Lamden (TAU): Mainnet Token Swap

Lamden (TAU): Mainnet Token Swap

 With the recent attention that Lamden has gained throughout the past few months, the developers behind the token have decided to move away from being an Ethereum based token and consequently have created their own mainnet. The creation of this mainnet allows for the coin to operate autonomously – they have opened a swap process where old-generation tokens can be exchanged for the new product. Given that the developers have received quite a bit of questions surrounding the Lamden mainnet swap, TAU released a FAQ posting on their blog to answer the commonly asked questions from their consumers. This article will delve a bit into that discussion, so as to answer the questions that our recent article might have sparked regarding how to purchase TAU. 

First and foremost, the concept of the token swap surrounds the reality that the initial TAU tokens operate on an Ethereum based network; thus, they are considered ERC20 tokens. The opening of this swap process, which relies on the initial opening of the mainnet, allows individuals to turn their Ethereum ERC20 tokens into Lamden TAU. These new Lamden TAU tokens will be used to pay for transactions on the Lamden blockchain. Having recognized the importance behind this token swap, the secondary question from the reader likely revolves around when the token swap will take place. Fortunately, the developers of Lamden note that “the token swap will not be active till the official Mainnet release which is September 16th, 2020 at 4pm UTC. No tokens will be swapped before the mainnet release”. 

Fortunately for holders of the current TAU token, the swap process will be built directly into the Lamden Wallet, which can be downloaded via their platform. Given the transition onto a new network, this swap is a mandatory activity that should be done by all persons holding onto the Ethereum ERC20 TAU tokens currently in circulation. All tokens that are not swapped from the Ethereum network will be unable to be swapped afterwards – users can swap any number of tokens during the swap period; however, all of the tokens must be swapped over by the end of the window. Given that the swap process is run through the Lamden network directly, no exchanges will be participating in the process; thus, it must be done manually. 

All swaps must be manually completed through the Lamden Wallet – the developers have projected the swap process to be open for six months following the release of the Mainnet. Given this reality, it is likely that the swap period will be closed in the coming weeks or months – make sure to swap your tokens from the Ethereum network as soon as possible.

Magic21

I am a computer engineer more interested on blockchain technology and bitcoin.

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