The platform will use the START platform token for exclusive access to premium platform services and function. START tokens will be distributed in three rounds as detailed in the “T-Starter distribution and Tokenomics” post. Our first round distribution will make use of a fixed token swap contract on the Telos blockchain to exchange Telos PBTC for START tokens at a ratio of 500 000 START = 0.1 PBTC (20 SAT : 1 START). No web interface will be provided for this round of token distribution. Instead, users will have to rely on standard Telos wallets and block explorers. This path has been chosen to allow trustless exchange of tokens in the simplest possible manner.
Because this approach may prove technically challenging, this post has been prepared to provide a step-by-step guide to participating in the token swap. It also provides links to the contract source for anybody wishing to verify the contract.
Summary of swap process
PBTC may be swapped for START tokens at a fixed rate of 0.1 PBTC = 500 000 START simply by sending PBTC to the token swap contract (Telos account otc.starter) with a transaction memo of “1,WR49DJ3JVFK8”.
- If the transfer of PBTC is done as described above the sender will receive START tokens in exchange for their PBTC at a ratio of 0.1 PBTC : 500 000 START (20 SAT : 1 START).
- 4 500 000 START tokens will be loaded onto the swap contract. Users can swap PBTC for START tokens as long as tokens remain on the contract.
- The swap contract requires a minimum of 0.00002 PBTC to be sent. Any attempt to send less than this amount will result in the transaction failing. No PBTC will be sent by the sender and no START tokens will be received.
- If the sender sends more PBTC than is needed to receive all the START tokens on the swap contract they will receive all the START tokens held on the contract plus the surplus PBTC not needed to complete the swap (change).
- After all the START tokens on the contract have been distributed, it will no longer be possible to send PBTC to the contract. All attempts will simply fail.
A detailed description of the swap process using bloks.io is provided below.
Step 1: Connect to Telos using bloks.io
Follow the following link to open bloks.io and connect to Telos.
Step 2: Use your preferred wallet to login
You must connect your favourite wallet to bloks before you can carry out any action. Do this be clicking “login” (highlighted above).
Step 3 : Check tokens available
You can check is SWAP tokens still remain on the swap contract. START tokens available for exchange will appear on the account. The account can be viewed on bloks.io using the following link;
https://telos.bloks.io/account/otc.starter
Step 3 : Send PBTC to the swap contract
Send your PBTC to account “otc.starter” with transfer memo “1,WR49DJ3JVFK8”. Using the wallet option in bloks.io, the transaction will appear as follows;
Step 4 : Verify you have received your START tokens
If the your transaction succeeds you will send PBTC to otc.starter and receive START tokens at a fixed ratio of 20 SAT : 1 START. You may verify the exchange by selecting the transaction reference link in the confirmation notification from your wallet or simply by viewing your account using a block explorer.
Important information
Send to : otc.starter
Send only PBTC (PBTC@btc.ptokens)
Minimum amount : 0.00002000 PBTC
Transaction memo : 1,WR49DJ3JVFK8
Exchange ratio : 1 SAT : 20 START (0.1 PBTC = 500 000 START, fixed ratio)
Swap contract source
For those interested in inspecting the source code of the contract used in this token exchange, the code is available in this public GitHub repository.
Need help
If you experience any difficulty or have any questions regarding the process described above connect with us on our Telegram channel.
