Considering the iOWN community request for a more dynamic experience utilizing the token, we are excited to announce a major upgrade to the iOWN Token that will give you “the token holders” a solution to current scalability hurdles with Ethereum and support our goals.
The Upgrade: iOWN Token will migrate from Ethereum Blockchain to BNB Chain, formerly known as “Binance Smart Chain”.
Why Upgrade: Lower Transaction fee Averaging between $0.3 to $0.6 worth of BNB compared to Ethereum gas fee of $5 to $40 worth of ETH. The BNB chain will also allow us to integrate with DEXs such as PanCakeSwap that will open opportunities to a high-volume decentralized market. The utility of token will operate smoothly iown ecosystem allowing iown token to be efficiently utilized as mean of payment benefiting from a low transaction fee and high transaction speed.
The Swap: We will issue current token holders with the new iOWN Tokens on the iOWN Wallet. The distribution of 1:1 (old:new) will take place on the 1st of March 2022. Holders of the old iOWN Token storing the tokens on 3rd party wallets such as MetaMask will also receive the new tokens as long as they activate the Binance Chain on their wallet, follow instructions to add Binance Smart Chain to MetaMask here.
When: The Distribution will take place as soon as the new contract is audited by CERTIK – a leading smart contracts audit firm approved by CoinMarketCap
Requirements: If you hold your tokens on the iOWN Wallet, we will distribute the same amount you hold in new issued tokens to your wallet and your old tokens will not be valid. If you hold your tokens on 3rd Party wallets, we will distribute the tokens to the Binance Smart Chain compatible wallets.
Recommendation: Hold your tokens on the iOWN Wallet, if you haven’t installed the wallet yet, Download Here.
Token Supply: Current Max Supply on the Ethereum ERC-223 Contract is 450M Token, with the upgraded BNB Chain contract, we are pleased to announce that the new max token supply will be 350M (100M token burn). By eliminating 100 Million tokens from supply, we will be providing transparency and positive direction and movement for the token.
Upgrade & Status Timeline:
|
Upgrade and implementation |
Status |
|
BNB Chain new iOWN Token Contract |
Completed |
|
CERTIK new contract Auditing |
Submitted and under Audit |
|
New iOWN Token distribution to holder |
Distribution after CERTIK audit certification |
|
Coinsbit Exchange token listing |
After token distribution to holders |
|
2nd Exchange listing |
Under Review |
|
DEXs listing (e.g. Pancakeswap) |
After 2nd Centralized Exchange listing |
Read More:
Smart-contract enabled Blockchains come with development hurdles… high gas fees, slow block times, or any heavy trading could congest and slowdown a Blockchain Network. Binance Smart Chain comes in to solve the challenge of scalability.
What is BNB Chain?
BNB Chain’s distinction to other blockchains is the smartcontract functionality and Ethereum Virtual Machine (EVM) compatibility.
Since BNB Chain is EVM Compatible, it supports the various dApps, and utility platforms available in the Ethereum Ecosystem, making it easier for developers to move their projects from Ethereum.
It’s worth pointing out that BNB Chain is not a layer two or off-chain scalability solution. It works independently off Binance Chain although they have the same design.
BNB Chain & iOWN Token?
Due to current scalability hurdles with Ethereum, the iOWN team is looking to implement the “Binance Smart Chain” to improve transaction fees and efficiency. The BSC will ALSO allow us to achieve the best customer experience across our platforms such as DEXs and managing crowdfunding campaigns on the blockchain.