Migrating asset to Ethereum


#1

Hi. I have been into trouble using Counterparty to launch my product. The transaction is very slow (days), the fee is high and this all damaging my business so badly. I think the best way is to migrate to Ethereum platform. Is there any guideline for me to start migrating?


#2

You could ask asset owners to broadcast their Ethereum address from Counterwallet, and issue the same amount to each Ethereum address. But it may affect those who are unaware and end up buying your token after that (or who don’t broadcast anything). If you don’t have many holders, you can support them via a forum and redeem/reissue by request.

Test the concept on Testnet, your mileage may vary.


#3

Thanks for your reply. So basically i need to create a new contract on Ethereum, then transfer these new coin to asset owner is it?


#4

Yes, but “you” means the current holders.

You can’t control their coins, so you need to plan how a Bitcoin address owner (address which holds the token you want to migrate) can reliably inform you of their Ethereum address, which you’d send the newly issued Ethereum coins to.

They could inform you of their Ethernet address and then sell the coins on the Bitcoin blockchain and the new owner could inform you as well, then you’d have to issue twice as many for these two guys, or decide who doesn’t get the new Ethereum tokens.