In order to ensure a smooth transition from our old network to the new Cosmos-based network, we’d like to elaborate on the changes the network will undergo, and what exactly will change for you as an investor.
First, we will expand on some general information, then later in this post we’ll share the changes relevant to each type of BCNA investor; the holder (investors that keep their coins in their wallet or on exchanges), the full node staker (investors who run the full node wallet for staking rewards), and the masternode staker (investors that run a masternode).
What Actions Do I Need To Take? → Swapping Your Coins
You will have to swap your current BCNA coins to the new Cosmos-based BCNA coin. We will make sure you’re able to do this in just a few clicks.
In the current BitCanna network, we have the BCNA coin as its currency. In the upcoming Cosmos-based network, we will start to use a new BCNA coin, because its underlying technology will change. Before, we used (old) Bitcoin technology; now, we will use Cosmos technology. We explain exactly why in this post.
Since we’re moving to another blockchain, you will need to swap your old BCNA coins to the new Cosmos-based BCNA coin—the old coin will not work on the new network. The new coins will still be called “BCNA”.
When Can I Swap My Current BCNA Coins to the New Cosmos-Based Coin?
We will provide detailed instructions on our website, via email, and on our social media channels once we have a date for the swap process. The swap process will remain open for at least a few months.
Make sure to subscribe to our newsletter to receive the update directly in your mailbox! You can find the email subscribe box in the footer of our website.
How Will the Swap Process Work?
You will have two options to swap your coins:
Leave your coins on a participating exchange that supports the BCNA swap (to be announced) and automatically have your coins swapped.
• In the new BitCanna web-wallet
– Create a Keplr (chrome extension) account.
– Login to the new BitCanna web wallet with your Keplr account
– Click the “Swap” tab in the web wallet; a unique swap address on the old BitCanna chain will be generated.
– Send your old BCNA coins to the unique swap address.
– Automatically receive the new Cosmos-based BCNA coins in your web wallet
We have a complete guide coming up explaining exactly the process described above on our guides page. Stay tuned!
How Will Staking Work in the New Cosmos-Based Blockchain?
In the current BitCanna network, we differentiate between two types of stakers: the full node, and the masternode. As you may know, the full node can stake with any amount of BCNA, and the masternode requires a minimum of 100,000 BCNA, in return for better rewards thanks to their increased contributions to the network.
To understand how staking works in Cosmos, it is important to learn about two new terms: “delegators” and “validators”.
Introducing Delegators and Validators
In the new Cosmos-based network, we will have something similar to the full node and masternode. Masternodes can basically be called “validators” in the new Cosmos-based network, and the rewards earned by running a full node (in the current network) are basically done by “delegators” in the new network. Please note that they are not exactly the same. Below, we’ll dive deeper and explain how they both operate.
What Is a Validator?
A validator is the more advanced and technical of the two. A validator secures the network. Their role is to run a full node and participate in consensus by broadcasting votes. Validators commit new blocks to the blockchain and receive revenue in exchange for their work. They must also participate in governance by voting on proposals. Validators are weighted according to their total staked BCNA.
There can be an unlimited amount of validators in the BCNA network. But only the top 100 (this number is subject to change) with the most voting power can be active validators. Voting power is calculated by the amount of delegations made to the validator. Delegations are coins that are assigned to a validator (we will expand further on this in the next section).
In other words, you don’t have to own a lot of BCNA to become a validator. As long as you can get a lot of funds delegated to you, you will gain voting power and thus belong to the top 100. Of course, you can also delegate to your own validator.
Please note that becoming a validator requires technical skill, because you’ll have to set up the validator and actively maintain it. In return, you will be able to earn more rewards. More details on becoming a validator will be released in upcoming content, but, if you want, you can already explore content on the Cosmos website, to get an idea of what is required, because our network will work basically the same as the Cosmos main network.
Don’t worry, though, for the people with no technical coding skills, there is the delegator role.
What Is a Delegator?
A delegator is exactly what its name implies; you become a delegator if you delegate your coins. To whom? You might have guessed it; a validator! You can assign your coins to a validator with a single click of a button (don’t worry, the validator is not able to access your coins).
