[Poll]: full OMNI to ERC20 swap

I’m inclined to agree this is becoming like trolling. Larger and less coherent blocks of text with less and less relevant or reasonable arguments that are consuming time of two key MaidSafe staff, and not going anywhere because their responses are not being heard and understood.

I think they’ve explained every aspect more than once and all that remains is for someone who is interested in progressing this is to summarise the options, features, and who does what requirements and issues related to each one.

Meanwhile the project and community can be served by taking as little time from them in further discussion as possible rather than endless ping pong. They have already set out what they are doing in this respect, so it’s quite possible this discussion is actually slowing down a solution to the problem it was supposed to be helping with.

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Agreed.

While we continue to work on it, I think we will have to take a step back on the discussions via these threads as it’s not advancing anything. We will of course come back when we have something new to report to you all though.

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If I understand correctly that is simply the owner signing a set message with their private key and if it can be decoded with the public key then its all good? I have never looked at BTC signing mechanism.

Maybe the message could be their Safe Balance address (or is it Safe wallet address now) and signed to prove who they own the address.

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Personally I think all this discussion about an ERC20 swap is a red herring.

As a long time MAID holder since 2014 I have one simple wish, that the network is launched successfully. All price action before that is pure speculation and of interest mainly to traders only.

I don’t want to see the Safe Network team distracted by anything. I want the network to go live as soon as is possible. After that we can talk about price, when there is something solid supporting such a price.

The end goal is SNT (or whatever its ticker will be), and this will be the token that trades and the one that matters.

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I can appreciate the sentiment, particularly having waited this long…but these talks are NOT just about pre-release price speculation. Its also partly about facilitating a bridge to other projects, which will be necessary for the early life of the network.

Having these discussions early will make adoption of the network easier and quicker than if we wait until release and get discouraged crypto investors (including developers) who can’t yet easily interact cross-“chain.”

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Talking about a true decentralisation pusher:

Shafeshift from Erik Voorhees just came out with this news, no more KYC there,Thorchain integrated:

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Now let’s see what the community can do. This on first glimpse looks to be a potential goal/answer in many ways. Interested to see what everyone thinks of this.

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Does this support OMNI or is ERC20 still required?

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I was on Live chat with a Shapeshift rep and was told they do not support Omni yet but someone can submit a request

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Hi, I feel the pros outweigh the cons. I likes ERC-20 MAID. And ERC-20 MAID will make it accessible to more people. This is a very good thing for MaidSafe… Thx.

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Let’s hope so. But my guess is it will not be supported. If this is the case, can that please be the decisive breakthrough and go for ERC20?

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As I said before, perhaps we could collaborate with Thorchain to get Omni integration, perhaps as a community contributing to the cost in some way?

I mean, all other options involve spending, some of them eye-watering amounts, so it would perhaps be worth opening a dialogue.

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I think the purpose of Made Safe is to get more people to use the maidsafe network to overcome government resistance. And erc-20 maid can bring more people to the maid network.

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It would be good to know what the cost would be

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Yes I think this would be the best method to do the exchange. No need for anyone to do anything and at snapshot there can be corresponding Safe Wallets for each active MAID (BTC) address and then the owner signs a set message with their Safe Wallet address and the number of coins to transfer.

As you say this allows for small amounts exchanged over time and also allows for the use of multiple Safe Wallet addresses (if desired).

By having a corresponding Safe Wallet address holding the token and the user gets their tokens transferred from that wallet. This way then no mistakes would mean users can get more than they had in MAID at that address. Issue with this would be if a hacker can access these holding wallets.

Of course this method relies on a snapshot being used.

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I was hopeful there might be a chance that Shapeshift would support Omni, but I dont think it makes a lot of sense to put a large sum of money into having Thorchain support omni while everyone is withdrawing support for Omni. On the other hand Erc20 will be around for a while.

Why don’t we ask Changelly to guide us with the legalities of the transfer process like Savage already proposed? They have done conversions to Erc20 and they should know more about it.

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Well, we don’t know the costs or implications of either yet, so I don’t think we should write anything off.|

We may well end up with a few solutions to suit anyhoo.

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Hi Jim, I agree we should work on both fronts and see if Thorchain can implement Omni and at the same time we should start consulting with Changelly or their legal consultants to figure out what legal consequences Maid-e would bring to the table.

In the end if we get a confirmation that this is not a taxable event but only a shift of protocol, people who want Maid-e, should be allowed to have Maid-e and people that want to stick to Maid-o, should also be allowed to stick to their Maid-o.

Imagine the split would be 50%-50% we have to find a way to register 50% of 452,552,412,000 coins on both sides. Minting 50% Erc20 and burning 50% of the Omnis.

Maidsafe should confirm that both coins can be exchanged for SN tokens when the time is there.

Having one token on two different blockchains has been done before.

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We won’t be able to give anyone any advice or confirmation on that. That will entirely be between the individual MAID holder and tax authorities in their own jurisdiction, so we’d encourage them to seek professional financial and tax advice in that regard.

I’m not sure I really follow you here. We can’t really force anyone to swap. I’ be doubtful we’d get anywhere near 50%… and it won’t really matter to most holders, only those who wanted to trade in ERC20.

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The discussion was what the legal consequences are for Maidsafe, and what the taxable consequences are for the holders, creating an erc20 token.

If for some reason a protocol switch would cause a taxable event for holders in certain countries, they can stick to their omni tokens.

Meaning this: If Erc20 would be minted, Omnis have to get burned or otherwise you’ll get an increase in the total coin supply.

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