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OPEN Token swap summary with new snapshot date and random snapshots

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There have been many exciting updates surrounding OPEN and the OPEN Chain, and there are many more to come as well. Before we move on, we want to make sure the community is all on the same page in regards to the Token Swap.

We are pushing back the date of the snapshot to Friday, June 29 at 1:00 PM PST. We did this in response from feedback we have gotten from investors who needed more time to get their organization in check. The date to register your wallet for the Snapshot will also be moved to Thursday, June 28 at 11:59 PM PST.

Many people asked us questions about being able to buy or sell tokens before the snapshot. While you can do that, you must have your tokens in your registered wallet at the time of the next snapshot in order to capture the token swap bonus. Furthermore, in order to combat, volatility, we will be doing random snapshots in between the large snapshot events. The effect of random snapshots is best illustrated through an example:

  1. Sam signed up for the 2 for 1 Token Swap Bonus with 100 OPEN tokens in his registered address
  2. After the snapshot, Sam moves or sells 30 OPEN token
  3. A random snapshot takes place and Sam only has 70 OPEN tokens in his registered address
  4. Now, for the 2 for 1 Token Swap Bonus, Sam is only able to get the bonus on the 70 that was in his wallet at the time, as opposed to the original 100 at the time of the scheduled snapshot

Random snapshots are being implemented to tackle issues of volatility and reward our actual long term holders as opposed to others utilizing the volatility for their own sake. The frequency and timings of these snapshots will not be released in order to keep the random aspect of it and hold the integrity of the program.

Here are useful links explaining the Token Swap Program:

  1. Why we are doing a Token Swap
  2. Token Swap #1 Registration Form
  3. Walk through the Token Swap Program with a real life scenario
  4. Q&A answering most common points
  5. Final Token Announcement explaining the final structure

Our bounty announcement covers how we are going to be handling the vested part of the bounty campaign in regards to the token swap.

Please feel free to ask any questions on Reddit or to our moderators on Telegram, but check the FAQs first! Make sure you check out our new API Documentation on docs.openfuture.io and stay posted for our next technical update on Monday and other coming announcements.

The future is OPEN!

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