Migrating GEO from testnet to mainnet
After almost 2 years of testing and improving, GeoCash is finally operating on the BSC mainnet!
A huge congratulations to GeoCash users who helped us hit a top of 500k+ downloads & participated in our journey.
GeoCash is now running on binance smart chain (BSC) mainnet, so all tokens mined are real tokens and can be instantly redeemed on BSC. This article will explain how you can view your old balance of test tokens and swap them for real tokens. Please remember that all testnet tokens are on ETH chain & can only be redeemed on ETH network. Make sure you are using eth wallet to connect to our website.
Since GeoCash is now on mainnet, all starting balances on GeoCash were set to Zero on June 9th.
Migrating your tokens from Testnet to mainnet
Since Geocash was running on testnet, it requires a few steps from your side to convert those tokens to mainnet tokens.
IMP: Make sure you are on ETH Network in your wallet.
You will be able to see your testnet balance by visiting our swap portal at swap.geodb.com.
For tokens earned until 23 DEC 2020: https://swap.geodb.com
For tokens earned from 23 DEC 2020–9 June 2021: https://swap2.geodb.com
How to connect your wallet to Swap.geodb.com
1. Import GeoCash wallet to Metamask/TrustWallet
First, get GeoCash Private keys from the app.
2. Import wallet (using geocash pvt keys) to metamask or trust wallet using import wallet feature.
3. Connect to swap website.
Select Metamask in case you are using connected to the web on your desktop. (You need to have metamask installed and loaded with geocash wallet)
If you have geocash loaded on your Mobile wallet (metamask/trust), please select WalletConnect.
Once your wallet is connected to the website, you will be able to see your previous testnet balance and will be able to redeem it according to the ongoing allocation.
If you connect to the swap website and see a zero balance of test tokens, you can check the wallet address shown on the website, and compare this to your Geocash wallet address. If they are different, you have connected with the wrong address, and within Metamask or Trust Wallet you need to select your imported Geocash account and then reconnect to the website.
How will my allocation be calculated?
There is also a vesting period that will directly affect the number of tokens that each account can withdraw at a specific time. This vesting period will establish a date on which all users could withdraw all their tokens. If some users want to do their swap before this period, the amount will be proportional to the elapsed time.
The vesting will be computed as follows. All users will start with an entitlement of 5% over the tokens stored in the Merkle tree. The entitlement will increase following the biquadratic curve up to 100%:
Percentage (%) = b + a*x4
The chart below shows the token unlocking ratio over a period of time.
Note: after the 365 days have passed, the unlocked tokens will remain constant at 100% until you decide to claim them.
Note: the numbers shown might have slight modifications to accommodate fractions' best computation in the smart contract.
A user has 730 testnet GEO tokens. The vesting period is 365 days, and the user makes the swap exactly 182 days after the contract creation. The Mainnet tokens received will be:
Stay tuned for upcoming posts; much more is coming really soon!
For all the discussions & updates, please join our telegram community: https://t.me/GeoDBgroup
Please stay safe!
The GeoDB Team
GeoDB is a decentralized peer-to-peer big data-sharing ecosystem, which returns value to its creators the users.
GeoDB creates bridges between current isolated participants and aims to solve the enormous big data industry’s existing inefficiencies.
Users receive GEO tokens in exchange for their anonymous data, which can be exchanged to other crypto-currencies or, once we launch our entire network, use it to acquire goods and services.