Stellar migration? [Closed]

#1

What is the impact and how will the tokens be migrated?

  • Do we need a new wallet and or app?
  • Do we need to manually transfer or is this automatic?
  • What about locked tokens?
  • As Threefold no longer owns the blockchain are we sure that this is save?
  • What does the use of another blockchain do we the value of the grid? Before threefold owned all the tech now only the storage and compute part.
  • What if the stellar projects stops, what is the impact for Threefold?
4 Likes
#2

Good questions. @kristof can you help here?

#3

All very good questions.

Let me try to answer them one by one, however be aware that testing the process (which is under construction) might change slightly some answers.

What is the impact and how will the tokens be migrated?

  • Do we need a new wallet and or app?

3bot connect app (but only this one !) is being prepared to support the full migration. We intend to make the migration process as easy as possible there (simply by asking your agreement to create a Stellar account with the same private keys as you currently have in your 3bot connect app.

Remark: Threefold app nor the desktop wallet will support this migration process, so please be sure to move your seed keys to the 3bot Connect app first. After migration you will be able to view the balance but you won’t be able to do transfers anymore. And minting of new tokens due to farming will be blocked as long as you don’t have an account on Stellar. As we have conceived it now, they won’t appear in the TFchain anymore as from a certain moment, but waiting for a stellar account to be opened redirected from your old address.

  • Do we need to manually transfer or is this automatic?

We will need you to sign with your keys, but a script will be executed after your signature that does it for you.

  • What about locked tokens?

These ones will be migrated as well, but stay locked on Stellar.

  • As Threefold no longer owns the blockchain are we sure that this is safe ?

Yes, Stellar has proven in the past to be a very reliable blockchain. Be aware that Stellar is, being a public blockchain, decentralized by nature. We can run one or more Stellar blockchain nodes on the TF Grid, and doing this we secure it and be sure it continues to operate. It’s a topic under discussion whether we will run nodes and if so, how many and which type of nodes (Stellar has both full node setups and nodes with only part of the transactions).

  • What does the use of another blockchain do we the value of the grid? Before threefold owned all the tech now only the storage and compute part.

The real of the grid lies in the capacity, in the zero-OS, in the fact that we can run containers in a decentralized setup, in our autonomous IT capabilities, but not so much in the fact that we have our own blockchain to register this token. Other blockchains have developed more capabilities around tokens, and Stellar has specialized itself as a payment blockchain. So who are we claiming to be better than them in this particular element.

Moreover, the value of our grid is far more obvious as we can prove that we can run any other blockchain. We will proving it by doing, by hosting Stellar nodes.

  • What if the stellar projects stops, what is the impact for Threefold?

A blockchain can’t be stopped as long as there are nodes running it. Running our own stellar nodes will give a guarantee it keeps on running. Even if there is no evolution anymore on the Stellar technology. Doing the migration to another blockchain platform means we are not bound to specific features.

6 Likes
#4

Thanks Geert very clear!

1 Like
#5

Thank you for this fine explanation.
Is it possible to know also the timing about this migration? Thanks

1 Like
#6

The migration is in-progress! I believe it should be complete in the next week or two, but maybe @kristof can provide more specifics.

#7

All questions are answered on Github.

3 Likes
#8

Thanks for pointing this out! great write up.

#9

Perfect thanks; very good wrap up.

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