All Tokens Have Been Transferred To The Parachain
TL;DR:
- All balances on the solochain were transferred to the parachain
- Transferred balances are fully unlocked, without any vesting
- The balances of solochain accounts were then set to 20 SUB so users can continue posting until our free transaction system is released
- Subsocial's solochain was removed from Sub.ID
- Balances on the solochain will be wiped once we release our free transactions system
- Everyone still has all of their tokens
We have just finished transferring all balances from Subsocial's solochain to the parachain. There are not any changes to the user experience yet, but the full process will be explained here.
We are still working on our free transactions system, where users will lock up their SUB tokens on the parachain to receive free transactions on the solochain. Until this is released, users will continue to need to spend SUB tokens on our solochain to make posts, comments, etc.
We needed to transfer all tokens to the parachain, so that more people can register Dotsama Domains. To do this, we took a snapshot of every account with a solochain balance, and gave them that many tokens on the parachain. These parachain tokens are totally unlocked, with no vesting.
Next, based on that snapshot, we wiped all balances on the solochain, and gave every account 20 SUB. This is so that users of Subsocial can continue to make posts while we finish working on our free transactions system. Once this is released, we will wipe all solochain balances, setting them all to 0.
The Subsocial solochain has been removed from Sub.ID as all official tokens are now located on the parachain.
About Subsocial
Subsocial is a social networking platform built to support the social networks of the future. These apps will feature built-in monetization methods and censorship resistance, where users will own their content and social graphs. Built with Substrate pallets, Subsocial is a one-of-a-kind in the Dotsama ecosystem, and designed specifically for social interactions. These interactions do not have to be specifically social networking, as Subsocial can support apps like YouTube, Shopify, or even Airbnb.
To learn more about Subsocial and the future of social networking, check out our links:
Website | Twitter | Web App | Discord | Telegram | GitHub | Documentation
Content Lead at Subsocial, ChaosDAO Co-Founder
Subsocial is an open platform that allows for the integration of user-friendly Web3 social features into existing applications, or the creation of brand new socially-powered apps from the ground up. In fact, Subsocial's innovative UX solutions make using Web3 so simple, even your grandma can use it!
By providing all of the native features required for creating decentralized social experiences, Subsocial allows developers to focus on building apps, not on re-inventing the wheel, and helps them stand out from the competition by delivering a user-centric social experience.
To learn more about Subsocial and the future of social networking, check out our links:
Website | Twitter | Discord | Telegram | GitHub | Documentation
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