RatCoin (RAT) Is Being Swapped To RatCoin (RAT) 2.0
https://ratcoin.network/ratcoin-ratcoin-2-0-swap/Heres what you need to know
Why the Swap?
After reaching maximum supply earlier this year it was decided it was necessary to perform a swap for the following reasons:
1. We had reached maximum supply and with 225% POS there will be astronomical growth in the total supply, which will devalue RAT even further if allowed to continue.(We went from 90 billion to 100 billion total supply in less than a week, imagine what it would be like in 6 months)
2. It allows the new dev and admin team to ability to take control of the chain back for the community as we will now have our own chain back in our control and wallet updates will be easier. We also now have a new flash wallet that fits in with out branding, which makes RatCoin look more professional. It also looks good for us having development being done more frequently, which is what this will allow.
3. To ensure the future of RatCoin and also to entice new investors. RAT 2.0 will allow for new POS earning into the future, with a staged POS that will cater for inflation and total supply growth as time goes on. All things that the old RAT did not have.
4. To give the RatCoin Community and the dev and admin team funds from the pre-mine (see below) that will allow for airdrops, bounties, competitions, exchange listings, mobile and desktop wallet development and many other things that we previously had to raise funds for, which always led to things stagnating.
5. To ensure that we protect the existing investors in RatCoin by not allowing the total supply to become so out of control that the coin becomes worthless.
What will the Swap be?
The Swap Ratio will be 1:100, which means that if you had 1,000,000 RAT you would receive 10,000 RAT 2.0. You can find all of the other specifications for the new coin below. All of these specifications were thought about in depth and worked out to make sure that we both looked after the existing investors and ensured both the interest in and the future of the RatCoin Network.
There is a pre-mine for the swap which is detailed below, and you can find more detailed information about both the Development and Community Fund part of the pre-mine below as well.
RAT 2.0 SPECIFICATIONS
SWAP RATIO: 1:100
Algorithm: Scrypt POS / POW
MAX Supply: 9,000,000,000 (9 Billion)
Premine: 20% (1.80 Billion) made up of:
10% for the swap (~900 million)
5% for Development (~450 Million)
5% Community Fund (~450 Million)
Block Time: 3 Minutes
Maturity / TXN Confirmations: 30 Blocks
Staking Maturity: 30 Blocks (~1.5 Hour)
POW: until block 1000
POW reward: 0 (just used to stabalise the network initially)
POS Staking APY:
Block Start Block End POS %
0 50,000 20%
50,001 100,000 225%
100,001 150,000 200%
150,001 200,000 175%
200,001 250,000 150%
250,001 300,000 125%
300,001 350,000 100%
350,001 400,000 75%
400,001 550,000 50%
550,001 600,000 25%
600,001 650,000 20%
650,001 700,000 15%
700,001 750,000 10%
750,001 Max Supply 5%
It will take over 4 years to reach block 750,000, at which time the total supply is estimated to be just under 4 Billion. Maximum supply has been estimated to be reached in approximately 40 Years
What do I need to do?
RatCoin has partnered with Bololex exchange to make the swap process as easy as possible for all holders of RAT. If you have any RatCoin this is what you need to do to ensure that the swap for you goes smoothly and happens fast:
If you already have a Bololex account you can skip this step. If you dont have a Bololex account, you will need to create one which you can do by following this link: Get Bololex Account
Once you have a Bololex account you will need to transfer all of your RAT to your RatCoin account address on the exchange. This needs to be done no later than 5th February 2021
The swap will be done automatically by the exchange and your new RAT 2.0 will be available from your new address.
Download the new RatCoin wallet from here: https[Suspicious link removed]
Install the new wallet, let it sync and get a new RAT 2.0 address.
Transfer your new RAT to your wallet and start Staking
If you have any issues setting up your new wallet, we will be available on both Telegram and Discord to help you with any support issues you may be having.
What Exchanges will be available?
At the start we will only have Bololex and Stakecenter as exchanges for RAT 2.0, which we think is still awesome. We decided to partner with Bololex as we believe they are a good exchange and think that RatCoin has a huge ability to grow on the exchange. They also agreed to help us out with the swap, which on behalf of the community we are grateful for as it will make things 1000x easier for the whole community.
Bololex has also agreed to list RatCoin in the following pairs to trade straight away; DOGE/RAT , TRX/RAT & USDT/RAT. We are able to list additional pairs (and we will definitely look at doing this) by paying an additional 100 USDT per pair we add. This is partly what the development fund is for, and we will be utilising this to fund such pair additions as well as to pay for listing fees on new exchanges for RatCoin.
What is the pre-mine, who gets it and how does it all work?
RAT 2.0 will have a pre-mine of 20%, which is 1.80 Billion RAT
Sounds like a huge amount, but there is a good reason for it and it will all make sense soon.
To start with, 10% (900 Million) will be used to swap the old RAT to. The other 10%, as mentioned previously, will be used; 5% (450 Million RAT) for a Development Fund, 5% (450 Million RAT) for a Community Fund.
5% DEVELOPMENT FUND
The 450 Million RAT will be transferred to a single address (where it will stake) that will be available publicly from the website and will be used solely for the development of RatCoin into the future including; wallet creation / updates, mobile wallets, exchange listings and more. All big decisions will be decided on by a community vote and no funds will be unaccounted for.
5% COMMUNITY FUND
The 450 Million RAT will be transferred to a single address (where it will stake) that will be available publicly from the website and will be used solely for the development and growth of the community through bounties, competitions, airdrops, bonuses and more. Once again all use of the funds will be limited to this only and all campaigns and payments etc from this account will be decided on by the community or the admin / development team.
All uses of both the Development Fund and the Community Fund will be documented and available via the website for all investors too see.
PLEASE NOTE: All of the pre-mine funds will be utilised for the above purposes. In no way, shape or form is any member of the development or admin team getting any additional benefit from this swap in the form of free coins etc. We want to keep EVERYTHING above board here and only want this swap to be of benefit to the community and RatCoin investors, which we all personally are. All the development and admin teams members are subject to the same swap ratio, and must have existing RAT to swap.
What happens if I miss the Swap?
Unfortunately there has to be a cut-off date for any swap. We have tried to make the community aware and give them enough notice through social media and the length of the swap time so that they are able to swap their RAT in time, but we must have an end date so the project can move on.
Unfortunately if you have missed the cut-off date for depositing your RAT into an account on Bololex for the swap, you will no longer be able to swap your coins as the old chain will have been shut down. We have tried, where possible, to allow enough time for people to complete this process and apologise if you have missed out.
What happens if I have other questions not covered here?
If you have any questions not covered here, we will be available on both Telegram and Discord to help you in any way we can.
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....either way I am not concerned. METRO was always a good project and should never have been abandoned and/or swapped just to make a quick $$...SO../..
