THE PEERPLAYS TEAM IS HAPPY TO ANNOUNCE THE DATE FOR THE BITSHARES (BTS) TOKEN SNAPSHOT.
What is a Snapshot?
Snapshots are a way of distributing ownership of tokens in a blockchain, and share-dropping is the vehicle through which shares in the new chain are proportionally issued. The token allocations for the Peerplays blockchain can be found here.
When the Peerplays chain is launched, the genesis block or “first record” contains shares that can only be unlocked using the private keys that correspond to each public key that was recorded in the snapshot. Since the rights to crypto-currency ownership are contained within the private keys, token holders must simply input their private key from the chain the sharedrop was based on into the new chain, and their new shares become unlocked.
Why BTS?
The state-of-the-art blockchain infrastructure behind Peerplays (called the Graphene toolkit) is the end result of 2 ½ years of research, hard work and dedication from a large number of individuals and teams, many of whom are holders and/or participants in the BitShares (BTS) project.
Peerplays has chosen to sharedrop 5% of its tokens onto BTS as a tribute for the work already achieved, and also as an incentive to promote future support from those who have participated in building this amazing open-source technology.
The Details:
Because a “hard date” could potentially cause unnecessary BTS market volatility, the snapshot will instead take place on a random block that falls between the date range of:
SEPTEMBER 1, 2016 (0:00 UTC) – SEPTEMBER 16, 2016 (0:00 UTC)
All BTS held in collateral for SmartCoins as well as BTS held in open market orders will be included and honored in the snapshot.
Please be advised: Peerplays will not sharedrop onto any publically known exchange or 3rd party escrow account addresses. To guarantee that you receive your entire sharedrop, you must hold BTS in your BitShares wallet ( ie. “Freedom Ledger” or “Open Ledger”) during the entire date range specified.
The security of the Peerplays blockchain is dependent on shareholder participation. In the past, certain exchanges have promised to distribute share-dropped tokens onto their users, only to rescind that promise at a later date. Furthermore, other exchanges have chosen to exercise the voting rights of their users’ tokens without obtaining express permission from their users to do so.
We believe that most cryptocurrency exchanges are reputable, honest and professional. However, since we cannot fully guarantee the trust of our users will not be violated by the methods outlined above, we have determined that the potential security risks in allowing any exchange to participate in the sharedrop process outweighs the convenience that might be afforded by supporting them.
Lucky for everyone, BitShares happens to contain its own fully functional on-chain exchange with gateway tokens available to trade in dozens of popular cryptocurrencies. We are hopeful that these existing features will offset any trading inconvenience experienced during the snapshot process.
If you have any questions about the snapshot, please visit the announcement thread on the bitshares forum, or email us at powerup @ peerplays.com.
TECHNICAL NOTES: To determine the exact block of the snapshot, the block id of the last block produced after 0:00 UTC September 16 will be divided by the number of blocks produced from 0:00 UTC September 1st through 0:00 UTC September 16th, and the remainder (mod) of that division will represent the block number (from this date range) that the snapshot will be taken.
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