BitCanna Cosmos Launch: Full Update

Our Cosmos mainnet launch is drawing closer, and in this post, we would like to give a broad update on the upcoming launch. We highly recommend you to read this entire post.

We will expand on the following topics:

– Expected launch date of the new BitCanna blockchain
– New BitCanna web wallet
– Swap process flow
– What happens to the current blockchain wallets (Full, Lite, Masternode, and Mobile)
– Exchanges update
– Transition period for the RQS and Zamnesia payment module
– New website teaser

Let’s dive right into it.

Expected launch date of the new BitCanna blockchain
The launch date of our new Cosmos-SDK blockchain is scheduled at September 30th, 2021 12:00 UTC, in approximately 3 weeks. We will internally launch the blockchain; and shortly after open the blockchain for the public. A detailed launch procedure will be communicated a week before the mainnet launch. Once the blockchain has been opened to the public, you will be able to swap your coins.

New BitCanna web-wallet
We will initially launch the new blockchain with only one wallet: The BitCanna web-wallet. Some of you already had the chance to experience the new BitCanna web-wallet in our testnets. Our new wallet is a customized fork from Lunie-NG, currently maintained by Tendermint.

Our new web-wallet will be accessible with two methods:

– Keplr Browser Extension (Chrome and Brave desktop browser).
– Ledger device

Once we draw closer to our launch, we will share a step-by-step guide to install the new web-wallet with Keplr Browser Extension.

Swap process flow
You will be able to swap your coins in our new web-wallet mentioned above. The swap period will open within a couple of days after our mainnet launch. The specific date for the start of the swap period will be set in the coming weeks.

Here’s a general description of the swap process, so you have an idea of what to expect:

1. Create an account on the web wallet (through Keplr Browser Extension or Ledger)
2. Login to the web wallet and navigate to the “Swap” section
3. The swap form automatically prefills your (new) Cosmos-based BCNA address from the account that is connected to the web wallet
4. A unique deposit address (old BCNA chain) is generated. Our swap system links the unique deposit address to your new Cosmos Address. You must send your (old) BCNA coins to this unique deposit address. Each coin received (1:1 ratio) on this unique deposit address will be deposited to your new Cosmos address.

Additional details, step-by-step instructions, and a video will be released closer to the swap period. Stay tuned!

What happens to the current blockchain wallets (Full, Lite, Masternode and Mobile)
As announced previously, all full node and masternode users must update their wallet to version v1.0.3 before September 24th at 12:00 UTC. The Lite, Mobile, and coins on exchanges are automatically updated, so no action is required by these wallet users.

Wallet update v1.0.3 ensures that rewards in the current (old) blockchain will be reduced to 0.0000003 per block to prevent double inflation since we will run two blockchains simultaneously.

Once our new blockchain launches on September 30th, you’ll still be able to access the current (old) wallets because you will need to access your coins to perform the swap. This is why we will run the new and old blockchain for a more extended period of time; the swap can remain open for months, providing all our users a fair chance to perform the swap.

After swapping your coins, there’s no reason for you to access the old wallets because your new BCNA coins are only compatible with the new web wallet. This means that the mobile wallet will temporarily only work with the old (current) BitCanna blockchain. We are working hard to make the BCNA mobile wallet compatible with our new blockchain; an update on this will follow.

Exchanges update
Both Coindeal and STEX Exchange will support the BitCanna hard-fork for wallet v1.0.3; this means that if you have coins on these exchanges, no action is required.

However, we’re still awaiting their confirmation for the approval for the support of our new Cosmos-based blockchain. We hope to update you on this matter as soon as possible.

We can confirm that the Cosmos-based BCNA coin will be available at right from the start. We’ll also list on Osmosis DEX shortly after the mainnet launch.

Transition period for the RQS and Zamnesia payment module
The BitCanna payment method on RQS and Zamnesia will be temporarily unavailable due to our blockchain migration. The payment method will be unavailable starting from September 28th. Once we have updated the module compatibility for our new blockchain, payments will be resumed; updated guides will be available as well. We expect this will take roughly three weeks.

New website teaser!
You heard that right. Together with our Cosmos launch, we will launch an entirely new website. You can find a preview below. 🔥

What’s next?
In the final weeks, you can expect an update on token economics, exchanges, the launch procedure, and the exact time at which the swapping period will go live.

If you have any questions, please join our Discord, Telegram, or send an e-mail to [email protected]. We’re here to help!

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