Overview
Electroneum's Transition to a New Smartchain: An Overview
The Electroneum Smart Chain with its IBFT consensus algorithm offers:
Advanced smart contract functionality
Lightning-fast 5-second block processing time
Incredibly low transaction fees
The potential for interoperability with various blockchain networks, broadening the horizons for integrations
A platform ripe for metaverse creation, offering potential for new and immersive decentralized virtual worlds
The Bridge Mechanism Unveiled
Electroneum Flow V5.0.0.0 Hard Fork
A landmark event in the migration journey is the hard fork of the legacy chain. Designed as a foundational step, this manoeuvre allowed users to migrate ETN balances to the Smart Chain for free.
After the hard fork, we have also ensured that future coinbase emissions on the legacy system go to a burn address in order to maintain the correct max supply (mainnet and testnet): etnkCys4uGhSi9h48ajL9vBDJTcn2s2ttXtXq3SXWPAbiMHNhHitu5fJ8QgRfFWTzmJ8QgRfFWTzmJ8QgRfFWTzm4t51HTfCtK
The Token Bridge
Migration to the Smart Chain was made seamless by our token bridge - a secured gateway facilitating the smooth transfer of ETN from the legacy chain to the Smart Chain. Crafted to be invulnerable, even Electroneum Ltd. cannot access it:
Here's how it functions:
Initiating with Balance Sweeping:
Post hard fork, users funds will be migrated to the bridge address as soon as they open the ETN App or their CLI Wallet. The balance sweeping mechanism then redirected funds to a special bridge address on the legacy blockchain. This transaction seamlessly included details of the user's new Smart Chain address.
Bridge Address (mainnet and testnet):
etnk6XD4xkmgsajaYyDD7SGsB93Ff6iUN2TaAaqageGkKj2yB1mtd5wJ8QgRfFWTzmJ8QgRfFWTzmJ8QgRfFWTzm4t51KXZBNg
Oracle's Role:
An observant oracle on the Smart Chain consistently monitors the bridge address on the legacy blockchain for incoming transfers.
In intervals, this oracle dispatches Smart Chain transactions to users' new Smart Chain addresses.
Assured Logging and Security:
The oracle logs all migrations to a smart contract, underscoring our commitment to transparency and accuracy.
For those keen on the technical audit, these are the migration smart contract addresses:
Mainnet:
0xb7990022d3f22b6fb3afb626e05289ee3bf0ae62Testnet:
0xe5da12b1bcf74ff0aec20671beabc466f8b54727
You can query these contracts for specifics on migration data. However, if you'd rather avoid this technical dive, rest assured: both the legacy and Smart Chain wallets provide comprehensive migration insights for your personal migration through their logging, meaning that you'll never be in the dark throughout the entire process.
Zero Fees, Maximum Ease:
Ensuring users balances are made whole during the migration process, the entire migration process is absolutely free.
Depending on whether you are a CLI Wallet User, ETN Online Wallet user, ETN App user, exchange user or paper wallet holder, or a new user, the migration process will vary slightly. We have written specific guides for each circumstance - please proceed to next pages.
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