Universal Coin is Moving to the Ethereum Classic Chain

Universal Coin fans have just a few more days to wait until UNV is moved to the Ethereum Classic chain; for current token holders, nothing needs to be done. The snapshot for the new UNV ERC-223 token distribution will be taken Thursday 26 July @ 00:00 UTC.  Here are some project updates.

Starting July 26, new UNV ERC-223 tokens will be issued to all UNV holders, and that token will operate on the Ethereum Classic blockchain.

Wait, why is there a new token?

It’s expensive to make transactions on the Ethereum blockchain where UNV lives now, and for UniversalCoin to scale and succeed we need to make a lot of transactions without charging anyone. Transaction fees on Ethereum Classic are low enough that we can sustain and scale the distribution of UNV through the app. This way we can take UNV from 19000 people to millions.

What is ERC-223 and why switch to it?

ERC-223 is an upgrade of the ERC-20 token standard. It corrects some security vulnerabilities of ERC-20 along with several other improvementsincluding more efficient transactions.

How do I get my new tokens?

Addresses and private keys are the same in Ethereum and Ethereum Classic, as they were once the same blockchain. We’ll send your new ERC-223 UNV tokens to the same address that your UNV is kept in – you just need a wallet that works with Ethereum Classic, like MyEtherWallet or Trust Wallet.

What about my old tokens?

They’re still your property but we won’t be supporting them any further. Only the new ERC-223 tokens on Ethereum Classic will be distributed from now on.

When is this happening?

A snapshot of all UNV holding amounts will be taken at 00:00 UTC Thursday, July 26 2018. The same amount of new UNV tokens held at that time will be sent to all holders over the following 48 hours. We’ll let you know when the snapshots have been taken and when the new tokens have been sent.

What about the distribution?

The distribution is coming back in early August to give us time to execute the switch to Ethereum Classic, and to complete the final touches on the UNV Claim app for Android and iOS. We’ll let you know when there’s a confirmed date.

We decided not to go for a separate blockchain in the current situation, every solution here has it’s positives and negatives. Ideas like a nano fork are something we will be looking at doing once the distribution is complete. We chose ETC classic as it has the right combination for us with it’s cost, accessibility and the fact it has been running securely for as long as Ethereum. It’s also a simple thing with eth classic to bring over the existing UNV userbase.