Altbase Phased Rebrand And Migration Window
100xAltbase and its entire product suite, including the native token 100xCoin, are undergoing a phased rebranding process that is designed to enable an easier, and more coherent correlation, between the Altbase application, with its current and future offerings.
The entire process was due to be completed over the coming days, but has since been delayed to allow a larger window for holders to switch, as well as more time for the backend team to iron out some kinks with the design process.
Why The Rebrand & Swap Is Being Extended
The rebranding exercise that was due to take place on Sept 26th, has been extended for an additional two weeks. During this time, the rebrand efforts will be phased out gradually, to allow the legal framework to be put into place for logos and brand identity.
The reason for this is primarily to ensure that any legal and copyright requirements for an official rebrand are done correctly.
Altbase has a do it once, do it right attitude, and by taking the necessary steps to ensure this rebrand phase is successful, there are extra processes that must take place to ensure that it is done correctly.
During this window, all requisite stages are going to take effect. This will include the logo updates, token changes and application updates. Moreover, the current website will be refreshed to a new UI and address, with new content pages being added. Altbase.com has been secured and the URL migration process is underway.
How To Migrate Tokens From $100X To $ALTB
The rebranding exercise is a big move for the project as well as the holders of 100xCoin. Due to this, the window for the migration to occur has been extended from 5 days, to a new window of two weeks.
This extension now allows all holders of 100xCoin to better prepare for the switch, which is why from tomorrow, all holders will have two full weeks to complete the steps required, in order to successfully migrate over to the new Altbase Token.
To make the switch, holders will have to store 100xCoin tokens in a Metamask or Trust Wallet account, and then execute a transfer via the Altbase website.
A link will be made available over the next 24-48 hours to initiate this transfer. Do not use any links other than from our official channels.
For any exchanges that currently list 100xCoin ($100X) - There will be a delisting of this token and a relist to the new Altbase Token ($ALTB).
For anyone storing 100xCoin on alternative exchanges, it is recommended to make the switch to Altbase token during this two week window, before delisting occurs. There are some teething problems with Bkex and Probit of which are being resolved.
It isn't just a name change for the native token that will be coming over the next fortnight, as the tokenomics model for $ALTB will also see some adjustments.
The goal is better utility within the Altbase application, and to enable the token to become a true trading pair with the various coins on offer.
Changes to the $ALTB smart contract will include:
A Decrease In Supply
The current supply will decrease from 878 trillion tokens, to a much smaller 878 million. This will not change the value of a holder's portfolio, as a proportionate swap will take place in relation to the current amount of 100xCoin currently held.
A Much Lower Transaction Tax
The current transaction tax for 100xCoin is 10%, which makes the use case as a trading pair difficult. This has been reduced to a flat rate of 2% for all transactions.
0% On All Transactions For Fair Migration
All transactions will be set to 0%, to allow users to transfer tokens to MetaMask, or Trust Wallet - in order to allow the swap to take place.
This will be in place until the rebranding phase is complete, to ensure all transactions are tax-free for the swap.
100xAltbase - Now Altbase
The application that has been at the centre of everything the community holds dear, 100xAltbase, is undergoing a refresh and moving to a more concise name - Altbase.
Clear and effective branding is crucial for any organization, and streamlining the Altbase name across all products and services, with strong and effective branding is the best way to create a name that people not only recognise, but can trust at the same time.
The App Store and Google Play Store's builds will be updated as soon as the logo is confirmed, within the next 2 weeks.
100xCoin - Soon To Be Altbase Token
Shifting itself from its meme coin origin, over to a more consistent moniker that better suits its use-case, from here on out, the community's token and the driving force behind the Altbase application is now known simply as - Altbase Token ($ALTB).
The primary objective is to enable easier, and clearer association between the Altbase app and the native token, something that wasn’t very coherent with the previous iterations.
By making this change, the relationship between the two products becomes much clearer from an investor perspective.
Altbase will continue to update the community over the two week period as changes take place.