Be Part of æternity’s Mainnet Launch: AE Token Migration

Photo by Abigail Faith

Mainnet launch is approaching and you will soon be able to migrate your AE tokens. In the following post we provide a comprehensive overview of the AE token migration process.

Migration Process Outline

As of today (19 October, 2018), AE tokens exist on the Ethereum blockchain. In order to migrate them to the æternity blockchain in a secure and verifiable way, we have designed a process in which the migration is divided into four phases. The last phase will end September 2nd, 2019.

Each phase will be followed by a scheduled hard fork of the æternity blockchain that will migrate tokens and introduce improvements and new features.

To ensure the transparency and verifiability of this migration process, users will be able to use a dedicated smart contract set-up for the migration. There will be a tool that anyone can use to verify:

  • the generation of accounts included in the genesis block of the æternity blockchain and the corresponding accounts on Ethereum
  • the migrated balances introduced in scheduled forks

Genesis Block and Scheduled Hard Forks

Phase 0 is the migration phase before Mainnet launch. Its starting date will be announced in a separate announcement. The genesis block, the first block of the æternity blockchain, will include all tokens migrated by users during Phase 0. Each of the following three phases, with a timeframe of around 3 months, will end with a scheduled hard fork of the æternity blockchain. This means that after Mainnet launch there will be three scheduled hard forks. Each hard fork will migrate tokens and add or expand features of the æternity blockchain, that can only be implemented via hard fork. This also means that users will only receive their tokens on the æternity Mainnet with one of the Phases ending and a fork having been completed. All scheduled hard forks will include new features and improvements to the æternity protocol such as the governance system or the new virtual machine. A detailed future timeline will be published in a separate announcement.

The tentative post-Mainnet fork schedule is:

  • End of Phase 1: February 2019
  • End of Phase 2: May 2019
  • End of Phase 3: After 2 September, 2019 (Ethereum AE tokens become non-transferable)

After Phase 3, the migration process will change due to the smart contract managing the AE tokens expiring and Ethereum AE tokens becoming non-transferable. Users will still be able to migrate their AE tokens as long as they don’t use a smart contract to manage them. More information will follow in time.

Migration Costs

There will be no cost for the AE token migration, other than the transaction fees charged by the Ethereum network for the token transfers. If tokens are stored on an exchange or a wallet that does not provide user access to addresses’ private keys/seed (“leased wallet”), users will have to move them to an Ethereum wallet before starting the migration process. MetaMask or MyEtherWallet wallets are recommended and are integrated in the migration process. The transaction fee for withdrawing tokens from an exchange or a leased wallet is subject to the service’s transaction fee policy and can vary.

How to Migrate?

To ensure a successful migration process, in upcoming weeks we will launch a step-by-step token migration guide (web page), similar to the ones used during the campaigns last year. The site is currently being developed and will also feature a token migration FAQ.

Current Options for Setting Up Your æternity Wallet

  1. AirGap Vault — two-device cold signing solution
  2. (Coming Soon) Ledger Nano S — hardware wallet
  3. æternity Base æpp — wallet, identity manager and æpp browser
  4. æternity CLI — command line interface for pro users

We recommend creating an AE account using either AirGap Vault or a Ledger hardware wallet (when the option becomes available). An additional option, a command line tool, will not be incorporated in the website, but will also be available. Moreover, the Base æpp will become an option as soon as it becomes available in the Google Play and Apple App stores. Despite that the æternity Base web æpp will also be available, we don’t recommend using it since it is still in beta.

We encourage users to use hardware wallets and off-line solutions to store their AE coins, especially keeping in mind that both Ledger and AirGap will be integrated in the Base æpp.

Here is an overview of how the migration process will work in detail:

Step 1: Begin Migrating Your AE tokens

Before you can migrate your AE tokens, you need to have an æternity blockchain account. If you already have one, you can skip this step. Otherwise, it is recommended to use either AirGap or Ledger (when available) to create your æternity wallet. There are other options available.

Step 2: A Step-by-Step Tutorial for Generating an æternity Account

If you don’t have an æternity account yet, it is recommended to use either AirGap or Ledger (when available) to create your æternity wallet. This is the most secure way to protect your private keys.

Click to enlarge.

Step 3: Provide Your New æternity Address

In step three you must provide an æternity address. That address will have your tokens after Mainnet launch or the next scheduled hard fork. To ensure that you have entered the correct æternity address, we continuously show your address and identicon in the upper right corner from this step on.

Click to enlarge.

Step 4: Connect Your Ethereum Wallet

In step four, you will have to use either MetaMask or MyEtherWallet to send your AE tokens to the dedicated migration smart contract. You can also use a compatible Web3 wallet with integrated dApp browser for desktop. The migration tool is optimized for desktop use.

Step 5: Prepare Your Transaction

Step five will help you prepare your transaction with the MetaMask wallet or MyEtherWallet.

Click to enlarge.

Step 6: Migration Result

In the final step, you will receive your migration result. We have dedicated a topic in the Forum to token migration. If you experience any issues you will be able to get help there.

AE Token Migration Support by Exchanges

Generally, it is not recommend to keep your tokens on an exchange. Furthermore, it is possible that no exchange will support the AE token migration before Mainnet launch. We have already reached out to all exchanges on CoinMarketCap that have listed the AE token and are aiming to provide migration support. You can join our efforts by reaching out to your exchange and asking them to support the AE token migration. We will provide the required technical support that exchanges require.

Migration Support and Feedback — Join the Discussion in the æternity Forum!

We hope you are as excited about managing your AE tokens on the æternity blockchain as we are. The æternity team is working very hard to make that a reality. Of course it is not only about managing your tokens, but having access to an efficient, secure, lightning-fast, user-friendly blockchain platform that will take decentralized applications closer to mainstream adoption.

If you have any questions in the meantime, you can always ask them in our dedicated post in the Forum:

UPDATE: As of September 2nd, 2019, the AE ERC20 tokens are no longer transferable. All tokens migrated during Phase 3 will become available after the last scheduled hardfork of the æternity protocol — Lima — expected to be executed on October 30th, 2019. Users who didn’t manage to transfer their AE ERC20 tokens will be able to claim their AE Mainnet tokens after Lima as long as they are in possession of their Ethereum private keys.

Interested in æternity? Get in touch:

GitHub | Forum | Reddit | Telegram | Twitter | Facebook | Mail

Leave a Reply

Your email address will not be published. Required fields are marked *