The Koinos ERC20 snapshot will take place October 31st (or later)!
The KOIN ERC-20 snapshot will be taking place on or after October 31st, 2022. It is this snapshot which will be used in the genesis block of Koinos main net to initialize all token balances. This allows Koinos to launch fully decentralized since all of the token balances will be based on the original proof-of-work mining process in a way that is completely trustless and verifiable.
The purpose of KOIN is to provide developers and end-users with “Mana” which is what will enable them to use the blockchain for free. The PoW mining gave early advocates the ability to acquire main net Mana in a way that was open, fair, and decentralized.
Since the entire point of KOIN is to acquire main net Mana, once the snapshot occurs, there will be no utility to the KOIN ERC20.
It is therefore our recommendation that all KOIN holders move their KOIN ERC20 tokens on-chain (onto Ethereum) into wallets for which they have the private keys and seed phrases safely stored. This is the safest way to ensure that your tokens are included in the snapshot and you will be able to claim them once main net launches.
The snapshot will not take place any earlier than Mon Oct 31, 2022 00:00:00 EDT (12:00 AM). It can happen at any point after this time.
Snapshots are scary, which is why we’re giving well over a month’s notice for everyone to get prepared. Those who want to claim tokens on mainnet must have their KOIN ERC20 on Ethereum at the time of the snapshot. If you’re using a wallet, make sure that the wallet is non-custodial and provides you with a recovery phrase. The recovery phrase is how you can move keys from one wallet to another. By making the target the recovery phrase, or a hardware wallet that connects to Metamask, we cast the widest net and hopefully don’t lose anyone when mainnet launches
Prelude to Mainnet!
The snapshot is a necessary step to launching the mainnet, and we wouldn’t be announcing this date if we weren’t confident in the performance of the test net … but we’re not ready to announce the mainnet launch date quite yet, so stay tuned!
To stay up to date on Koinos developments, follow @ koinosnetwork on twitter.