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How do I test token migration?

To test token migration from the test Ethereum network to Insolar MainNet (beta) during the testing period, go through the migration test scenario.

During the testing period of the Insolar MainNet, all operations will be performed with test INS tokens and test XNS coins (native for MainNet).

Warning! Do not send real INS tokens from the main Ethereum network to Insolar MainNet during the testing period.

What is Insolar MainNet?

The Insolar MainNet is the main public network deployed on Insolar Blockchain Platform. As the development of the blockchain platform advances, Insolar MainNet will evolve via version releases that will add features incrementally.

What is Insolar Wallet?

Insolar Wallet is an application that allows to securely access and transfer stored native Insolar coins - XNS. In later versions of Insolar MainNet, the Wallet will be used to for staking and on-chain governance.

What is XNS coin?

XNS is the native coin of the Insolar MainNet and serves as a medium of exchange and a store of value. At first, it’s primary usage is payments, and at a later stage — staking and decentralized governance.

More thoroughly, the three distinct purposes of the Insolar MainNet native coin are:

Payments
In this group of interactions, the coin fulfills the role of a medium of exchange: transferring value from one interested party to another, proportional to the mutually agreed valuation of their exchange. Payments may include application fees, resource fees, and subsidies.

Staking
Collateralizing the responsibility of actors utilizes the coin as both a medium of exchange and store of value. The total value locked up in the staking system represents the aggregate commitment to the security of the network, and is also evidence of the total revenue that can be accumulated by the nodes participating in consensus.

Governance
Plans for Insolar MainNet include the gradual introduction of decentralized governance to the point of full autonomy in a mature self-sustaining ecosystem. The mechanisms of this collective regulating body is to be fuelled by the Insolar Coin (XNS).

How do I create a new Insolar Wallet?

Taking care of security

To create a Wallet, provide a secure password. The Wallet will take care of the following for you:
1. Generate a backup phrase and a private key using randomization.
2. Make sure that you have the backup phrase.
3. Encrypt the key with the provided password and put it in a keystore file.

Saving credentials

Once the Wallet creation is finalized, the Wallet will require you to put the keystore file in one of two locations:
Save it to your browser’s local storage.
Download it to your computer.
Keeping the file stored encrypted locally allows easier access from the browser on the device you are using in a secure way.
If downloaded, the file can be saved, for example, to a USB drive.

While logged in

You can reveal your unencrypted private key and copy it, but keep in mind, this is its most vulnerable form.
The Wallet does not store the key. Instead, it uses the private key provided (or the keystore and password to decrypt it) every time to authorize the login and coin transfers.

Logging in

Later, you can log in using one of the following options:
Your password and the keystore file (downloaded or saved in the browser storage).
Unencrypted private key.
Either way, the Wallet retrieves the private key to sign an authorization request for you and does not store the private key.

Restoring access

If you lose the private key or the keystore file and password, you can restore access to your Wallet via the backup phrase. The phrase and key are synonymous in function.

Warning: If you lose the backup phrase it will be technically impossible to restore the access to your wallet!

What if I forget my password or lose the keystore file?

If you lose the private key or the keystore file and password, you can restore access to your Wallet via the backup phrase. The phrase and key are synonymous in function.

Warning! Never disclose your backup phrase or private key and store it in a secure way.

How do I transfer or receive funds?

To receive funds, click the icon in the upper right corner to open the menu, copy your XNS address and reveal it to the sender.

To transfer funds, click SEND and specify an amount and recipient XNS address. You then need to confirm and sign this transaction using your password or private key directly.

What is a secret backup phrase?

The secret backup phrase is a series of words that store all the information needed to recover Insolar Wallet. The backup phrase and private key are synonymous in function.

Warning! Never disclose your backup phrase or private key and store it in a secure way.

What is a private key?

A private key is a cryptographic piece of information paired with a public key. The private key is used to sign authorization and coin transfer requests while the public key is used to check the signatures. Insolar only stores the public key. The private key, encrypted in a keystore file or otherwise, is your primary means of accessing the Wallet.

Where is the list of transactions?

While logged in, click the icon in the upper right corner to open the menu. In the menu, click Transaction history.

What is “Pending”, “Canceled” and “Done”?

“Pending”, “Canceled” and “Done” are transaction statuses:
“Pending” means that the transaction is being processed by the network.
“Done” means that the transaction has been successfully performed.
* “Canceled” means that the transaction has failed.

XNS Coin Migration

What is a coin migration?

Coin Migration is a process by which one cryptocurrency is exchanged for another at a predetermined rate. Unlike selling one coin to buy another, a swap is rather a replacement of one coin for another. It means that you are required to exchange the old coin for the new one, otherwise, you will lose the value.

A swap is not a simple rebranding, as that can happen without the participation of anyone holding the coin. With a rebranding, coins might change names or have their ticker symbol switched to something else, but with a coin migration, the underlying blockchain that supports the coin is being changed entirely, and holders have to take some actions.

Sometimes, if you are holding the coins on an exchange that is assisting with the coin migration, they will take care of the coin swap for you. However, since it’s advisable to hold your own coins in a wallet you control, you should be aware of how to handle a swap, so that you can manage the process yourself. It’s not difficult, but it does require your attention so that you don’t find yourself holding an old coin that no longer has any value.

How do I transfer INS tokens into XNS coins?

1- Create a Wallet.

Create a new Insolar Wallet by visiting Insolar Wallet.

2- Send your ERC-20 INS tokens.

When you are logged into your Insolar Wallet, you can find your personal migration address. Send your INS (ERC-20 token) to this address.

3- Receive your XNS coins.

Insolar MainNet will be alerted and you will receive your XNS coins on the deposit account in your Insolar Wallet within approximately 60 minutes. Visit your Insolar Wallet to see your deposit account and check your personal release schedule. Read more about the release schedule on the coin swap page.

You can learn more about Insolar’s coin swap here.

What is the cost of migration?

Insolar does not charge a fee to migrate INS (ERC-20 token) to XNS (Insolar native coin). However, since the initial operation will take place on the Ethereum network, gas will be charged by the Ethereum network to complete the swap. This ETH transaction fee will not be covered by Insolar.

What is the deadline for migration?

The deadline for migration is August 3, 2020. It means that you should send your INS (ERC-20 token) to your personal migration address before August 3, 2020. Please read details about the migration here.

Will XNS coins be available right after the swap?

Learn about this on our Coin Swap page.

Will exchanges support the migration?

We’re currently in talks with all existing exchanges (Binance, Bithumb, Bithumb Global, OKEx, KuCoin, Mercatox) and will make an announcement about the final list of exchanges supporting the coin migration closer to the Insolar MainNet launch date. The Insolar MainNet launch date is February 03, 2020.

How-To Videos

How to create a Wallet?

How to log in using keystore file?

How to send XNS?

How to restore an account?

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