As you are aware TSPCIC has been committed to creating a new and more user-friendly Scotcoin for some time. After prolonged consideration and feedback from numerous stakeholders, funders and advisors we have settled on using the Ethereum blockchain as it satisfies the five original criteria laid down by the funders. These criteria are:-
- an efficient and cost effective migration process,
- a robust blockchain solution,
- an un-issued coin surplus (for distribution and reward),
- better access to regulated secondary markets and
- a reliable delivery partner assuring durability and longevity.
Adoption of the Ethereum blockchain assures that Scotcoin remains a bona fide distributed ledger cryptocurrency whose future sustainability is not in the hands of a few.
We are now ready to start the migration process we have outlined in previous communications.
We should make it clear at this point that there is no compulsion on any holder of ScotcoinV2 to migrate to the new coin and if you do not want to, you should not do so.
If you decide to migrate you will be required to do so with your entire holding of ScotcoinV2. Partial migrations will not be acceptable.
Those wishing to migrate will first have to record their details with us. You can do this by completing and submitting an application form which can be found at https://scotcoinproject.com/migration/
If you have previously completed a KYC (Know your customer) and AML (Anti Money Laundering) check with TSPCIC you will not be required to do so again.
In addition to receiving the new ERC20 tokens (ScotcoinV3) in exchange for your existing ScotcoinV2 tokens, the director and advisors of TSPCIC have determined that a 1 for 1 bonus will be payable to holders of ScotcoinV2 subject to certain conditions.
The date from which migration will start is 1st August 2020. This is called Mday (migration day). On Mday, all ScotcoinV2 token holders will have three months from that date to submit their migration forms. The bonus will only be available for those three months after which it will be withdrawn. Accordingly, the last date for registering to receive the migration bonus is 31st October 2020. Migration can still be done but without the bonus after that date
By way of example only, a ScotcoinV2 holder with 1,000 tokens will receive 2,000 new ScotcoinV3 tokens in exchange for his V2 tokens.
ScotcoinV2 tokens acquired on or after Mday will be not eligible for the migration bonus but will be able to migrate.
You will need an Ethereum wallet to receive your new ScotcoinV3 tokens. If you already have a hardware Ethereum wallet please provide details of your wallet address for credit on the form provided. Your tokens will be credited to this address.
If you do not have an Ethereum wallet you will have to open one and provide us with your wallet address. The following information may be helpful but if you are unsure on how to open a wallet you should seek professional advice.
HOW TO OPEN AN ETHEREUM WALLET
There are various ways to create an Ethereum wallet and the most straightforward is Metamask. It integrates directly with your browser and they have a very good two minute video showing the entire process https://www.youtube.com/watch?v=GNPz-Dv5BjM
Metamask is currently not available on Apple devices as it is on a limited trial. Once that trial is over it is possible Metamask will work very well on Apple devices. It works well with Firefox, Chrome and Brave.
WE ALSO HAVE VARIOUS VIDEOS ON OUR YOUTUBE CHANNEL AT: https://www.youtube.com/c/scotcoinproject
MyEtherWallet is one of the first Ethereum wallet projects and is another trusted solution. Refer to their knowledge base at https://kb.myetherwallet.com/en/getting-started/how-to-create-a-wallet/ and decide if you want to use their website, phone app or extension.
Whatever solution you choose, your wallet must be ERC20 compatible (as the two recommended wallets above are).
FOR THE AVOIDANCE OF DOUBT, PLEASE BE AWARE IT IS YOUR RESPONSIBILITY TO ENSURE YOU PROVIDE US WITH YOUR CORRECT WALLET ADDRESS, AS TOKENS SENT TO A WRONG ADDRESS PROVIDED BY YOU CANNOT BE RE-SENT.
NEVER GIVE ANYONE YOUR PASS PHRASES FOR ANY OF YOUR WALLETS. WE WILL NEVER ASK YOU FOR THEM.