Feel free to move this post where you think it fits best.
A couple questions about MAID/EMAID to SNT conversion.
When the time to convert comes how will this process work generally?
Will I be sending MAID directly to the network and receiving SNT or will there be an entity that does this conversion for me?
Will KYC/ID be required to convert?
If you could link to an explanation of the process by DEV’s that’d be great!
Thanks
We don’t know how they will choose to do it, especially with the two separate sources. That information has not been released. I’m not sure if they’ve even decided the path forward.
You will likely either send it somewhere to get burned and get the new tokens sent to you like the MAID->eMAID conversion was done, or they will take a snapshot and have people sign something to prove they own that address at the time of the snapshot, and send you the new token.
KYC will almost certainly be required. I don’t think they can get around the myriad of anti money laundering laws throughout the Western world without getting in a lot of trouble.
About the Omni Maid:
safe wallet get-faucet <url> <maid_address> <signature>
Receives a transfer from the maid snapshot for the amount of maid owned
by that address. The signature is a bitcoin signature by the maid
address with the message as the hex encoded safe wallet address that
will receive the transfer.
At this time, in simple terms, OMNI MAID is planned to be by a snapshot style of method on launch day. There will be a wallet setup for every OMNI Address that has MAID and the user will sign a message to be able to decrypt the wallet and use their SNT. The encryption will ensure the privacy of even the OMNI Address the wallet is. So then you will move those SNT to your wallet you have in your Safe account (or another wallet if you wish)
@digipl showed the current github code for it
For eMAID there maybe a similar setup, or maybe a burn address because eMAID is still being traded a lot. (OMNI MAID is almost zero trading)
on exchanges yes but there is still plenty OTC deals getting done
Still the announcements of the snapshot date/time will alert those people that trades after then will be worthless
Didn’t they specifically say in every update they will work out a way to automatically do the conversion so that KYC will specifically NOT be required…
I’m not giving my information just so I can get the same tokens I already own.
@zero-ghost I hope this is the case! Even if Americans wanted to KYC they can’t because they have to be an accredited investor. This is even a requirement to swap MAID>EMAID.