$GEO Testnet Swap
Here is what you need to know
New events are coming up and it is our duty to keep you informed. The cornerstone of every blockchain project should be an active and enthusiastic community. From GeoDB, we want to convey that our priority is to establish a strong and trustworthy bond with you.
We will be issuing the first round of rewards on the Ethereum mainnet soon. Until now, GeoCash has been operating on a separate network, emulating the characteristics of a real but controlled environment. This means that the balances shown in the application were not reflected in the main Ethereum network. The actual token is traded on different exchanges, such as Uniswap or Bitforex.
Blockchain-based projects require extreme care and pampering, and product launches on the mainnet are often compared to space rockets. Once the injectors are turned on, once the smart contracts begin to operate, they become quasi-autonomous entities that either work like clockwork or crash with irreparable consequences.
That is why blockchain projects spend a long time in incubation, in test networks. At GeoDB, we understand that this can be tedious and boring and that keeping the community interested and active can be difficult. Therefore, we try to reflect all our progress in the main Ethereum network without harming the necessary maturation process that every good DLT project must-have.
For this reason, GeoCash has been operating and will continue to do so for some time, in a controlled network that emulates the conditions of an adversarial environment such as a blockchain network. However, to be as close as possible to these conditions, something is needed: users. The community is playing guinea pigs for us, and we cannot ignore this fact. We want to democratize the BigData sector using blockchain technology so that the distribution of wealth generated in this economic activity has a more fair reflection; it would be a contradiction not to share the fruits of this work with you, who provide us with feedback every day to get this goal.
That is why shortly, and to be faithful to the principles that we pursue, we will make a transfer of the rewarded tokens in this simulated network so that they are available on the main Ethereum network, where you will be the definitive owners of the wealth that you yourselves have generated. This post is dedicated to explaining what will happen in the next few days.
First things first: the rewards you’ve managed to harvest in GeoCash aren’t going anywhere, so you can breathe easily for the rest of this read. We are going to make available the tokens that you have earned during this first phase of operation with GeoCash on the main Ethereum network. As part of this process, we will reset the GeoCash balances, so don’t be alarmed if you see that your wallet has dropped to 0.
Where will your tokens be then, what can you do with them, and how can you get them? We are going to launch a DApp on the main Ethereum network where we will deposit an amount of tokens equivalent to what you have managed to collect during these months of GeoCash operation. You can access this DApp at swap.geodb.com and claim your tokens at any time as if the rewards had actually been issued in the final version of the application, to trade with them or participate in our liquidity and incentive programs (seriously, we hope you participate in this exciting technological wave that we call DeFi).
We reviewed where your tokens will be and what you can do with them — but how do you claim them? You can do it in two ways:
- You can export your GeoCash private key to a wallet with a connection to the main Ethereum network. You have almost literally thousands of options at your disposal: Metamask, Trust Wallet, Rainbow… name one. As long as it has an extension in the browser or connection through WalletConnect, you can claim your tokens. But keep in mind that in order to access them, you will have to carry out a transaction on the Ethereum network: that implies having some Ether to pay the fees that may arise from this operation.
- What if you don’t want to use your GeoCash private key in another application for whatever reason?
We have prepared a feature for GeoCash that will allow you to generate a unique code to obtain your tokens in any other wallet that you have prepared.
So let’s say that in GeoCash, you operate with a wallet with address 0x <YOUR_GEOCASH_ADDRESS>, while in your day-to-day work on the Ethereum network, you operate with a different wallet, let’s say 0x <YOUR_EVERY_DAY_ADDRESS>, where you have ether for your operations. It is a real hassle having to transfer ether from your main account to GeoCash to be able to claim your tokens and send both the ether and tokens back to your everyday wallet (and that‘s without mentioning the fees for every transaction).
So from GeoCash, you will navigate with the bottom bar to your profile (the button to the right end), tap on “delegate swap claim,” and input the address from which you want to claim your GeoCash tokens. Then a code will be displayed on your screen. Paste this code in the delegate claim section of swap.geodb.com once you have connected your wallet and send the claim transaction: your GeoCash tokens will appear in the wallet you have delegated