My bad, meant to be Safe Network Token
Block no is exactly how snapshot works.
Snapshot is taken at say block 358921, only addresses with omni maid at that block would receive snt.
As for the omni maid being worthless afterwards , essentially yes they are.
I certainly wouldn’t buy them.
If ppl want to trade afterwards, they either trade snt or wrapped snt on another network.
2 Likes
@DeusNexus can you confirm that https://maidswap.io/ will claim Safe tokens on the Safe network and will exchange them for MAIDe for people who may not do it themselves and hold ERC20 tokens?
1 Like
What did David state on this?
I thought it was that omni maid would be needed at conversion.
Nevermind, not thinking straight, of course deus could claim them and distribute.
2 Likes
Yes, the smart contract holds the omni tokens. The question is whether they will be able to claim the Safe tokens while they are in the smart contract…
3 Likes
As far as I understand how the snapshot will work is that the MAID locked will be able to claim the SNT on the network in some way.
Anyone who holds ERC20 will then be able to claim their share of SNT based on the amount of tokens they have because it is backed by the MAID which was hold during the snapshot.
Just to make sure everything goes smoothly we can pause the smart contract at same time as the snapshot. The swap will then allow to only burn tokens and no new minting. After everyone has claimed their ERC20 then all SNT is distributed. I don’t know what the value of the MAID token itself will be then but users can also receive those back on the Omni addresses.
4 Likes
Do you have access to the private key of the address omni maid are sent to in order to swap for erc maid though?
If not I’m sure arrangements can be put in place to make sure those erc maid holders are able to claim their snt.
Of course you would no doubt need to discuss this with David.
Edit.
At the end of the day id encourage everyone to swap back to omni maid before cut off date.
Its that, or trust deus , now I have no reason to not trust deus, but its a risk ppl need to be aware of.
3 Likes
David said that at this time the exchange will only use MAID on omni
I thought you said people can go from ERC20 back to MAID.
So it would be wise to stop trading a set period before the snapshot will be taken and then all erc20 transferred back to MAID omni according to the users direction.
BUT
David also considered that the exchange to SNT would be via a burning process (allows for long time frame) so then there is no need for ERC20.MAID to do anything special other than allow people to go from ERC20.MAID to omni.MAID and the user then does the exchange as specified by MaidSafe
As to keeping a record then all MAID burned can be kept in a register and if the network needs to be restarted the record of burning is used to reissue SNT
5 Likes
Correct, don’t expect them to support the ERC20. I’m just saying that the locked MAID.omni during the snapshot will be eligible to claim SNT on the live network. So the locked MAID.omni can then distribute to holders of the ERC20 through the Safe Network.
If Single Snapshot: The locked Omni are becoming available in a wallet on SafeNetwork and when people redeem those SNT will be sent to their Safe Network wallet.
If the timeframe is large to claim SNT using MAID.omni then eventually all ERC20 holders can withdraw their MAID.omni through burning their tokens and then burn the MAID.omni using the given method by the MaidSafe team.
I expect that the redeem process of SNT will most likely work with a single MAID.omni burn address owned by the team. The team will then monitor the amount of MAID.omni received the various addresses and move those SNT to those owner addresses on the Safe Network.
In my opinion it would be best that during the start of the Network the MaidSafe team will have a certain address that will get minted all the MAID (452.552.412) and then no more SNT can be created by anyone outside farming itself. They can then start to transfer these to all the holders who claim it.
2 Likes
This of course is more work for you, as you will need to bridge to the sn as well.
No offence meant when I said ppl would need to trust you, I wrongly assumed you would manually distribute from the swap address to the holders wallets.
1 Like
When I was playing around with the earlier Shared-Network and the Telegram Safe Network Bot it was not that hard to bridge and I don’t expect it to be much work either. The CLI/API is pretty easy to use.
If we get new public test-network I will try to hook up the Telegram Bot again.
4 Likes
Was thinking about this topic in addition to this one recentlty and something obvious hit me that I’d like to share. I can’t remember if we covered it already.
The process of getting a maid snapshot vs network burn address has been talked about in detail. We also talked about how if the maid address has ever made a transaction, then the public key is available. The problem is that not all maid addresses have done a transaction.
So why not a hybrid approach?
- There is a network burn address.
- There is a maid snapshot taken at a certain block and stored in network at genesis.
- All clients that want to access their SNT accounts will need to send 1 maid to the burn address.
- Now the public key is available and the network can create a new wallet that is encrypted with the asymmetric public key and it contains SNT equal to the maid balance in the snapshot.
- The user can then access their snt account using the private key of their maid wallet.
Devil is in the details of course.This assumes that omnilayer is still functional until all genesis accounts have been created.
1 Like
Yeah I like that better.
I’m sure you didn’t really mean to suggest that you want a web form to upload a private key somewhere, but I understand what you mean.
1 Like
And what if between lanch of v1 and v2 someone exchanged some SNT on the network for goods / services? They will start with the same amount? Not fair for me 
I simply don’t see how a snapshot can work. For people who hold their MAID on exchanges, they are wholly reliant on an exchange to go along with all of this. Forget getting listed on more exchanges if we have to tell them X months or years down the road, you will need to do a bunch of backend work for us so we can distribute our tokens.
It’s also grossly confusing for users who aren’t all that technical. Sending the MAID somewhere is one thing. Telling people to sign something with their private key to prove ownership, etc.? Hilarious.
And where does this bridge between the Safe Network and the open Internet come from, and how would you get your SNT off the exchange and into your Safe wallet?
Simple the exchange runs the safe client. They send MAID to the conversion address (or however its done) and gets back SNT. Then when paying out they send using the Safe Network client, and receive using the Safe Network client. They will distinguish who sends what by some method. One way would be the user registers the Safe ID used to send the tokens and receive the tokens.
So we are back to burning? I hope there is some misunderstanding…
I don’t exactly remember when it was the last time we were discussing it (year ago?). Whole time, I was under the belief snapshot version of transition was the preferred option, which helped me to sleep better. Now I read this “burn-talk” once again… Please no! It’s just an inferior solution in every way.
@JimCollinson, are you really sure burn-scenario is the current preferred solution of Maidsafe?
2 Likes