[Swap Announcement due to the Burn of NKCL and Coin Update]
This is the announcement of coin burn and version upgrade, which will be a big turning point for NKCL Project.
*NKCL Coin Update Announcement*
Update will be executed for ‘NKCL Master Coin’, which will be used as the utility coin for NKCL’s Bio-Platform and all eco-systems and will take the central part in all the brand coins that will be issued in the future. ‘NKCL Master Coin’ has a payment function added to original NKCL Coin. Other than the simple transfer function of the old coin, the fee policy for the payment at the store and the compensation policy for the users are included.
Also, as initially presented in the White Paper, in order to perform optimized function as the master coin, it will be named as ‘NKCL Master(NKCLM)’ and it will be differentiated from ‘NKCL’ which was originally issued for simple transferring.
As a result, we will be conducting token swaps with the new NKCLM and implementing the burn policy that we initially promised, to increase the value of the token and enhance the token economy.
*Burn and 100:1 Swap Policy will be implemented*
(Swap: Original NKCL Coin will be changed to the new NKCLM Coin in 100:1 ratio)
For increasing the value of the token, the burning policy will take effect, which was initially announced by our foundation.
99% of the total amount that was issued will be burned, and 100 million will be issued, which is one-hundredth of original 10 billion.
Therefore, the original NKCL Coin and the new NKCLM Coin will be swapped in 100(Old):1(New) ratio.
Also, 50% of the transaction fee that will be received from the stores, will be burned again after a certain amount of period, so that the volume of distribution can be further reduced.
By doing so, we expect to increase the token value of NKCLM with its minimum amount of distribution.
A detailed schedule for the swap will be informed separately on March 10th 2020.
Thank you very much.
⚠ Please be advised again that the new coin to be listed on Coinsbit is NKCLM.
⚠ Until the commencing date of the Swap, transactions, withdrawal and deposit in BW market will be available as usual.
⚠ Announcement and notice regarding the Swap will only be available in the website of our foundation (nkcl.io, nkclm.io) and in our official Telegram community (t.me/nkcl_info), and they will not be announced in any other channels. Please be sure to follow our official announcement.
Q: How to differentiate between the old coins and the new coins in the wallet and market?
A: In order to avoid confusion, we changed the name of the new coins to NKCL Master(NKCLM). Also, it can be differentiated in the token contract address.
-Original NKCL Coin’s Contract: 0x5378a8bfe52592fcf436dfbe3cd389c494706c5f
-The new NKCLM Coin’s Contract: 0x4c0fc6c8acf92638184741ca17ec9e71d8ee6909
Q: How to apply for the swap and how long will it take?
A: During about 1 month from the starting date of the swap, we plan to announce constantly and inform each holders. A detailed schedule and the process of the swap will be announced on March 10th.
Q. What happens to existing NKCL Coin after finishing the swap?
A. The old NKCL coin cannot be used in NKCL platform after the swap is finished. Also, information will be notified later regarding the handling and maintenance of the old NKCL coin that are returned as a result of the swap process.
Q. How to Swap NKCL coin purchased from BW market?
A. The swap will be processed after checking the purchase records of NKCL in BW market. Detailed schedule and process of the swap will be notified later. Also, NKCL in BW market will operate as usual until the full amount is swapped.
Q: What to do if I applied for the swap but did not get the NKCLM coin?
A: There are very little chance that this will occur, however, if you did not receive the coins then please contact us at our official email (email@example.com).