Creditbit’s Migration recently went live. And now the Migration Smart Contract has been successfully deployed as well. As noted by the Creditbit community on Bitcoin Talk, the migration process is indeed very quick, and the development team professional and efficient.
As explained by the dev team, with migration, Creditbit is exchanging old CRBIT coins for newly issued CRB Tokens. For each coin that they receive and lock on the old Blockchain, they issue one Token on Ethereum blockchain.
The watching address for Token is:
0xAef38fBFBF932D1AeF3B808Bc8fBd8Cd8E1f8BC5
The dev team also listed steps or a quick guide for Mist users, which is:
1. Have your Mist synchronized
2. Insert this address in Contract -> Watch Token
Further, a step-by-step guide of the process is promised to be published on the website. And for those who have already migrated, they can check the visibility of Tokens in their Ethereum wallets.
All tokens are visible, but can’t be transacted at the moment. They are locked for security reasons for now.
The dev team also apologized for the delay in deploying the token as had to kill some bugs in the migration Smart Contract, which caused the delay.
The first round of Migration is slowly concluding, but there will be new Rounds to follow.
Dev team also posted the updated steps for the first round of Migration:
Executed Steps
1. Entering the migration on webpage – you must generate your own Ethereum account, copy its public address in the webpage, cast your vote on initial voting and obtain a transfer address.
2. You can transfer your CRBIT coins to transfer address, obtained on the migration webpage.
3. We will execute the creation of CRB Token with deploying migration and token Smart Contracts on the Ethereum mainchain.
4. New tokens will be created and transfered to your Ethereum addresses, but all other functions will be locked.
5. We will release watching address, that will enable you to see, how many CRB tokens were transferred on your accounts (in wallets).
Future Steps
6. We will release ABIs for all Smart Contracts
7. If everything goes well, we will unlock the tokens, so you will be able to transfer them to Exchanges and other Ethereum addresses.