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Gate.io Will Open Voting for FedoraCoin(TIPS) Swap

2018-09-07 18:12:43read:171134

According to the information from a TIPS dev team, they will swap TIPS to the new blockchian(with new algorithm, new chain, massive change of total supply, and pre-mining and team retaining part). Currently, gate.io would like to collect users' opinions through voting to decide whether to swap TIPS.

Check TIPS Swap announcement: https://www.tipsco.in/#swap

TIPS original total supply is 500 billion (swapped at 50:1 ratio, equaling to 10 billion new TIPS). 10% of new TIPS tokens will be swapped at 50:1 ratio. 10% will be used for future development, marketing and airdrop. The remaining 80% will be used for community mining in 10 years. If 10% of the swap is not completed, the new TIPS will be destroyed to achieve a balanced ratio.

Information below is for voting reference:
1. Old TIPS blockchain is nearly dried up, and will face the risks of no maintenance and 51% computational attack.
2. Current swap plan is equivalent to 10 times increase of the total supply (at 50:1 ratio), 10% will be used for team expense, and 10% for swap. The remaining 80% will be used for mining rewards to protect blockchain network.

Time:
Please vote by completing the form before September 20,2018.
Voting results will be weighted based on users’ TIPS holding amount.

Voting Link: http://cn.mikecrm.com/J0ubkPQ

Voting result processing plan:
1. If more than 50% of the users agree to the swap, gate.io will communicate with the development team to swap. Users who disagree will need to withdraw old TIPS assets to the old wallet, and cannot withdraw the old TIPS after swap.
2. If more than 50% do not agree to the swap, then gate.io will terminate the communication with the development team, keep the existing TIPS which will not be swapped. Gate.io will probably stop TIPS deposit in the future to cope with the 51% attack.

Attachment: Communication process with TIPS team.
Q1: Where are the funds for project development from ?From pre-mine or in other method? If in other ways, how?

TIPS: There have been no funds for development up to now. For the last year, our team of 6 have worked full time as volunteers on reviving Tips (wallet rebuilds, marketing, community, hosting, etc). This was all done for free. We do intend to distribute part of the pre-mine for NEW tips to the developers (see below)

Q2: Is part of mining to be distributed to developers? if yes, how to distribute, in which way and how many coins?

TIPS:
-We are pre-mining 10B New Tips to cover the swap (500B -> 10B with a ratio of 50:1)
-We are pre-mining 10B New Tips for the project. The 10B project coins are broken down as:
- Airdrops/Community 2B
- Partnerships/Marketing/Listing Fees 3B
- Developers 5B

The Developers amount of 5B is for current and future development costs - we have a lot of functionality on the roadmap to build. We
have done a lot of work so far reviving Tips but it is not possible to continue running a large team with no funds at all!

It is our intention that we lock up 80% of the Developers 5B in a smart contract, similar to startup equity, to keep it secure.

Q3: How are the coins generated besides mining?

TIPS: Mining is the ONLY way to generate new Tips. Because we are CryptoNight7, mining is Desktop/CPU only, no ASIC. ALSO - the dev
team are not miners. So mining will only be for the community.

Q4: Do you have any pre-reserved coins?

TIPS: NO - there are no pre-reserved coins.

Q5:As to the 80% of the 5 B fund for development, how long will it be locked? Will it be release gradually? If it is , in which method will it be released.

TIPS we plan to use a smart contract to lock it up for 12 months. The contract conditions will be coded to allow gradual release.

We plan for no release at all for the first 6 months. After that time, the smart contract will release gradually each month for six months. Equal amounts per month. So:First 6 months: No release; Next 6 months: 1/6 each month

The funds will be released to a multi-signature development wallet, to be paid in equal shares to all long-term members of the development team.

Q6: I also notice that there are 2 B for airdrop. How will it be used? Do you have any plan?

TIPS: Yes we do, thank you for the question. This amount is to be used over a long time (several years). It is for airdrops over 2 - 3 years, to help us grow and build the community. So it will be a slow process with very controlled releases. We also want to establish a Fedora Foundation and use the funds for donations to important charities.

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gate.io
Sep. 7, 2018