We are very glad to answer some of your most pressing questions in this announcement. Read on to find out about the duration of the token swap for NOAH Blockchain, its development roadmap, NOAHCoin price, BTCNEXT UnionPay payment cards, BTCNEXT Exchange and many more. We hope that we are able to address all your concerns.
A token swap is a process of exchanging of old coins (or tokens) for new ones. This is usually done to either change the economy of the coin, correct mistakes, or upgrade the technology of the coin.
In this case, the swap will change the old ERC20 NoahCoin to the new NOAH Blockchain Core Token. The swap will be exclusively facilitated by BTCNEXT.
Due to the increased demand and a lot of requests from NOAH holders we decided to extend the duration of the NOAH Token Swap procedure in the best interests of NOAH community. The main reasons are:
- Inability to quickly transfer their NOAH Coins from other exchanges due to long withdrawal duration
- More time is needed to report crypto-related profits to the government authorities
- Insufficient information about optimal ways to transfer coins from their own wallets (Metamask, MyEtherWallet)
- Confusion caused by third parties (e.g. Yobit scam, more on that below)
Because of these reasons we decided to extend the token swap period at least until September 30. This means that NOAH holders still have sufficient time to sort things out and bring their old NOAH Coins to BTCNEXT.
The new coins on the NOAH Blockchain will be delivered on October 1.
The token swap procedure for NOAHCoins is EXCLUSIVELY HANDLED BY BTCNEXT. No other exchanges participate in this procedure. There has been a recent scam attempt by Yobit (see details below). Overall, always check for official announcements about swap.
If you can not move your coins to BTCNEXT right now – you should also complete this form (we will support you and help to move your coins) https://docs.google.com/forms/d/e/1FAIpQLSdCBxns8BiEwfO5bftn3GEZupAMWwIuZVz-XcxmtWcS1uztjA/formResponse
BTCNEXT will be the first one to list the new coin, other exchanges will follow, but please keep an eye on official announcements to prevent a scam.
BTCNEXT is owned by NOAH Foundation. It is the official exchange of NOAHCoins. It is registered under CEZA license, which allows it to operate in the Asian region. It is in the best interest of both the NOAH Foundation and BTCNEXT to be able to provide the BTCNEXT trading platform to as many countries as possible. Because of that BTCNEXT lawyers are hard at work acquiring licenses to allow trading in many new countries in other regions. This will provide wider coverage and trade volumes for all BTCNEXT coins, including the existing NOAHCoin and new NOAH Blockchain Core Token.
The current licenses that BTCNEXT is registered under also allow it to create things like BTCNEXT Unionpay payment cards.This groundbreaking tool is getting closer to public release for everyone to enjoy.
So the long-awaited bridge between the crypto world and fiat card payments is coming very soon.
Recently the Yobit exchange organized a fake token swap of NOAHCoins to some ridiculous NAX coin that has no backing or value. In short, this was done to stir confusion, receive the NOAHCoins from unsuspecting holders and then sell them somewhere else, presumably on HitBTC exchange. Be careful and don’t participate in activities held by third parties without official confirmation from NOAH, BTCNEXT. Here are the articles with all the details:
- Coin Shark (English) -
- BTCNEXT Medium (English) -
- BTCNEXT (Japanese) -
We understand that the swap procedure might seem overwhelmingly complex for some holders and this is why we will make sure everyone has simple instruction manual and even a detailed educational course to assist NOAHCoin holders in Token Swap.
While this market is very volatile and nothing can be guaranteed, NOAH Foundation, Platinum Engineering and BTCNEXT will do everything in their power to prevent the price manipulation of the new NOAHCoins. The measures include very careful listing policy and token lockups for different holder categories (more on that in later announcements). In developing the tokenomics of NOAH we are using the time-proven theories of leading economists — John Nash, John Maynard Keynes, Adam Smith to make the system as stable as possible and allow for balanced supply and demand.
