Be Part of æternity’s Mainnet Launch: AE Token Migration

Mainnet launch is approaching and you will soon be able to migrate your AE tokens. In the following post we provide a comprehensive overview of the AE token migration process.

Migration Process Outline

As of today (19 October, 2018), AE tokens exist on the Ethereum blockchain. In order to migrate them to the æternity blockchain in a secure and verifiable way, we have designed a process in which the migration is divided into four phases. The last phase will end September 2nd, 2019.

Each phase will be followed by a scheduled hard fork of the æternity blockchain that will migrate tokens and introduce improvements and new features.

To ensure the transparency and verifiability of this migration process, users will be able to use a dedicated smart contract set-up for the migration. There will be a tool that anyone can use to verify:

the generation of accounts included in the genesis block of the æternity blockchain and the corresponding accounts on Ethereum

the migrated balances introduced in scheduled forks

Genesis Block and Scheduled Hard Forks

Phase 0 is the migration phase before Mainnet launch. Its starting date will be announced in a separate announcement. The genesis block, the first block of the æternity blockchain, will include all tokens migrated by users during Phase 0. Each of the following three phases, with a timeframe of around 3 months, will end with a scheduled hard fork of the æternity blockchain. This means that after Mainnet launch there will be three scheduled hard forks. Each hard fork will migrate tokens and add or expand features of the æternity blockchain, that can only be implemented via hard fork. This also means that users will only receive their tokens on the æternity Mainnet with one of the Phases ending and a fork having been completed. All scheduled hard forks will include new features and improvements to the æternity protocol such as the governance system or the new virtual machine. A detailed future timeline will be published in a separate announcement.

The tentative post-Mainnet fork schedule is:

End of Phase 1: February 2019

End of Phase 2: May 2019

End of Phase 3: After 2 September, 2019 (Ethereum AE tokens become non-transferable)

After Phase 3, the migration process will change due to the smart contract managing the AE tokens expiring and Ethereum AE tokens becoming non-transferable. Users will still be able to migrate their AE tokens as long as they don’t use a smart contract to manage them. More information will follow in time.

Migration Costs

There will be no cost for the AE token migration, other than the transaction fees charged by the Ethereum network for the token transfers. If tokens are stored on an exchange or a wallet that does not provide user access to addresses’ private keys/seed (“leased wallet”), users will have to move them to an Ethereum wallet before starting the migration process. MetaMask or MyEtherWallet wallets are recommended and are integrated in the migration process. The transaction fee for withdrawing tokens from an exchange or a leased wallet is subject to the service’s transaction fee policy and can vary.

How to Migrate?

To ensure a successful migration process, in upcoming weeks we will launch a step-by-step token migration guide (web page), similar to the ones used during the campaigns last year. The site is currently being developed and will also feature a token migration FAQ.

Current Options for Setting Up Your æternity Wallet

AirGap Vault — two-device cold signing solution (Coming Soon) Ledger Nano S — hardware wallet æternity Base æpp — wallet, identity manager and æpp browser æternity CLI — command line interface for pro users

We recommend creating an AE account using either AirGap Vault or a Ledger hardware wallet (when the option becomes available). An additional option, a command line tool, will not be incorporated in the website, but will also be available. Moreover, the Base æpp will become an option as soon as it becomes available in the Google Play and Apple App stores. Despite that the æternity Base web æpp will also be available, we don’t recommend using it since it is still in beta.

We encourage users to use hardware wallets and off-line solutions to store their AE coins, especially keeping in mind that both Ledger and AirGap will be integrated in the Base æpp.

Here is an overview of how the migration process will work in detail:

Step 1: Begin Migrating Your AE tokens

Before you can migrate your AE tokens, you need to have an æternity blockchain account. If you already have one, you can skip this step. Otherwise, it is recommended to use either AirGap or Ledger (when available) to create your æternity wallet. There are other options available.