【Announcement】COCOS Token Reduction Plan Updates

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After communication with exchanges, wallets and DApps partners, Cocos-BCX will start COCOS Token reduction process at 3:00 AM on January 19th, 2021(UTC) which is expected to be completed on January 21st, 2021. COCOS token Deposit and Withdraw services will be temporarily suspended during the execution of the reduction.

The total amount of COCOS will be reduced from 100,000,000,000 (one hundred billion) to 100,000,000 (one hundred million). The total amount of COCOS held by users is also reduced accordingly, but the total value corresponding to the total amount of holdings remains unchanged.

Meanwhile, for users who hold MainNet COCOS , the amount will be reduced automatically;

For users who hold ERC-20 COCOS, the ERC-20 COCOS contract will be suspended and brand new contract address, 0xc4c7ea4fab34bd9fb9a5e1b1a98df76e26e6407c will be activated. Cocos-BCX team will airdrop newly generated COCOS to users’ original ERC-20 addresses.

Detailed reduction process is,

1.The wallet will suspend COCOS’ (including the MainNet COCOS and ERC-20 COCOS) transfer and other relevant functions;

2.Cocos-BCX MainNet nodes will get upgraded and fully replayed. The total amount of COCOS on MainNet will be reduced from 100,000,000,000 (100 billion) to 100,000,000 (100 million), and results will be verified. This step will take around 48 hours. During this upgrading period, the MainNet node will temporarily stop block synchronization;

3. Wallet, Terminal and other environment will adapt and get updated with the reduction process.

4.Updating the node program to which the wallet is connected, or entrust the node manager who provides the wallet access interface to update its node program. Fully replaying and synchronizing the MainNet data to the latest state;

5.If the wallet has the old ERC-20 COCOS address, please replace with the new contract address;

6.Wallet functions will be restored and open to use.

We appreciate everyone that cares about Cocos-BCX. We will strictly abide by the security protocol to complete the reduction of COCOS Token.

Regarding to the reduction process, we selected some most frequent asked questions and provided with answers as follows,

Q1.The total amount of COCOS will be reduced from 100 billion to 100 million. Will it affect the price?

Users’ holdings of COCOS tokens are reduced by 1,000 times, and underlying value should remian the same while trading pairs being reopened. However, token price is determined by the market. COCOS-BCX team will try its best to maintain market stability, so that the total value of the user holdings remains unchanged.

Q2.Do users need to perform any operation manually for COCOS stored in the Cocos-BCX MainNet wallet?

These holders does not need to perform any operations manually, and Cocos-BCX team will reduce the amount automatically.

Q3.For COCOS stored at the ERC20 address by users, do users need to operate manually?

The holders with more than 10,000 COCOS in the wallet does not need to perform any operations manually. By then the old COCOS will be invalidated and the Cocos-BCX team will issue the new smart contract, address as following:
0xc4c7ea4fab34bd9fb9a5e1b1a98df76e26e6407c
and will airdrop new generated COCOS according to 1000:1 rule holders’ addresses. If wallet operator didn’t make the address replacement for user, users could replace the old COCOS token smart contract address with the new one. Cocos-BCX will release tool for those wallets with less than 10,000 COCOS Token, please stay tuned.

Q4.Do users need to perform any operation manually for the COCOS deposited on exchanges?

These holders does not need to perform any operations manually, and exchanges will directly reduce the amount by then.

Q5.During the execution period of reduction, will exchanges temporarily suspend COCOS trading?

In order to avoid accidents, each exchange will issue an announcement in advance to suspend COCOS trading. Please pay attention to specific announcements of exchanges in this case.

Q6.During the execution period of reduction, will it affect the user experience of the Cocos-BCX games in ecosystem?

In order to avoid accidents, Cocos-BCX game operators will issue announcements in advance to suspend the deposit and withdraw services for games. Please pay attention to specific announcements of game operators in this case.

Q7.During the execution period of reduction, will it affect the normal users’ experience for Cocos-BCX products, such as CFS and CROSWAP?

In order to avoid accidents, Cocos-BCX Ecosystem application operators will issue announcements in advance to notify the suspension of operations. Please pay attention to specific announcements of application operators in this case.

Q8.During the execution period of reduction, does the user need to perform any operations manually to participate in the pledge in CFS? And how will this part of COCOS be reduced?Is the amount of CFS obtained same before and after reduction plan affected?

These users does not need to perform any operations manually and the amount of CFS obtained before and after reduction process has nothing to do with COCOS reduction event. At the time of redemption, COCOS amount will be reduced directly.

Q9.How long will this total amount reduction plan of COCOS last?

The process is expected to last from January 19th to January 21st, 2021. The specific end time is subject to the announcements of each partipating partners and the official announcement of Cocos-BCX.

Cocos-BCX is a next-generation game digital economy platform. Since its establishment in 2017, it has been developing steadily for three years. During these past three years, Cocos-BCX has provided completed game development tools and is equipped with a completed public chain.Also Cocos-BCX is continuously committed to building a more friendly and convenient blockchain technology application solution in the gamefi field.

Next-Gen Digital Game Economy. Game engine, IDE and blockchain for decentralized game development. Website: cocosbcx.io

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