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Author Topic: Contract Redeployment & Latest News  (Read 133 times)

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Offline lin0sspice

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on: December 23, 2018, 12:17:49 AM
Hello Velox Community!
This is an official announcement to confirm the snapshot & redeployment of the Velox Token [VLX]. 

Users will not need to perform any actions to redeem their tokens other than adding the new contract address to your ERC-20 supported wallet once the redeployment is complete. 

Crex24 Trading Resumed & CryptalDash Listing will shortly follow.

VLX Balance holders, please read the end of this announcement for important information about the final weeks of the exchange closure.

Why is a redeployment required?
Due to the way our ERC-20 Minting Contract was developed, exchanges operating at significantly higher transaction volume suffer from these kind of fixed fees. While most exchanges would be able to adjust gas fees to cater for network conditions, our currently supported exchange does not have this capability. To resume operations with said exchange & to prevent any issues with future exchange cooperations, we have been forced to redeploy the contract without minting capability.

What's effected
- Lower gas fees:
Minting uses a considerable amount of smart contract resources, therefor gas fees tend to become a problem for micro or high volume transfers. Since this functionality will be removed from the new contract, gas fees for transfers are expected to drop 25-40%, facilitating support for new exchanges and higher transfer volume & activity.

- Token Minting Disabled
Minting functionality will be prematurely discontinued on December 30 2018 & buy-backs will begin as of the end of Q1 (March 31, 2019)

Important Redeployment Period Information:
Snapshot Date
12am (00:00 UTC/GMT), January 1st 2019
Important: Do not send or receive VLX from the existing contract after this date

Expected Redeployment Date
12am (00:00 UTC/GMT), January 3rd 2019
Important: An official announcement with the only and official Velox contract address will be made upon successful redeployment.

No transfers during redeployment
Please do not send or receive VLX tokens between the snapshot date and the redeployment date as all transactions between said dates will not be recognized in the new contract. Anyone who is asking you to conduct a transfer between these dates are most likely trying to scam you as the transaction will not exist in the new contract.

3.25% Bonus to ALL VLX Holders
To compensate for the foregone minting rewards during Q1 of 2019, all balances as of the snapshot date (excluding team & reserved addresses) will be credited with a 3.25% dividend additionally added to their balance. 

Velox 50k Minidrop Payments Update
Due to extreme abuse resulting in 1800 responses to the Google submission form, all confirmed participants into the CryptalDash Minidrop will receive a congratulatory PM on BitcoinTalk before payouts which will be delivered instantly on deployment. Congratulations to the 35 participants who will share 1428 VLX each.

What’s next? "when vbolt?"
As most of you may know, before the contract issue we were due to be listed on CryptalDash and was already actively trading on Crex24. This will mark the completion of the first step to our restructured approach. While the crypto market is uncomfortably volatile, the Velox team assures that we are always working our very hardest with the limited time and human power that we have to complete our expected targets. While this and the smart contract has casted some community doubt or fear about Velox's future performance, we will tell you that a 2 Year Roadmap (2019-2020), over 10 planned exchange listings & project partnerships, a new official project website & white paper as well as very exciting vBolt news are only few of the many things to come for the first quarter of 2019. 

Important message for VLX Exchange Balance Holders
We have created a dedicated telegram support group for prompter updates and responses for those who are still awaiting the final closure and liquidation of the VLX Exchange. If you are still awaiting your withdrawal, please contact us on discord (veloxcoin#4205) or telegram (@veloxcoin) for more information.

 Velox wishes you all a very happy holidays, and a warm welcome in advance, to the year of the bolt…

Offline objectivemoon

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Reply #1 on: December 23, 2018, 05:40:31 PM
Excellent news, thanks for the update Linos.
I had a question concerning VLX held on Crex, how will the snapshot be done with it, will we be able to send our tokens from there to our erc20 adress  or as you said we just dont do anything?

Thanks in advance