ICON (ICX) token swap is going smoothly with ‘no issues’: Foundation

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June 22, 2018 by
ICON (ICX) token swap is going smoothly with ‘no issues’: Foundation

ICON (ICX) began its token migration and it will take a few months to get completed. In the meantime, the token swap is cruising efficiently as well as with no problem, the ICON structure discussed.

At first, ICON launched its very first crypto token, ICX, on the Ethereum Blockchain. However, with its raising popularity, it is now moving the symbols over to its very own blockchain. The MainNet launch took place in January. Presently, the task is to switch $42,750,000 worth of ERC-20 symbols with an equivalent quantity of ICX symbols from currently to September 25. The token will certainly be exchanged at 1:1 swap currency exchange rate that is, 1 ERC20 ICX token = 1 MainNet ICX coin.

The exchanges that are sustaining the migration include, Binance, Upbit and Bitthumb. Token owners must transfer their tokens to any one of the exchanges pointed out. On June 25, owners will likewise have the ability to use their ICONex budget for migrating their symbols. SYMBOL Foundation, the company which is in charge of the growth says that so far things have been smooth cruising. A representative for the structure informed CoinDesk: “No concerns have been reported and also we haven’t had any on our end.”

Right after the migration completes, the users can resume their ICX down payments as well as withdrawals. The sustaining exchanges have actually stated that they would wait until ICON MainNet has been verified safe before deposits and withdrawals begin once again. “We will open up ICX down payments and withdrawals again when we deem the ICX MainNet to be secure,” Binance pointed out on their site. The representative for the ICON structure informed CoinDesk, “As of now there is no location to watch the procedure, however, we are discovering ways to make this possible.” For now, owners will need to just rely on the structure and also the exchanges till the swap is successfully done.

ICX token holders should trust the ICON Structure as well as the supporting exchanges to perform the swap efficiently. However, the foundation specified it could yet supply customers with oversight of the movement. “Currently there is no place to see the procedure, nevertheless, we are exploring ways to make this feasible,” a rep for the foundation told CoinDesk.

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