Dear Wowoo Community
Please note that in order to establish Wowoo Token Economy in the most efficient way, we have decided to reissue Wowbit token on the Ethereum platform and migrate it from current version issued on NEO platform as NEP-5 standard token. (No changes to be made in the Token Supply.)
In addition, we will be disusing Wowbit Classic token (WCC) and migrate its prospected use case with the newly issued Wowbit token on ERC-20 standard.
As announced in February 2018, we have previously proceeded to migrate Wowbit token from Ethereum to NEO platform. The decision was made in consideration of the environment at the time, and Wowbit token currently runs stably on NEO’s network.
Although there were various reasons behind our decision to migrate the token again to Ethereum platform (not limited to, but including below), the core fundamental is to build and provide accessible services to users across the globe, while complying with world regulations.
-Difficulties of legal prospections on NEO (and tokens issued on its platform)
-Technical disadvantages of NEO (e.g. Smart Contracts)
-Difficulties of listing NEO-based tokens on Digital asset exchanges
-Difficulties of new customers to handle GAS-consuming transaction system
-Advantages of Ethereum’s global recognition and surrounding legality
-Efficiency of Ethereum as a Smart Contract platform
-Accessibility of ETH and tokens on its platform
-Detect of skeptical trading activities of WWB on some exchanges
-Simplification of proposed Token Economy by uniting token use cases
As of the WWB token issued on NEO platform, token holders are subjected to apply for token swap activity via the below explained DEX application and receive new token issued on Ethereum platform.
In accordance to above, we regret to inform that Wowbit Classic token (WCC) will be fully dismissed in the purpose of simplifying our future services. WCC was separately issued from Wowbit token as a token to utilize Smart Active Control (SAC) tools, which supports various Smart Contract features that were unable to be provided on NEO platform, along with being able to provide wider solutions to our token economy development business customers as stated in below.
For those whom own WCC tokens, please contact us at “firstname.lastname@example.org”, and we will accredit corresponding holders with newly issued Wowbit token (ERC-20) on determined rate.
After discussing of the re-issuance and disuse of the tokens with the major digital asset exchanges which WWB token (NEP-5) and WWC token are currently listed on, please note that we mutually concluded that both tokens are subjected to be delisted for the time being, along with the Token Swap activity schedule.
Therefore, please also note that there will not going to be the WCC airdrop campaign towards WWB (NEP-5) token holders which were scheduled in below post:
As a further project update, we are delighted to tell you that we are in the final phase of the development of our mobile DEX application as a new Wowoo product, and are looking at early January, 2020 for its release on both Apple and Android Smart phones. (Please note that the release schedule will depend on the application inspection process)
Please look forward to its release, as the DEX app will not only act as a digital asset wallet and trading platform, but will also act as one-stop-solution product to manage and join Wowoo-related Token journey. The initial version will support the token swap activity of Wowbit token (NEP-5 to ERC-20), and host multiple campaigns for the users.
The newly issued Wowbit Token (ERC-20) will be tradable on said DEX application, as well as focusing on partner exchanges like Wowoo Exchange. Further, it is subjected to aim its listing on larger exchanges which has positive influence in both compliance and its name.
The Token swap (NEP-5 to ERC-20) is scheduled to run for one (1) year in time, and we will be releasing how-to-manual of its processes.
Also, we will be holding Lock up and Airdrop campaigns on the DEX app as the replacement of the prescheduled WCC airdrop and as a moment of releasing the DEX app. Users can select the WWB lockup plan after the token swap inside the app, and will be awarded with interest including WWB, Wowoo related tokens such as LFX and WWX. We are also planning to airdrop ETH to randomly selected users who joins the program. We look very forward to these activities to contribute to establishing Wowbit token’s new marketing foundations.
There will be no changes in the token supply of newly issued WWB on Ethereum platform, however there may be changes in the token ticker and additional founder’s token lockup as a Smart Contract, so we will be announcing of further details including of the exclusive campaigns so please look forward to it.
Although we have never intended to make major decisions without deep considerations, we deeply apologize as this update may confuse some portion of our token holders.
We confidently feel that this decision will be a large and important tide running in favor of Wowoo project to propose the possibility of Blockchain technology to the society in the most compliant way.
We thank you very much for your understandings.