We are happy to announce a solution that allows MaidSafeCoin holders to utilize the flexibility of Ethereum blockchain via its ERC20 protocol: eMAID (ERC20 MAID).
It’s an entirely optional process, but updating to ERC20 brings with it a range of long requested benefits, such as allowing you to trade your MaidSafeCoin on decentralized exchanges, and compatibility with many more hardware wallets.
It also broadens accessibility too as a whole which is a welcome shot in the arm for liquidity and a sensible way to minimize future problems should exchanges drop support for the existing protocol, Omni, in favor of ERC20.
MaidSafeCoin is of course merely a placeholder; a proxy token you’ll be able to directly exchange 1-to-1 for Safe Network Tokens when the Network launches. Nothing will change in that regard, whether you keep your MaidSafeCoin on Omni or if you decide to take advantage of the upgrades that shifting to eMAID brings. You will be able to redeem both Omni MaidSafeCoin and eMAID for Safe Network Tokens when the time comes.
And of course having MaidSafeCoins accessible via another, wildly popular and much more technically adaptable, protocol means not only availability on decentralized exchanges (DEX) but listing on additional traditional exchanges becomes much more practicable too. Great news for people who’d like to buy MaidSafeCoins for the first time!
In this community-driven initiative Altcoinomy and StakeHound collaborated with MaidSafe to create a service that converts Omni MaidSafeCoins to ERC20 MaidSafeCoins.
Simply put, this allows you to pass as little or as much of your existing Omni MaidSafeCoins (MAID) as you want to a burn address via a trusted custodian (Altcoinomy). Sending MAID to the burn address automatically triggers the smart contract developed by StakeHound in partnership with Altcoinomy to mint and send eMAID to a wallet of your choice.
1 MAID gets you 1 eMAID. Just the same.
You are then free to do with these eMAID tokens as you wish, safe in the knowledge that they can be exchanged for Safe Network Tokens, 1-for-1, when the time comes.
When @sotros25 reached out to them for help, the following individuals jumped right in and were pivotal in making eMAID a reality. We’d like to express deep gratitude to @SwissPrivateBanker for leading the technical development and ensuring regulatory compliance for the eMAID conversion. Moreover, his firm, Altcoinomy, has shouldered these costs without reassurance of reimbursement. Learn more on Altcoinomy’s role in delivering eMaid here: More about the eMAID bridge and alt.co.
We would also like to say a massive “thank you!” to @BambooGarden for graciously covering the eMAID minting fees. This act of generosity was separate from and did not use the funds he already donated as the BGF. We also greatly appreciate all the community members who tested and shared their perspective on the process along the way.
Alright, let’s do this!
Here’s a link to the detailed step-by-step guide of the conversion process. In addition to an overview of the process, this guide includes contact information for where you can ask any clarifying questions you might have. Also checkout the FAQ below.
When you’re ready to convert, set up your profile on Altcoinomy’s onboarding platform.
Why is MaidSafeCoin updating from Omni to ERC20?
The update from MAID to eMAID kickstarts a more convenient transition process from MaidSafeCoin (MAID) to Safe Network Tokens by providing easier MAID token access. Participation in the update is entirely voluntary. Reasons to update include:
- Minimizes the risk to MAID should support of OMNI continue to recede
- The ability to trade on both decentralized (DEX) and centralized (CEX) exchanges
- Increased access to liquidity
- Improved compatibility with hardware wallets
- Easier access helps to grow the Safe Network user base
- Paves the way for future cross-chain bridges between Safe Network Tokens and ERC20
What is Omni MAID?
Omni MAID is the original version of MaidSafeCoin, which exists on the Omni blockchain.
What is eMAID?
ERC20 MAID (eMAID) is the ERC20 version of MaidSafeCoin. ERC20 tokens run on the Ethereum blockchain, can be used in smart contracts, and have wide support across a range of wallets as well as many DEX and CEX.
eMAID represents the very same underlying coin, it simply allows you to use it more flexibly, e.g. with a wider number of wallets, as well as trading platforms such as decentralized exchanges.
Who is Altcoinomy?
Altcoinomy is a Swiss-based supervised KYC operator that conducts anti money laundering analysis. Altcoinomy SA (CHE-209.239.695) is bound by Swiss laws on banking secrecy, and will never distribute confidential information about you.
Who is StakeHound?
StakeHound is a tokenized staking platform that enables the use of staked Proof-of-Stake tokens within Ethereum’s Decentralized Finance (DeFi) ecosystem. StakeHound has partnered with Altcoinomy and MaidSafe to develop the smart contract and technical process for converting MAID.
Why are Altcoinomy/StakeHound involved? Can’t MaidSafe just convert the coins for me?
To ensure regulatory compliance and a smooth chain update, MaidSafe has partnered with Altcoinomy and Stakehound, who have expertise in these areas.
How will the update process work?
