I find it very weird that the ICO gathered so much interest, and now all of a sudden people don't want to buy BTCD at this extreme discount to get KMD? What's going on?
I've spoken to several people who will not buy BTCD specifically because they are unsure about the mechanics of the swap. Wasn't there supposed to have already been a snapshot? If so, BTCD bought now *won't* be swapable. Or is there going to be no snapshot and you'll have to transfer your BTCD somewhere to get KMD? People are uncertain.
I'll try to clear out all the uncertainty & misunderstandings
We try to swap all BTCD there exist throughout 1 full year. If someone has BTCD it can be swapped, no matter when it is bought. You could buy BTCD 6 months from now and swap it for KMD.
BTCD Snapshot to get REVS
- The snapshot is not related to BTCD swap.
- The snapshot is to get an additional asset called REVS.
- The privatekeys are used to redeem the asset.
- The snapshot has not happened yet!
- to participate the BTCD can be stored either in a BTCD address under your control, or in our ICO site
BTCD Swap to get KMD
- has nothing to do with the snapshot
- is done through the ICO site
- lasts 1 full year
- swapped BTCD ends up to our account, where it is publicly visible (nothing will happen to the swapped BTCD)
- hopefully every single BTCD coin will get swapped during the year
Schedule - ICO site accepts BTCD
- 7 days after that BTCD snapshot happens & the swapping begins
- Elections begin, and last 2 weeks
- Elections are over, elected notary nodes will get ratified, KMD will be distributed
The conclusionIf you buy BTCD it can be swapped at any time. To also receive the REVS asset you need to have a privatekey that contained BTCD during the snapshot. BTCD swap and snapshot are two separate things.
During the year BTCD can be swapped for KMD with the exchange rate we announced: 1 BTCD = 50.448 KMD (However the exchange rate decreases slightly throughout the year because BTCD staking expands the supply)