Token Merge Plans
Altrucoin was recently affected by the Bitmart hack and the contract was frozen to keep the liquidity secure. You can read our previous article explaining what happened and our plan moving forward here. Due to the hack, Altrucoin will require a contract redeployment to prevent the hacker from selling any funds. While unfortunate, redeploying the contract offers us an opportunity to make several upgrades within the smart contract and release new token features. The community has also expressed a desire to only have one token, so we put the idea of merging the two tokens, Altrucoin and BankerDoge, up for community vote. The overwhelming response was to merge the two tokens. The vote can be found here. As such, with the contract redeployment, we will be combining the two tokens.
This article is meant to give an overview of the changes to come and an idea of what holders can expect. Due to the amount of changes taking place during the merge, we can not yet supply exact dates for events in the upcoming weeks. However, once the team has had a chance to develop a more detailed overview of merging process, we will be releasing a follow-up article that clarifies things such as percentages and dates.
We have several upgrades that we will be making to the new token contract. These changes are a combination of community suggestions and improvements the team noted through managing the Altrucoin and BankerDoge projects.
- Burn — Rather than the auto-buyback system that BankerDoge has, the new contract will include an automatic direct burn feature. This means that a portion of every buy and sell transaction will be sent to the burn wallet. These burn transactions will trigger after a threshold is met to reduce gas costs.
- Tax Hierarchy — In response to the concern about high transaction fees, the new token will have a divided tax system that will gradually reduce the buy and sell tax once certain marketcap benchmarks are passed. These thresholds will be released in the follow-up-article.
- Gas Efficiency — We want the token to be easy to purchase and sell, which means that we strive to make the gas costs as low as possible without compromising other features. This includes reducing the number of wallets that the contract interacts with during a transaction and implementing thresholds for tokenomics sells.
- Ability to Blacklist— While the BankerDoge contract has the ability to prevent wallet addresses from trading, the Altrucoin smart contract does not. We will be adding this ability as a security measure to be able to prevent wallets, like the Bitmart hacker’s wallet, from trading. This will allow us to quickly respond to things events like hacks and preventing only one wallet from transactions rather than having to fully stop trading for all users.
- Accumulated tokens — The new contract will likely include a way for users to see how many tokens they have earned in the staking vault while on the staking platform. This will allow you to get a better idea of your rewards while using the vault.
- Total Supply — Altrucoin was deployed with a total supply of 1 quadrillion tokens, which made it difficult to follow the price and led people to believe that the price was always low. The total supply for the new token will be reduced to 1,000,000,000 like BankerDoge to make the price of the token more reasonable and easily readable.
We have received dozens of name suggestions, ranging from serious to funny. The name of the new token has yet to be decided. However, we will be announcing it soon as we move along in the merging process.
This new token will be a merge of Altrucoin and BankerDoge. The Altrucoin contract is currently frozen and trading is disabled until the new contract is deployed. The BankerDoge token is currently operating as normal. However, closer to the merge date, we will need to freeze BankerDoge trading in order to solidify the values for price, liquidity, etc. for the new token. Both tokens will be replaced by the new token, and they will be airdropped into people’s wallets. Although the number of tokens will change, their value will remain the same.
We will be sure to send notifications and reminders to our communities to keep them informed about the merging process.
Much has happened since Altrucoin and BankerDoge were released, and the project has since grown significantly in value. A portion of the new token’s supply will be reserved for the current holders of both tokens, and another portion will be set aside for a new presale. We are aiming for a market cap of roughly 7 million, though the number is still being evaluated between our team and BlockchainPros, our launch marketing team, to ensure that we increase or at least maintain the token value to our holders while still having attainable goals. This allows us to keep the original value of the tokens for the current holders as well as offer tokens in a new presale to raise the initial market cap and supply enough marketing funds in usable tokens to market over the first few months while the major development milestones are in progress. More details will be available in the follow-up article.
For the second time, we are partnering with BlockchainPros for presale marketing. They successfully managed the marketing for our BankerDoge presale, and we will be working with them to ensure the success of this upcoming presale. Many of the successful tactics from the previous will be used again. For ongoing marketing plans, please read the end of year review when it is released.
We will be doing a multi-part presale like that of BankerDoge due to its success. The first presale will be on our own presale platform, later followed by a presale on PinkSale or DxSale.
New Token Airdrop
The new token will be airdropped directly to the wallets of current BankerDoge and Altrucoin holders. The amount of staked or held Altrucoin and BankerDoge in your wallet during the merge will determine the amount of tokens airdropped to you. Because the total supply of the new token is different than that of Altrucoin, the number of tokens will change, but their value will remain the same.
Once tokens are airdropped, users who would like to stake their tokens will need to manually stake them in the new vault, which will be available at token launch.
With the snapshot we used for the airdrop of BankerDoge to Altrucoin holders, some users reported the numbers were slightly off. To ensure this doesn’t happen again, we have looked up the amount of staked tokens in the Altrucoin vault currently, one user at a time, to record the exact number. This will mean that the number of tokens airdropped to stakers will be precise and correct.
Smart Contract and Token Features — We are currently working on upgrading the smart contract and developing the features for the new token. We are also finalizing the new token features such as a new vault and referral system.
Marketing — After the contract and token features are complete, BlockChainPros will initiate their marketing for the presale. The timeline for the marketing will largely depend on their team, we will dedicate a short period of time to marketing to ensure the advertisements reach a wide range of investors.
Presales — Based on the presales that we have seen recently and advice from BlockchainPros, the presale will happen once New Years has passed. While we were hoping to release the new token sooner, the currently presale market is not conducive to a successful presale, and a failed presale would be a poor way to start off the merge. We are meeting with BCP regularly to determine the exact timeline for the presale, but have already determined the selling points to be advertised and are working on background tasks that can be done before the presale, such as design and strategy.
Launch — We are planning to launch 24 to 48 hours after the PinkSale or DxSale finishes.
Token Feature Launch — We are planning to have the staking vault and referral system live on the token platform as the token launches. This will allow people to stake once they receive their tokens and more!
With the change from two tokens to one, there will be some changes to how the BankerDoge and Altrucoin token features interact. Since we are merging the tokens, all of their features: staking, referral systems, presales, Defi-Lending, etc. will need to be restructured to support one token. Although this will take some time and planning, it will add the combined utility of Altrucoin, BankerDoge, and more to the new token. We will be releasing an updated ecosystem explanation article in the future.
We’ve appreciated all the community support so far, and the team is working tirelessly to initiate the merge. While the BitMart hack was not ideal, we are making the best of this unfortunate situation and using it as an opportunity to improve the token projects. We look forward to this new version of the project, with a higher market cap, improved security, and extra features.