NKN testnet token (tNKN) redemption

Community News
#1

June 17th, 2019

Why

Since its debut in late August 2018, our public testnet has grown to over 12,000 nodes globally in June, 2019. That is more than Bitcoin or Ethereum in terms of full consensus nodes. Thanks to our community for supporting the new kind of Internet, making it stable, performant, and secure.

Since our mainnet launch is approaching fast, we need to ramp down testnet and conclude this phase of testnet reward program.

What

As we promised earlier, we are happy to announce that you will be able to redeem your NKN test tokens (tNKN) into ERC-20 NKN token starting Monday June 17th, 2019. The end date is to be determined and will be announced later.

The official tNKN testnet token swap tool is here:

https://swap4testnet.nkn.org/

Conditions and restrictions:

  1. The minimal tNKN test token you can redeem is 100 from each wallet address, and the maximum is 500,000.
  2. Conversion ratio is 5:1, 5 NKN test tokens will be converted to 1 ERC-20 NKN
  3. The redemption period will start Monday June 17th, 2019 and the end date is to be determined.

Notes:

  1. When we announced the testnet incentive plan late last year, tNKN was valued at 0.0046 USD at 5:1 conversion ratio. The current tNKN is equivalent to 0.0127 USD: almost 3 times appreciation.
  2. There is a daily upper limit of 2,500,000 tNKN (equivalent of 500,000 NKN), for swap. It is designed to enhance swap system security and smooth out the impact on overall token supply. It will be replenished every day at around 10AM Beijing time (2AM UTC).

Guide

Read me first

  • Ratio of swapping tNKN in testnet to ERC-20 NKN is 5 : 1。
  • Please do a test swap with a small amount of tNKN tokens before you swap a very large amount of tokens.
  • If you have any questions, please contact our customer support [email protected] directly.

Fill in the details

The official tNKN swap tool is here:

https://swap4testnet.nkn.org/

There are three inputs you need to enter:

  1. Testnet wallet address FROM where you will send your tNKN token. We show here screenshot from testnet wallet, where to find this address.
  2. Amount of tNKN you want to swap: e.g. 1,000.
  3. ETH wallet address TO where you will receive your ERC-20 NKN token. We show here screenshot from Metamask wallet as Chrome browser plug-in.

In the following example, you can find out your tNKN address from NKN testnet wallet. This address should start with letter “N”.

https://testnet.nkn.org/wallet/open

In the following example, you can find your Ethereum address from Metamask wallet. The address should start with “0x”.

Once you collect all the information, you can enter into the web tool as below. Then press “Next Step”.

Although the email address is optional, we still recommend that you provide an email address in case you need to contact NKN technical support.

Transfer the tNKN tokens

One you press “Next Step” from Step 2, you will find a similar screenshot on your https://swap4testnet.nkn.org website. This is a summary of your swap order, with all the information you previously entered, as well as an Order ID, and swap status.

Please record your Order ID now, for future reference in case of issues.

This screen also shows you a very important address: “tNKN payment address”. You will need to transfer your tNKN tokens from your wallet to this “tNKN payment address”. Note: you need to transfer the EXACT same amount of tNKN token as specified in the swap order. Otherwise the order will be rejected.

We show an example of such transfer from NKN testnet wallet. Your wallet may have a different user interface and procedure but the concept should be the same.

Click “Transfer”:

A Transfer Dialog pop up, paste TNKN payment address to “Transfer to address”，enter amount of tNKN token and wallet password，click “TRANSFER”，your tNKN will be sended to tNKN payment address

Check your token swap progress

Using the token swap web tool https://swap4testnet.nkn.org, when you press “Next Step” within the dialog from Step 3, or if you click on the top right corner “History” menu, you can see the progress of your token swap order.

There are small confirmation time on both the NKN testnet and Ethereum blockchain, but this swap should not take more than a few minutes. Please record your Order ID, in case you cannot get token swap completed successfully within a reasonable amount of time (for example, 4 hours or more).

