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I am coding a token that depends on referencing a current exchange rates to calculate the fee required to transfer a token. Should this reference some day break down, I would need to make a new updated contract to continue the use of the token as my fallback currently is to cease transacting.

Is there any ideal way to do this?

I've referenced this thread: https://www.reddit.com/r/ethereum/comments/5rcp9m/what_happens_when_you_try_to_fork_an_ethereum/

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I'd take a look at a delegating mechanism where you have one contract that holds the balances and another that handles the exchange rate, with a pointer from the former to the latter. You can update this pointer to point to a new contract to handle the exchange rates as required without affecting the balances.

There's more information at: https://steemit.com/ethereum/@nikolai/dapp-a-day-6-upgradeable-tokens

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