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Currently Egretia (EGT) is represented as a Token of Ethereum Network, but is there any changes regarding shifting from Token to Coin on its own Chain?

  • Roadmap says "2020 Q2 - Egretia Public Chain 1.0 Release". (egretia.io) – Richard Horrocks Sep 18 at 7:27
  • @RichardHorrocks, Public chain released, but my question is Does that means that ETG is now a Coin having its own blockchain network? or It's still a token of Ethereum network. – Rudrika Sep 18 at 9:34
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As noted by Richard:

Roadmap says "2020 Q2 - Egretia Public Chain 1.0 Release". (egretia.io)

This means that its own blockchain will be launched then and its own coin released. This does not, however, say anything about when the token will be migrated into the new blockchain. But it's quite probable that the migration happens immediately when the new blockchain is up and running.

In general terms creating a token is so easy and cheap quite that many projects start with issuing tokens and then later shift to using their own blockchains (if that was their intention). The shift itself is not trivial but doable:

1) Ask user his address in the new blockchain and verify his address (with whatever means) in Ethereum to see how many tokens he has

2) Assign new coins in the blockchain to his address. This should probably be done all in one initial distribution as it's typically not easy to just "mint" new coins in a blockchain.

3) Burn the user's tokens in Ethereum

  • I think your are not getting my point that what I've asked about. My question is, that is Egretia Coin(Having own blockchain) or Token(of Ethereum)? Simple as that. – Rudrika Sep 18 at 9:33
  • Just to reiterate and reword what me and Lauri have said: ETG is currently running on Ethereum. In the second quarter of 2020 it'll move to its own blockchain, probably using the process outlined in Lauri's answer. – Richard Horrocks Sep 18 at 10:22
  • @RichardHorrocks, thank you! this is the answer for which I'am looking for! – Rudrika Sep 18 at 12:09
  • @Rudrika - Glad it helped :-) Can you mark Lauri's answer as accepted, just to keep things tidy? – Richard Horrocks Sep 18 at 12:14
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    Cheers Richard for the clarification. Added relevant clarification to my answer. – Lauri Peltonen Sep 18 at 12:16

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