Today, we’re excited to announce that TXT will be supported as an ERC20 token. This is the first time that a gaming token issued on 2 different blockchains (EOS and ETH). Our dev team spends lots of efforts in creating this innovative cross-chain solution, which we believe will finally benefit the growth of TXT community.
Why shall we support TXT on multiple chains?
TXT was initially issued on EOS. This means that only people with an EOS account can hold and trade TXT token. When TXT community grows by supporting BTC and ETH, more and more ETH holders join the community, yet they don’t have an EOS account. As a result, they can’t withdraw TXT into their ETH address and hold it in the long term. The only way to solve the issue is to also issue TXT on ETH blockchain while maintaining the total supply of TXT (We want to make sure that the total supply of TXT is not inflated when it is issued on multiple chains). What’s more, when we support more blockchains in the future, we can also issue TXT on that chain to benefit the holders of that specific chain.
How do we implement that?
Firstly, a new TXT token is issued on ETH in the format of ERC20 (Address of Smart Contract). We’ll call it ETH-TXT in the future. The total supply (5 billion) of ETH-TXT is the same as EOS-TXT (Address of EOS Smart Contract). Originally, there’re 5 billion ETH-TXT locked in the ETH-TXT Lockup Pool. Yet, the circulating supply of ETH-TXT is strictly controlled. Every time there’s a new ETH-TXT unlocked, there should be an EOS-TXT backed. The back ratio is 1:1, and all the backed EOS-TXT is locked in the EOS-TXT Swap Pool.
An example of the token swap?
For example, Laura earns 1000 TXT by playing games, and she wants to withdraw those TXT to her ETH address. Firstly, 1000 EOS-TXT will be deducted from her account and transferred to the EOS-TXT Swap Pool. Then, ETH-TXT Locked Pool will be notified to transfer 1000 ETH-TXT to the ETH address Laura wants to withdraw her TXT to.
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Fig 1. EOS-TXT & ETH-TXT Swap Process
Notice that the sum of EOS-TXT Swap Pool and ETH-TXT Locked Pool is always 5 billion. ETH-TXT Locked Pool will gradually be reduced when more and more ETH-TXT is circulated.
When will the TXT/ETH trading pair be listed?
TXT/ETH trading pair will be listed in July 2019. More details will be disclosed soon, please stay tuned and follow us on our social media.
Alright, thanks for the reading. Our team always follow the principle that “Community First”. We believe that this will be a big milestone in the history of TXT and benefit the whole community. Together, let’s make TXT the №1 cross-chain gaming token.
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