Quote from: drays on Today at 06:50:41 PM

Quote from: RenegadeMind on March 31, 2021, 08:25:37 PM

Yep. CHI is available Tuesday, April 6th as WCHI, an ERC20 token that you can trade on Uniswap.

Read more here:

https://xaya.medium.com/xaya-ethereum-and-wrapped-chi-fdb6b64285eb

Well, nice.

I have few questions, if you don't mind.

1. Regarding "Autonomous Worlds Ltd (EU registered Ltd), the company that maintains and develops the open source Xaya platform, will provide a swap for verified users."
Why only verified users? What prevents you from doing the CHI->WCHI swap automatically for everyone? Like if someone is sending CHI coins to a designated address, you automatically send WCHI to his ETH address? This is the way swaps are typically done - no need for user verification (or KYC) whatsoever!

2. I understand you will burn users CHI and issue WCHI from a reserve (“holding addresses”). That part is clear. However I am not sure how are you going to swap the WCHI to CHI when needed? CHI cannot be generated on demand, so... what? Will the WCHI<->CHI swap be just one directional, with no way to get CHI back?

3. What is the use for WCHI besides trading? CHI is a main token of the Xaya blockchain, which also holds the whole gameplay. So CHI can be used on that blockchain somehow. With WCHI it is not clear what could be done with it. What part of Xaya technology be used on Ethereum, and how?

Hey, thanks for the questions:

1. There is no automated trustless way to do this yet. That's the holy grail in crypto atm. The only solutions atm are trusted or centralized methods (or validator type complex setups, not decentralized)
It's easy to set it up automated in a centralized way, however for legal reasons they need to be verified.

2. no there is no burning. user sends chi to a public address when we ask them too (address is in a 3 of 5 multisig wallet), then we release WCHI to their eth address they provided (with a 3 of 5 multisig wallet). and same vice versa.

3. WCHI will then be available on in the ethereum ecosystem for trading on DEX (like uniswap) and also to be used in Xaya Games which run on Ethereum
Xaya platform is 2 parts - the Xaya Core blockchain and the game GSPs. These game GSPs can be designed to run on ethereum without much effort. The core Xaya chain is very simplistic and does everything we need, will always be there and that is where new coins are minted.

hope that helps

snailbrain

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