As of October 10, 2019, Whitecoin will usher in a new era. Whitecoin, more than five years old, will bring a warm current to the cold market. Let’s take a look at the details of the swap and get involved quickly!
Swap Time
Whitecoin will initiate swap of XWCC toward XWC at 18:00 October 10, 2019 (GMT) 10:00 (HK time) 6:00 (NY time). The entire swap cycle will last for six months. When all swap are completed or the deadline arrives, the swap process will be terminated.
Swap Channel
All community users who participate in Whitecoin Ecology and those who are interested in cross-chain ecology of blockchain can participate through the official website:
www.whitecoin.info. Make sure that you have old XWC (XWCC) assets to participate in the swap for this event is for XWCC holders only. If you don’t have XWCC, you can purchase from relevant digital asset trading platforms, such as zb.com, xt.com, bw.com, Lbank, Funcoin, etc.
Swap Rules
Swap method: The total amount of whitecoin currently issued is 250 million, of which 50 million will be swaped toward XWCC holders, and the remaining 200 million will be swapped through combination of ETH with old whitecoins.
Swap ratio: Within the 50 million XWC allocated for swap, XWCC will be converted at a ratio of 4:1, and the XWCC + ETH combination will be converted at a ratio of 1:3.
Swap Plan Pay XWCC Get XWC Each XWC Need ETH Each XWC Cost
XWCC swap with XWC 4 1 0 About 0.085USDT
Swap with XWCC+ETH（swap at first month） 1 3 0.000748130 About 0.0634USDT
Swap with XWCC+ETH（swap at second month） 1 3 0.000897756 About 0.07183USDT
Swap with XWCC+ETH（swap at 3-6 month） 1 3 0.001346633 About 0.08028USDT
*The ETH ratio shown on the exemplary chart above assumes that ETH price is fixed at 169 USDT. Through the swap, the actual amount of ETH obtained will fluctuate with the price of XWCC and ETH.
Swap Lock-in Mechanism: After swap, you can freely choose whether to lock or not. Participation in the Locking Program of New Whitecoin will not only benefit from locking reward, but also benefit from mining. Six-month lock-in will receive an additional reward of 10% of the locked amount, and twelve-month lock-in will receive an additional reward of 25% of the locked amount.
All asset locked in will participate in the mining, and all the proceeds from the mining will be returned to participants.
Swap plan Each XWC Cost Cost after 6-months locked Cost after 12-months locked
XWCC swap with XWC About 0.085USDT 0.07727 USDT 0.061816USDT
Swap with XWCC+ETH（swap at first month） About 0.0634USDT 0.057636 USDT 0.05072 USDT
Swap with XWCC+ETH（swap at second month） About 0.07183USDT 0.0653 USDT 0.057464USDT
Swap with XWCC+ETH（swap at 3-6 month） About 0.08028USDT 0.07298 USDT 0.064224USDT
*The average annual mining income for lock-in program participants is expected to be over 30%.
Swap Follow-Up
Exchange Issues: After the beginning of the swap, the exchange will gradually open the main chain switching. Mainstream exchanges such as ZB.COM are expected to launch new XWC transactions one week after the opening of the swap, and other exchanges will gradually switch over. XWCC’s trading will gradually delisted from exchanges, and at least one or two exchanges have confirmed to support XWC and XWCC’s simultaneous trading.
Wallet: Whitecoin’s POS 3.0-based Windows, Mac and Ubuntu wallets can continue to be used. Official team will continue to maintain upgrades to the main chains and wallets until the swap is complete. Coinomi and other mobile wallet will allow XWC and XWCC to coexist for for a while, then XWCC will be delisted.
Mining: After the swap is completed, all XWC holders can mine by downloading the official wallet. As Whitecoin’s mining revenue decreases year by year, the earlier the participation, the higher the revenue. At the same time, cross-chain assets such as BTC, LTC and ETH can also participate in mining.
The distribution mechanism of new Whitecoin mining is as follows:
Year Block Height Number of Blocks Block rewards Total
1 0 5256000 18 94608000
2 10512000 5256000 10 52560000
3 15768000 5256000 5 26280000
4 21024000 5256000 3 15768000
5 26280000 5256000 2 10512000
26280000 199728000
Whitecoin’s new main chain was launched on September 21, 2019. At present, all miners are official nodes. After the swap is opened, all XWC holders can register as miners or mortgage to the official miners for mining. With the gradual addition of miners from the Whitecoin ecosystem, the official miners will gradually exit.
All the profits of the official miners will be locked in Whitecoin Foundation and returned to the community later.
Miner: Whitecoin’s POS 3.0 based miners will continue to mine until the Swap is complete. The new RPOS based Whitecoin main chain will adopt the pledge mining model, which is not supported by the original POS 3.0 miner.
Whitecoin’s new era has begun. Let’s join hands to create autonomous communities.
