Altbet Migrates to New Chain, Reduces Coin Supply
Following recent hurdles in the increase of its max supply, Altbet has resolved to try another approach – swap to a new chain and reduce its coin supply.
In [the] past few days, we [have been] fighting with max supply increase and I guess we failed - no worries, there is always plan B.
The new blockchain is based on the PIVX 3.4 fork and the decision to move to a new chain is believed to be in the best interest of the network. A snapshot of the old ABET blockchain was taken at block 116900 and coins are still being distributed.
As early stated, the team opted to reduce its swap ration instead of increasing it. The swap ratio was reduced by x10, meaning a user who has 1000 ABET will now have 100 tokens after the swap.
As at 3 days ago, the team updated its community stating that coins have been distributed to over 2,000 addresses. So far, the migration has been seamless with clear instructions on the project’s Discord channel. All a user needs for the swap are the new qt and the old wallet.dat file. Exchanges have been notified about the migration and some have automatically performed the swap.