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Hello everyone! Thank you for all your questions and messages regarding our imminent and exciting migration towards an ERC20 token.
This blogpost compiles all your questions and answers them - we will be adding more of these as we progress.
If you haven’t already, please make sure to read through our blog post on migration. The migration start date and time is the 19th of November, 4pm CET.
What are the benefits of migrating GNT to be ERC20?
Mainly we will be able to leverage Layer 2 on the settlement layer of New Golem. We need Layer 2 payments as the network operates with microtransactions and Ethereum gets often congested.
Moreover, through ERC20 users will be able to leverage DEXes and DeFi with the new token.
Is the current GNT token not an ERC20 token, why?
Currently GNT is not an ERC20 token. When the token needed to be created it was yet to be clear whether or not the ERC20 token standard was ready for adoption (yes, GNT is that old!) so the decision was at the time made to create and audit our own token type, still on Ethereum although just not technically ERC20. With the rise of decentralized exchanges and layer 2 solutions usually being built for ERC20 tokens it became clear that the token needed to be migrated. Our future-seeing developers at the time of GNTs creation included a migrate function in the GNT smart contracts so thankfully token holders can migrate in a decentralized and trustless manner.
Why are you not mentioning the ticker name?
To prevent scams. So if you see a new ticker name mentioned anywhere before 19/11 at 4pm, it’s a scam. Please report this to email@example.com
How long do I have to migrate?...
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