CIP-2: Token burns and XCN Re-Denomination

The Chain Token Re-Denomination Proposal (CIP-2) is now deployed on the main Ethereum network. This re-denomination plan is to support the upcoming Chain Staking and Governance launch so that rewards for staking are denominated in whole numbers rather then sub-decimal places. This will optimize user experience without diluting the current supply in any capacity. Rather, the entire re-denomination will be proportional and executed by a trust-less smart contract that anyone on the Ethereum blockchain can interact with. Furthermore, the original token smart contract also lacked inherent governance controls built into the codebase. With this upgrade we are able to integrate native governance functionality that the previous Chain Token Smart Contract did not have.

The Chain Token is the native cryptocurrency to the Chain ecosystem and is used as a currency for payment. In order to properly follow global standardization for currency based ticker reporting, we will update the ticker of the smart contact to XCN. The alphanumeric code requirements set by the ISO for the universal representation of currencies enables Chain to join other globally accepted forms of money with a standard symbol and naming convention. Since there is no country assigned to the Chain Token, being a decentralized border less currency, we are required to assign the letter “X” per ISO 4217. To keep the 3 ticker symbol for global money standards in tact, the new ticker will be: XCN

Every one(1) CHN token can be redeemed for one thousand (1,000) XCN. As As previously described, all the unclaimed CHN from the initial distribution will be burned. In addition to this burn, the Chain Team per CIP-2, has gone ahead in anticipation of its approval, will burn an additional ten million (10,000,000) CHN tokens from the supply. With these two allocation of burns and the total supply of CHN is 68,895,442. The new circulating supply from the unclaimed allocation burn results to 14,483,748.

Therefore, the total and max supply of XCN will be 68,895,442,185. Chain will launch a revised token document to reflect these changes respectively.

Since a large portion of CHN tokens, 20,000,000, are in time lock smart contracts those allocations will be premined and the ownership of those token smart contracts will be set to the burn address on Ethereum. Thereafter, those tokens will be re deposited into the new time lock smart contracts verified on-chain. The XCN token distribution is outlined below:

Chain Distribution - 15,174,183,177 with 100,000,000 monthly release time lock release beginning April 1, 2022 to Chain Rewards programs as described in CIP-1.

Chain Team Distribution - 15,000,000,000 with 100,000,000 monthly release beginning March 1st, 2023.

Chain Founders - 5,000,000,000 with 50,000,000 monthly release beginning March 1, 2023.

Chain DAO - 10,000,000,000 Deposited into the Chain Governance Smart Contract and controlled by the community.

Circulating Supply: 14,483,748,828

Once the XCN Token Contract concludes it’s audit by CertiK, we will announce an official migration guide for the swap.

Any digital asset exchange supporting CHN will make a separate announcement on their support plans for the XCN token swap.