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OPEN Community FAQ

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Please note that this FAQ can be updated

1. Can the circulating supply be updated on CoinMarketCap?  

The circulating supply will depend on the token swap results, so it is best to update after the swap is complete. We have been in contact with CoinMarketCap and will make updates as we progress.

2. Why are tokens being doubled?

Tokens are NOT being doubled. Since we have different tiers for the swap, the intent is to reward our long-term holders by giving them a bonus in the swap.

3. Could you help us better understand how the swap and bonus is not diluting the token supply?

The non-circulating supply is increased by the same factor as the circulating supply so relative token proportions stay the same. Circulating supply increases as a bonus to holders.

4. When will the token swap event take place? Why do we need to wait this long?

The token swap event should take place in the next 4-8 weeks. The wait is due to the fact that we added more features to our development roadmap, which is reflected in our blog.

5. How will you execute the token swap? Do I need to do anything manually?

No, you do not need to do anything manually. We will execute everything automatically.

6. Are the new protocol tokens ERC-20 compatible?

Yes, they are ERC-20 compatible.

7. Will the new protocol tokens be on OPEN Wallet?

No, not until the mainnet launch of OPEN Chain.

8. What do I need to do to claim my bonus?

You just need to hold until the token swap event.

9. Will the new protocol tokens be on an exchange?

We will provide updates when full swap details are released.  

10. What happens to the old tokens during the swap?

The old tokens are replaced with the new OPEN protocol tokens.

11. What happens if I did not sign up for the token swap snapshots?

Tokens are automatically swapped 1:1 if you did not sign up.

12. Are the new tokens utility tokens?

Yes, they are utility tokens.

13. Will my tokens be diluted if I did not register all of them in the first snapshot?

No, if you signed up for any snapshot you will get a bonus on the tokens you held till the swap event.

14. If the swap takes place before mainnet, how will it work?

The swap would just be sending to a new contract on the ETH network, but the new tokens will have advanced functionality within our ecosystem. The new tokens will then be swapped 1:1 when mainnet is released in Q1 2019.

15. Will an OPEN Wallet be required for the newly swapped tokens?

No, an OPEN Wallet will not be required.

16. Are the team members eligible for the swap bonus?

No they are not, team member tokens will be treated as a part of the non-circulating supply.

17. When will the OPEN Wallet be ready?

We are currently performing testing so that we when we are done, we know that you are getting the best product available. Most of the wallet is ready and version 1.0 is being finalized.

18. When will you launch testnet?

Testnet development is well on schedule. More updates to come.

19. Can anyone run a masternode or only selected people?

It is a delegated proof of stake system so only people that have staked a minimum amount of tokens can become masternodes.

20. Will unsold tokens be burned?

Yes, all unsold tokens will be burned.

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