ERC-20 Transition


#1

I’m afraid, the potential benefits to reap from executing a transition are too great to not look into the idea in greater detail, so I thought, we should expand on what was mentioned recently in the “Price & Trading” thread.
What would it take to transition? Time, financial costs, labour?
What are the benefits?
I just drool over the hardware wallet support, no ridiculous OMNI transaction fees and likely price appreciation.
Feel welcome to add to my short list.


Circle Acquires Poloniex
MaidSafeCoin (MAID) - Price & Trading topic
MaidSafeCoin (MAID) - Price & Trading topic
MaidSafeCoin (MAID) - Price & Trading topic
Transaction fees
#2

Awesome!!! Thank you @veli_e_veliev for starting the topic!! :smiley:


#3

Somehow contacting every single MAID owner and informing them what has happened to their coins

Then they would need to prove their ownership so as to get equivalent coin there

Do you know how to tell everyone who owns coins?

Basically it is the same level of effort as what the 1:1 exchange for safecoin will be.

There will be people for 12 months or more who do not know this has been done

You have to organise with all exchanges to do the transfer for the coins they hold.


#4

If STORJ could do it, why can’t MAID? http://blog.storj.io/post/166822654863/storj-now-on-poloniex


#5

I didn’t say it couldn’t be done. Just pointed out some of the steps to give veli_e_veilev an idea of the effort required.


#6

I’d point out that theirs isn’t a temporary token like MAID is.


#7

Lets not confuse the marked more. Put instead focus on telling the the public about safecoin. How unique and revolutionizing it will be.


#8

This is actually more suitable for current SAFE Network projects, with low liquidity and totally no exposure. Some exchanges add ERC20 tokens more easily.

And Ethereum also has problems :cat:


#9

I think it would be a complete waste of time for developers. I’d rather they launched Safecoin/Safenetwork sooner. Also token swaps run projects into SO much trouble. I’ve seen entire community forums/reddits being bombarded with massive posts calling them all scammers because they missed the token swap or some issue occurred with it. I would say No no no no no no no.


#10

Personally, I think as an developer your also responsible now for your investors. Kin went from (sorry can’t mention prices) december2017 to (sorry can’t mention prices) in januari2018, just because they added their token to https://app.bancor.network/discover. Now their tokenholders got instant liduidity, exposure and even more important NO CENTRALIZED EXCHANGE, because your dealing with a smartcontract that converts your token with no conversion fees.

Funny enough I told @Gamerbits about this option in october2017 and little was done, I guess.

Or maybe it’s just this

This totally made my day again today, happy happy :joy: :joy:


#11

No.This is a bad idea. It is a waste of time and resources, just makes us look like we are trying to chase the sh*tcoin pumpers. It does not get us closer to the SAFE network. And most likely outcome is MAID is just delisted from exchanges as they won’t want to deal with the extra work for a coin that is falling down the charts.


#12

Too consusing to users and not worth it for a temporary solution. Also queue Trolls saying safecoin is sooo delayed at ethereum had to bail it out…

I think we just have to suck it up until safecoin is released. Not great, but could be worse.


#13

For me the main problem is the high Bitcoin transaction fees that is needed to move MAID coins.
I invested in summer last year and spread the coins to a few different locations. Did not predict that price of BTC would sky rocket. Now I think the total price for moving the MAID coins in the future will be around 160$, and it hurts quite alot. But what if Bitcoin continue to sky rocket to 50k- or 200k/coin how would that possibly effect the adoption of MAID. Hopefully Bitcoin price will drop because the high tx fees shows that BTC is failing until they can solve lower fees and faster transaction. Problem is that the market is crazy beyond words and pumps everything like mad. How would a 200$ tx fee for moving one transaction of MAID’s posssibly effect the future succes? Even if the problem is manageable today but what happens in half a year or a year from now?


#14

Precisely. What if the SAFEnetwork doesn’t go into beta or live this year or even next year? Since the dev team seems unsure about when the network and Safecoin would launch (e.g., still sorting out the divisibility question), might it not make sense for technically skilled volunteer devs to at least consider designing a transfer to a lower cost, easier to use solution? On the other hand, if the network is highly likely to launch in the next year, this of course would be unnecessary. However, we just don’t know. It’s a matter of risks, probabilities and payoffs.


#15

Why can’t we just draw a line, list the pros and cons and decide what outweighs what.
Transition will obviously cost something. That’s granted. I have no idea what and how much, so I hope someone raises a hand here. I know there are certain benefits though:

  • allot lower transaction fees.
  • hardware wallet support.
  • more exchanges are likely to list MaidSafe.
  • price is likely to climb as a result if the above and as seen in the case of Storj.

We know it’s doable because others have done it. Therefore, it should be easier. We just have to follow the recipe.

Would you elaborate please. I don’t dispute the statement, but if you make a claim, back it up please.
How long would it take and why?
What reason do you have to think it’s that labour intensive?
Again, I don’t think you are necessarily wrong, but I would like to see you explain.


#16

If we move Maid to a new token platform. We must at the same time make a new ICO with some extra coin too finance speeding up the development and marketing.


#17

One solution could be for some trusted community members to start a multi-sig wallet for holding & transacting MAID, and issue community managed MAID proxy ERC20, Waves, or other token(s) issued 1:1 against MAID tokens deposited to the multi-sig community address (a fee could be attached to cover the time cost for whoever manages distribution).

MaidSafe could, at their digression, accept these tokens in place of MAID when doing the exchange to SafeCoin. If they don’t, large quantities of tokens could be transfered into MAID, and then to Safecoin.

I’d be happier with an ERC20 token that would be far cheaper to transact and more likely to get integration with hardware wallets than the Omni assets I currently hold.

Only issue with this is trust, though if 5-10 community members were involved in the multi-sig, I’d happily trust it.

Ideally MaidSafe would just create a new token they’ll accept, and offer a 1:1 conversion at this stage, perhaps with a minimum value (e.g. 10k MAID & charge a $10 fee, which would cover costs and still cost less than an additional Omni transaction).

I can understand MaidSafe not wanting the distraction, but having no easy hardware wallet support & no cheap way to transact is a real issue for many MAID buyers,sellers, & holders.


#18

I agree I think its an adoption disaster to not move to ERC 20. The problem is that the negatives of been on omni are not directly seen. We just have lower adoption numbers but we do not know we have lower adoption because we never see what it would be like if we were on ERC 20.

Personally don’t think its going to happen unfortunately.


#19

$10k+ is not something everyone can afford to put into crypto under a time limit (plus risking a mis-click) . If we were to do this we may as well market us as ‘a coin for the well off only, all the poor people can go to hell’ …maybe Eton coin?


#20

They wouldn’t need to - those with a smaller amount would simply sell MAID Omni & buy MAID erc20(or other) on exchanges.

Arbitrage by those with deeper pockets should keep the two tokens aligned price wise.

A 10k MAID limit suggestion is just to keep the admin burden low for performing exhcnages, but anyone would still be free to buy or sell a single MAID token on exchanges.

To clarify, I’m not in any way suggesting a tim limit - original MAID tokens must always be acceptable in exchange for Safecoin once the network launches as promised.