By delegating your coins, you will earn staking rewards. The rewards will depend on the commission ratios set by the validator, and the uptime of the validator. The more coins you delegate, the more rewards you earn.
There’s no need to run a full node anymore and synchronize your wallet with the entire blockchain like in the current BitCanna network; this work will be done by the validators. All you have to do is collect your rewards once in a while and assign your coins to a validator. From now on, staking will be available to everyone, without having to actively run a full node wallet.
More in-depth information about delegators and validators can be found here.
In Which Wallets Can I Store and Stake the New Cosmos-Based BCNA Coin?
You will have multiple options when it comes to storing and staking the new Cosmos-based coins, with more convenience than before:
• In the new BitCanna web wallet (which you can access through the Keplr Chrome Extension)
• In the new mobile wallets for Android and iOS
The Keplr Chrome Extension and the New BitCanna Web Wallet
If you’re familiar with Metamask (Ethereum), the Keplr wallet is basically the same for Cosmos-based coins. With Keplr, you will be able to manage all your coins based on Cosmos in one wallet, among them BitCanna.
Once BitCanna launches its mainnet and deploys the web wallet, you will be able to create a Cosmos-based BCNA address in Keplr (please note you can’t create a BCNA address in Keplr until we launch our mainnet, but you can already play around with Keplr to get familiar in the meantime!).
Keplr will allow you to connect with the BitCanna web wallet (it will automatically import your account into the web wallet), and you will be able to stake (delegate) your coins, unstake your coins, send and receive coins, and claim your (stake) rewards!
You will simply have to back-up a unique seed phrase when you create your Keplr wallet, and you’re set. You can then use this seed phrase to access your wallet on your mobile, or on another device.
The key difference with the current BitCanna network is that there is no more need for applications to be downloaded, back-ups (files) to be created and stored, or syncing (for hours) with an entire blockchain.
The New Cosmos-Based Mobile Wallet for Android and iOS
BitCanna will release new mobile wallets for Android and iOS compatible with our new Cosmos-based blockchain. The key differences with the current mobile wallet will be the following:
You will be able to delegate your coins (stake) and claim rewards in the new Cosmos-based mobile wallet.
Currently, you can’t import your current mobile wallet account to the BitCanna full node and lite wallet (and vice versa). But in our new Cosmos-based mobile wallet, you will be able to export your BitCanna mobile wallet, and use it to log in to the new BitCanna web wallet and Keplr extension (and vice versa). In other words, you will be able to access your BCNA investment on all wallets, no more need for separate accounts!
Will BitCanna Have an ERC-20 And/Or BEP-20 Token?
It is very important to understand that the coin running on the new Cosmos-based blockchain is not an ERC-20 (Ethereum) or BEP-20 token. Just like before, we will have our own blockchain.
Thanks to Cosmos, we do aim to launch an ERC-20 and / or BEP-20 token variant next to our Cosmos-based coin. In practice, this will allow the BitCanna currency to be traded on decentralised exchanges such as Uniswap, Sushiswap, PancakeSwap, and many more.
The ERC-20 and / or BEP-20 token will not increase the BitCanna supply, because for each token that is issued, the Cosmos-based BCNA coins will be locked. You will be able to simply swap back and forth between the token and the coin.
The Cosmos-based BCNA coin can be used for trading, staking and transacting; such as paying for your orders at our partners. The ERC-20 and / or BEP-20 token can be used exclusively for trading, increasing our exposure to new investors. Simply choose what suits you best.
We aim to launch the ERC-20 and / or BEP-20 token after we have deployed our mainnet, not simultaneously.
More updates on this aspect are soon to follow!
How can I participate in the upcoming testnets?
BitCanna is currently in its internal testnet (phase 0). We will soon open subscription for the invitational incentivised testnet (phase 1).
Phase 0: Internal testnet (current)
Phase 1: Invitational incentivised test
Phase 2: Public testnet
For our invitational incentivised testnet, we’re looking for blockchain enthusiasts familiar with running validator nodes, and / or the expertise to start running one! Do you think you got what it takes? Then keep an eye on our social media channels for the application form and our testnet program!
We’ll announce more details about our new wallets, website changes, swap date and invitational testnet program shortly. Keep an eye on our social media channels (listed below) and e-mail to stay up to date!