Why Dawn Protocol is doing a token swap?
There are both technical and business reasons for this token swap.
Business reasons
- FirstBlood ICO, one of the early token sales, was conducted in 2016 when the blockchain ecosystem was very different from what it is today. Because of the evolution in the blockchain space, we are able to offer our users a variety of additional utility by moving to a new chain. More on this in the technical section.
- Dawn will allow us to restructure, and most importantly, to expand our token use-case and tokenomics to improve the FirstBlood ecosystem — bringing additional value to our users.
- Swapping tokens to the new chain allows us to implement proper KYC/AML practices to ensure compliance with local laws and governing regulatory bodies.
Technical reasons
- The legacy FirstBlood 1ST token is from the era before the ERC-20 token standard. The token smart contract itself is not without its quirks. The new contract will feature all of the innovations that have been developed into the ERC-20 and ERC-777 standard since that time.
- The new Dawn token allows for seamless integration with the FirstBlood website, where people can use the token for competitive PC and mobile gaming.
- The new Dawn token provides better integration with the decentralised finance ecosystem, such as cash-in & cash-out ramps, automated liquidity providers, and access to lending pools.
- The new Dawn token offers us an easier migration path for a new blockchain in the future, like our in-development Cosmos-based chain.
What can I do with new Dawn tokens?
Dawn token has payment and subscription use cases:
- Get VIP subscription for FirstBlood competition service through staking
- Access to exclusive content/tournaments for stakers
- One-off buy-ins to tournaments and battles
- Competition prize payout
In the long term, we are also looking into
- Decentralized product governance
- Decentralized tournament hosting/organising
- Decentralized game result verification
- Tokenized team management
- Rewards for referrals
- Gamer Loyalty Points
By using Dawn for these activities, FirstBlood can support our global user-base better. FirstBlood has a large audience in countries lacking robust and inexpensive digital payment systems. By using a cryptocurrency to reach out to those gamers, we allow them to start their professional gaming career and earn income for playing, without the hurdles that impede the millions of players in traditional markets.
Currently, FirstBlood supports DOTA2 and PUBG PC games. However, we have a pipeline of new PC games and mobile games coming soon.
Have a game you’d like to see us support? Let us know!
How does the DAWN token swap work?
In order to swap your tokens, the wallet you hold your 1ST tokens in must have the ability to interact with the token swap smart contract. Before you begin, please ensure that your tokens are held in a wallet on the approved list. If they are not, please download one of the approved wallets and transfer your tokens there.
Once your tokens are in the correct wallet, you can proceed to the token swap website, which you can find here. There, you need to create a FirstBlood user account, and we will verify your identity documents.
After we have verified your identity, your wallet will be white-listed, and you can proceed to swap your 1ST tokens directly to Dawn. After the swap is complete, you will receive your Dawn automatically within the same wallet you performed the swap.
Why is the identity check required?
FirstBlood did not extensively verify the buyers when FirstBlood ICO was conducted in 2016. The residents of some countries, like the United States, may not be eligible to participate in the buying and trading activity of our token due to the regulations. Thus, we want to make sure that all new token holders come from countries that we can support.
We will check identifying documents of all the token holders performing the swap. You will need to have a government-issued id, such as a passport or driver’s license, to proceed.
See the list of supported ID documents in Jumio’s FAQ section here.
How is my personal information handled?
We are committed to the security and protection of your personal information.We will retain your personal identification information online only for the time we need to process it.
After the information is processed, we will relocate the data to offline storage for the duration we have legal obligations to keep it. We want to make sure that no sensitive information is held in online systems to minimize the damage hacks or other cyber criminality can cause.
What is the technical information for Dawn token?
You can find technical information on our website at Dawn.org.
What if I am not eligible for the token swap?
If you prove that you participated in the FirstBlood ICO in 2016, and you are not eligible for a token swap, please contact our support to see what options we have for you.
As proof, we require you to sign a message with the Ethereum private keys that were used in a transaction to participate in the ICO.
If you have bought tokens not from FirstBlood ICO, but from some secondary market, we cannot help you and we suggest you contact the secondary market you are a customer for.
How 1ST tokens match Dawn tokens?
We swap tokens 1:1 from 1ST tokens to Dawn tokens.
Once 1ST tokens are swapped, they will be burnt and removed from circulation.
In the end, only new Dawn tokens will be left.
Is there a time limit for the swap?
As of the writing of this, we will keep running the token swap portal until the designated time has expired. The amount of time will be determined by token holders through community voting. Sufficient time will be provided to give everyone the opportunity to exchange their legacy FirstBlood tokens for Dawn.
At some point, it is likely that we need to close down the swap portal. After that, all token swaps need to be manually processed through FirstBlood support.
Can custodians, like exchanges, can swap tokens on behalf of their users?
If you are a centralised exchange and want to swap tokens on the behalf of your users, please contact our support team.
We will give you a swap guide and set up a special whitelisted address for you that you can use to swap tokens from your hot and cold wallets.
What wallets can I use to swap?
Great news! We have a variety of options for you. Any WalletConnect wallet options are compatible with our token swap tool. Please move your legacy 1ST to one of the approved wallets before swapping. You will also need gas to process your transactions.
- MetaMask
- Trust Wallet
- Pillar
- Gnosis Safe
- Walleth
- Tokenary
- Argent
- Rainbow
- SafePal
- Equal
- Coinomi
- GridPlus
- CoolWallet S
- Atomic
- Authereum
- Alice
- Infinito
- MathWallet
- MYKEY
Via this site
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
