Since the Matrix Mainnet launched on February 28th, 2019, the team has spent several weeks ensuring the stability and normal operation of the network. To this end, all mining and verification masternodes during this initial period were deployed by the Matrix team. The time has come to open the network to the Matrix community. As such, it is with great pleasure that the Matrix AI Network team announces that the token swap will officially begin on April 11th, 2019 (Beijing Time).

What about Exchanges

Besides KuCoin, other large exchanges are expected to announce their support in the near future. However, the Matrix community needn’t worry as the Matrix team has prepared a convenient token swap method accessible via Matrix’s own online wallet. Detailed documentation instructions on how to swap your tokens using the Matrix online wallet will be released prior to April 11th.

What about the Matrix Online Wallet

The Matrix team has been quietly updating the Matrix online wallet. Although full functionality won’t be enabled under April 11th, below is a sneak peek! This is the wallet that you can all use to swap tokens starting April 11th.

A more detailed overview will be released alongside the start of the token swap. Details about Matrix’s mobile APP wallet will follow.

What about the mined block rewards

To reiterate, the block rewards received by Matrix’s deployed masternodes will be redistributed in the following ways:

1. Mainnet Airdrop [1,000,000 MAN tokens]

A total of 1,000,000 MAN tokens will be distributed to every person who has completed their token swap once mining and verification masternodes are open. The amount that each person receives will be random.

2. Early Mining Masternode Incentive [200,000 MAN tokens]

200,000 MAN tokens will be distributed to the first 200 people to stake mining masternodes and remain online for 100,000 blocks (cumulative). This equates to 1000 MAN tokens per person.

3. Early Verification Masternode Incentive [200,000 MAN tokens]

200,000 MAN tokens will be distributed to the first 100 people to stake verification masternodes and remain online for 100,000 blocks (cumulative). This equates to 2000 MAN tokens per person.

4. Testnet Participation Appreciation [Estimated 300,000 MAN tokens]

Everyone who applied for test tokens before February 22nd, 2019 will receive 500 MAN tokens each.

5. Token Burn [Estimated 2,000,000 MAN tokens

For the overall benefit of the ecosystem, the Matrix AI Network will burn an estimated 2,000,000 MAN tokens.

6. The Balance

The remaining tokens mined during this initial several weeks will be put towards the further development of the Matrix AI Network including but not limited to AI research projects. Once the total number of MAN tokens mined during this initial period is known, the Matrix AI Network will be able to share more specifics about these development activities.

Official dates for token redistribution will be announced once the Matrix AI Network turns off their masternodes and has a final tally of the received block rewards.

One more thing

As some people may feel rushed to complete their token swap as soon as possible, there is the risk of ill-intentioned parties spreading false information. Please only follow instructions shared by official Matrix channels.

Thank you all for your continued support and patience! More to come!