokens ahead of time.
After your wallet has been blacklisted, you will not be able to swap your $GEOs. Please take advantage of this chance to gain something from your mining activities.
The full swap platform will be going live in the last week of December. For those who wish to swap beforehand, check out the schedule below, which shows you what you can get for your test tokens.
Dec 1 — Dec 5
100 $GEO test tokens = 1 $GEO tradable token.
(All tokens converted in Phase A will be sent on Dec 6th in 1 go)
Dec 6 — Dec 15 (time zone CET)
200 $GEO test tokens = 1 $GEO tradable token.
(All tokens converted in Phase B will be sent on Dec 16th in 1 go)
Dec 16 — Dec 21 (time zone CET)
300 $GEO test tokens = 1 $GEO tradable token.
(All tokens converted in Phase C will be sent on Dec 22ed in 1 go)
Note: please note that all timezones above are in CET
As you can see, if you want to exchange tokens in Phase 1, the longer you wait, the lower the conversion ratio will be available to you. To start swapping today, you need to follow the process below:
Phase 1 swap Process:
- Send the Geocash test tokens that you want to convert to: 0x879fa4C4090Ab0a6D8a33f0364B029823a3dDe46
2. The minimum send limit is 1000 $GEOs. Anything below this will be disqualified and will have to wait for our second swapping phase.
3. Use the private key of the GeoCash wallet to load into the Metamask. If you don’t already have a Metamask account, you will need to download it.
4. The tradable token balance will be deposited into your Metamask wallet as soon as the phase ends.
That’s it! Simple.
Things are going to be moving quickly over the coming weeks & months. GeoDb will be posting updates regularly, so keep an eye out for upcoming news and developments.
Our priority is to ensure the integrity of the network and begin facilitating the swapping process. We want to thank everyone who participates in the network in the spirit it was intended, and we thank you all for your patience.
The GeoDB Team.