Once you click on the “Order ID”, you can find the order details page:

Check your sending tNKN address for balance of tNKN testnet token: https://testnet.nkn.org

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Check your receiving ETH address for balance of ERC-20 NKN tokens: etherscan.io

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:de: NKN - Bericht fĂĽr die Zeit vom 1. - 17. Juni 2019
NKN Bi-weekly Report June 1-17, 2019
#2

I think the community would really appreciate a statement of yours, where you justify the decision to freeze the swap ratio to 5:1, despite promising a better ratio. tyvm

#3

“”" What a disappointment …
Justify the exchange for the appreciation, perhaps manipulated, in the markets …
Maybe that appreciation is thanks to the Community …
Maybe the speculators watching the growth of the Community started buying NKN …
And now You pay the miner with prices at the end of last year …
It is not fair …
I have mined to earn coins, not money …
Because if we talk about profits, more or less, what is eaten for what is served …
I’m disappointed…"""
Thoughts of a miner

#4

Hi team! I want to say that I am very discouraged by your decision regarding the swap. It is a pity that your words about $ 5 per month for the node - meant nothing. I’ve been with you since the start, and honestly, I didn’t expect you to do this to the early contestants

#5

Could you please provide an estimate on how much longer we will be able to receive rewards by running nodes on the Testnet?

Will there be any incentives/rewards for running nodes in the future, on the Mainnet for example?

Thanks

#6

2019-01-15-21-36-59

#7

Hi everyone, I have looked at all the comments and fully appreciate your feedback. As Yanbo mentioned, our core team looked at the overall interest of all stakeholders (miners, token holders, team) as well as the current token price and events (Huobi listing vote), and reached the conclusion of 5:1 ratio. It was in the official announcement from the beginning. But maybe the mistake I did was in some online conversations said “$5 per month”. That was an honest estimate at the time of writing, but did not get fully authorized and agreed within the core team.

We aim to create a healthy ecosystem with miners, token holders and team, so in the end “everyone” benefit. That’s why we are working super hard to get mainnet out, building two products, and carrying out customer trials, while still find enough resources to build all the swap tools.

#8

We intend to keep testnet running for a while while we transition to mainnet. There will be incentive plans for testnet.

#9

There is a daily upper limit of 2,500,000 tNKN (equivalent of 500,000 NKN), for swap. It is designed to enhance swap system security and smooth out the impact on overall token supply.

And the token swap pool will be replenished every day at around 10AM Beijing time (or 2AM UTC). Thank you!

#10

Another update regarding some people who actually received ERC-20 tokens but the order status is either “Failed” or “Existing incomplete order”. This does not impact swap itself, but might make people worried about the true status of token swap order.

There is a timeout issue with the ETH network call back settings. It is now fixed and we expect no more such error messages.

#11

Hi,

https://swap4testnet.nkn.org is showing a 502 host error page currently?

#12

Apart from my previous question about the swap sub-domain site being offline, do we need to do anything particular to Metamask wallet after installing? Do we just use the main Ethereum address that we would also send actual ETH to? The wallet recognises that it’s NKN Token on its own? I.e We don’t need to create a special NKN Wallet inside Metamask or something?

Cheers

#13

testnet swap tool is under maintenance and will be back in a few days.

1 Like
#14

It has been a while but I believe you need to “Add Token” -> “Custom Token” in Metamask to recognize NKN:

Contract: 0x5cf04716ba20127f1e2297addcf4b5035000c9eb
Symbol: NKN
Decimals: 18

1 Like
#15

Hmm, any up date on the ETA? A few days has quickly become 5 and it’s still offline :frowning:

#16

It has been recovered yesterday, and now the browser is fixed too. Please check

testnet.nkn.org

The tNKN to ERC-20 swap tool will be open again once we finish functional testing of the servers.