Why a Whole New Chain?
Our existing blockchain BSTY has exhausted its current design and needs a technical refresh. We are taking our existing consensus algorithm, Yescrypt and transplanting it into a new substrate-focused framework. As of this writing (2/13/2023), our new chain’s testnet is humming with success and over 70+ participants, and our core team’s passion and energy are proving to be successful differentiators.
On April 15th, our new BSTY blockchain will rebrand to IMPACT. We believe our new token’s design will help with overall user adoption and improved token fungibility. Our community voted to overcome the antiquated technical constraints by employing a manual swap to secure the chain’s transition to the new blockchain.
How will the Swap Occur?
At launch and at a predetermined block height, the amount of BSTY in circulation will mint at 1000 IMPACT for every 1 BSTY. A newly audited smart contract will then be deployed to the registered participant’s new IMPACT token’s address. This contract will include the 1000×1 rate plus a 20% bonus (or 25% if swapped earlier) that will be distributed over the next 365 days.
The remainder of unallocated BSTY tokens will be used as a pool to fund the core team and fuel the project’s fundraising campaign. The community will form a small oversight committee to ensure that the funds are used to attract, retain, and incentivize team members to grow and sustain the project’s operations. This committee will have oversight over the use of the funds.
We are early in our success to date, and our project’s social clout is starting to gain momentum and reach via our community’s growth and involvement. We would love to have you join our engaging story and participate in our Impact Nation.
If you have any more questions please contact us here.
-The Impact Team