Zilliqa ZIL: Token Swap

We are approaching the end of the bootstrap phase, which is scheduled once the network mines the 600th DS epoch (estimated to be on April 2nd, 2019). The Zilliqa network has processed over 55ktransaction blocks during this bootstrap phase and over 1,200 community nodes have joined our network. The mining difficulty level for the DS committee has reached 44, while for the shards, it is at 37. This is a strong indicator of Zilliqa being increasingly adopted by the mining community. We are very thankful for their support.

As is the case with any initial networks, the Zilliqa network has also seen some glitches during the bootstrap phase due to the heterogeneity of the network, mismatch between some of the time windows in the protocol and real-world compute, and network delays among community nodes. However, the network has not witnessed any serious attacks, which can largely be attributed to the high PoW difficulty-level in the network.

As promised, we will allow processing of transactions following the end of the bootstrap phase. Miners can start to transfer their tokens to other accounts and community developers can begin trying out payment services. To ensure smooth transitions for all, we will reserve a few hours to test token transfer and other payment transaction services before opening it to the public. Once the testing is done, we will inform everyone on Slack and Telegram.

To secure the success of token swap (scheduled to start in late April), and better support exchanges and wallets, we would like to open the network to only allow payment transactions, i.e., the smart contract feature of the network will be temporarily disabled.We assure you that the smart contract layer is fully implemented and being used by the community members to test their applications on the developer testnet. We will enable smart contracts on the mainnet via a network upgrade following the token swap, and share updates on the official date during the latter half of May 2019.

A coin swap is a process of migration a cryptocurrency from one blockchain to another. Such a process may be due to hard fork or the mainnet launch. Holders need to follow recommendations for a successful swap in order not to lose the cryptocurrency.