See detailed, step-by-step instructions here. As a general overview, the process follows three steps:
- KYC/AML: Participants complete verification that they are in compliance with KYC/AML regulatory requirements (administered by Altcoinomy)
- Burning: After receiving KYC approval, participants send Omni MAID to the burn address; MAID sent to the burn address is irretrievable (set up by Altcoinomy & StakeHound)
- Minting: When Omni MAID are sent to the burn address, the smart contract generated by Altcoinomy & StakeHound mints and sends eMAID to the ERC20 wallet specified by the participating MAID holder (set up by Altcoinomy & StakeHound)
Using Altcoinomy’s platform, participants will be able to send MAID to the burn address, specify the wallet for receiving eMAID, and verify receipt of eMAID. Participants can also use block explorers like Etherscan to verify transaction status and the sum total of minted eMAID.
How long do I have to update, is there a deadline?
For a duration of 12 months from launch, the update will be open to whoever wishes to participate.
Why is KYC necessary?
Completing the KYC process is necessary to remain in compliance with regulatory requirements. Trading on CEX already requires KYC. Those who do not wish to complete KYC can choose to continue holding and trading MAID.
How long will it take for my eMAID to arrive?
Burning Omni MAID automatically triggers minting eMAID, which runs on a 48-hour cycle time. You should receive your eMAID within 48 hours of sending your Omni MAID to the burn address.
My MAID is held on an exchange, what should I do?
You must withdraw your MAID to a personal wallet before participating in the conversion process. OMNI MAID must be sent to the burn address from a personal wallet. Do not send OMNI MAID to the burn address from an exchange wallet.
Can exchanges convert to eMAID?
Altcoinomy’s onboarding platform provides both an individual and corporate track for converting MAID. Altcoinomy will reach out to and work with exchanges that wish to participate in the update. Each exchange will decide whether and when to update to eMAID. Any MAID that remains on an exchange may automatically be updated to eMAID. If an exchange chooses to update to eMAID and you do not want to switch to eMAID (or you want to perform the switch yourself) you should withdraw your MAID from the exchange.
Do I have to update to eMAID?
No, the update is voluntary. You can choose to update some, all, or none of your MAID to eMAID. Both existing MAID and eMAID will be exchangeable for Safe Network Tokens. The process for redeeming Safe Network Tokens is being finalized.
What happens if I send MAID to the burn address without KYC approval?
Only send MAID to the burn address after you have received KYC approval. MAID sent to the burn address prior to receiving KYC approval cannot be redeemed for eMAID or returned to the holder. Once sent to the burn address, Omni MAID are destroyed forever.
Can I migrate from eMAID back to MAID?
No, it’s one way. Your original MAID is burnt as part of the update process. However, those still wishing to acquire MAID can trade on the open market to do so.
Will I be able to redeem Safe Network Tokens with eMAID?
Yes! When the Safe Network launches you will be able to exchange both MAID and eMAID for Safe Network Tokens 1-for-1. The process for redeeming Safe Network Tokens is being finalized.
Will the total number of MaidSafeCoins increase?
No. The total number of MaidSafeCoins (MAID + eMAID) will never exceed the existing total supply of 452,552,412 coins. This can be verified by reviewing the addresses of the MAID burn wallet and the eMAID minting wallet.
What happens to MAID after they have been updated to eMAID (i.e. converted)?
To limit custodial liability for MaidSafe, MAID tokens are burnt upon update to eMAID. As MAID tokens are burnt they become permanently inaccessible and thus worthless.
Will it cost anything to switch?
Participants will have to pay the transaction fee to send MAID to the burn address.
Will the update process trigger a taxable event?
This may be dependent on where you reside. While we are unaware of any precedence for such updates triggering taxable events, you should reference your local tax policies, and seek professional financial advice. MaidSafe, Altcoinomy and StakeHound do not hold any liability for the incurrence of any taxable events related to the update process.
Why do I need to provide General Information (i.e. identity documentation, proof of residence, etc.)?
Collection of this information is necessary to satisfy KYC regulatory requirements.
Why does Altcoinomy need to share my personal data with the project (MaidSafe)?
To ensure the update to eMAID is regulatorily compliant, both Altcoinomy and MaidSafe will need to maintain data records that show the process met KYC / AML regulatory requirements.
What documents can provide valid proof of residence?
You can use various formal documents to prove your residence, such as:
- Bank or investment account statement
- Driver’s license
- Government-issued photo ID
- Notarized affidavit of residency
- Residential lease/property deed
- Utility bill
Why do I have to provide Corroborating Information (i.e. origin of funds, source of crypto wealth, etc.)?
Collection of this information is necessary to satisfy AML regulatory requirements.
Why is participation in a video conference necessary?
For conversions >15K CHF in value or if there is any unusual transaction activity, a video conference may be necessary to complete the onboarding process and verify your identity. Usage of automated Proof of Liveliness may eliminate the need for a video conference.
What if I have more questions or need more help with the process?
Altcoinomy has a monitored standard email inbox as well a Telegram channel for handling questions related to the update. Reference the “Contact” section of the process guide for information on how to get in touch.