How will "the snapshot" work?

If you've bought any Koin, you're (hopefully) aware that it's a token on Ethereum at the moment. The team is going to launch the actual Koinos blockchain (aka mainnet) later this year. At that time, your Koin tokens on Ethereum will be copied over to the new blockchain. The team is calling this copy "the snapshot".

Effectively, your balance will be copied over without you needing to do anything. You'll just need to claim your tokens on the new network. There has been confusion about how claiming tokens will work and questions about security. The Koinos Group's Michael Vandeberg shared more details on discord today.

To summarize, you will not have to enter your private key or seed phrase in any new software. You will sign something with your private key and use that to prove ownership. You'll be able to keep your keys private.

The only thing you need to do is keep your private key backed up (preferably in multiple places) to ensure you'll be able to claim your tokens once mainnet launches.

The team hasn't built the tooling to claim your tokens yet, so if you have any questions or concerns, now is the perfect time to reach out.

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More tomorrow,

-Luke

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P.S. Yesterday's loss turned out to be a false alarm. I still had the wallet open on my other computer and was able to grab the private key!

P.P.S. Koinos news today, but I'll be starting a series on accessible blockchain fundamentals tomorrow.

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