There is also a special bonus waiting for you from BTCNEXT, it is offering you bonus NOAH coins if you buy and hold BNX coins (BTCNEXT coin). To be eligible to get bonus NOAH coins, you need to deposit your old NOAH coins to your BTCNEXT wallet and not withdraw them until the end of the token swap. Then you need to buy BNX coins from BTCNEXT exchange and hold them until the end of the NOAH token swap. However, if between the token swap period you buy or sell even a single BNX at the exchange, you won’t be eligible for this bonus.
The more BNX coins you hold, the more new NOAH coins you will receive. For 1000 BNX, you get 1% extra new NOAH coins added to the total amount of old coins you hold, for 10,000 BNX, you get 5% extra new NOAH coins, for 100,000 BNX, you get 10% extra new NOAH coins and for 1,000,000 BNX, you get 20% extra new NOAH coins.
Once the token swap is done, you will receive the new NOAH coins in lieu of your old coins plus the extra NOAH coins, depending upon the amount of BNX that you hold. You will find that holding BNX coins will also give you many different exciting benefits, like buying blockchain courses from the BTCNEXT Academy, using BNX to participate in exciting offers, airdrops and lotteries, and much much more! Paying fees with BNX, the owners receive a considerable discount that can be up to 50%. The exchange team has developed a unique bonus system for large traders called angels. The BNX owners will receive a certain amount of tokens every week, have increased chances to win in different lotteries, get airdrop coins, be informed about any upcoming IEOs, and much more!
Right now NoahCoins are plain Ethereum-based ERC20 tokens with no special features. This was the standard of cryptocurrency projects in 2017, but NOAH has to move forward both from the technological and economical perspective. But that’s impossible using the current ERC20 token, so a decision to create a separate blockchain network with a special protocol was made. For NOAH holders it is necessary to swap the coins, because in case they don’t they will be left with the old ERC20 token that will not be accepted in any part of the ecosystem after the swap ends.
The new token name is “NOAH.Platinum”. It will become an independent blockchain network with unlimited use-cases for individuals and businesses alike. Features will be gradually added to it as community embraces actually using the software to facilitate useful activity, business enterprises on-chain, crowdfunding, Continuous Coin Offerings (CCO), etc. This is a blockchain 3.0, with whole concept made to support the “Internet of Money”. It is also compatible with the highly anticipated products that are soon coming to this market — Telegram Open Network and Libra. The plans are very ambitious, we are determined to create something neither this market nor you have seen before:
- Easy-to-use user interface in all the apps
- Transaction fees can be paid in NOAH Core Tokens or in any other token on NOAH Blockchain.
- Fees lower than $0.01
- Thousands of transactions per second
- Instant liquidity for all the secondary tokens on the network
To be more specific, here is a development roadmap for the next few months:
NOAH Testnet public release
Network extended to ~32 nodes with user run nodes
iOS Wallet v1
DEX for NOAH secondary tokens
1. Register on BTCNEXT exchange — https://my.btcnext.io/registration
2. Access the balances page of your account on BTCNEXT exchange — https://my.btcnext.io/account. You will see the current NOAH Coin balance there.
3. Use the deposit address provided by the BTCNEXT exchange to deposit NOAH Coins on your account BEFORE September 30 2019 — this is the DEADLINE! Please note that if you fail to do so in time we can’t guarantee that you will receive the new tokens as the swap process is happening globally and EXCLUSIVELY ON BTCNEXT EXCHANGE.
NO OTHER EXCHANGES WILL RECEIVE THE NEW COINS. If you have NOAH Coins on other exchanges, we recommend to start the withdraw process IF YOU HAVE NOAH COINS ON OTHER EXCHANGES, WE RECOMMEND TO WITHDRAW IMMEDIATELY.
After the process is complete you will see that your old NOAH Coins will be replaced by new NOAH Blockchain Core Tokens, but the amount will be the same. Please note that the actual name of new blockchain tokens might be slightly different, but you will surely notice the difference.