TRANSACTION, LOCKING, CLAIMING CREDITBOND REWARD UNLOCKED
Dear CreditBit Community,
we finally made it, we unlocked all the remain functions. This is the last step of migration, from now on till April 8th, 2017 the migration will continuously run.
TUTORIALS here:
https://www.creditbit.org/tokenGuide.htmlBefore you start using these functions, please READ THE FOLLOWING TEXT. Understanding of locking mechanism and claiming CreditBOND reward is crucial for proper use. There is no second chance, we are NOT able to help you, if you lock your Tokens by mistake or by making poor decisions.
LOCKING
BLOCKS
In Ethereum Blockchain, approximately every 15 seconds a new block is found. This metronome can be converted to this table:
4 blocks = 1 minute
240 blocks = 1 hour
5760 blocks = 1 day
40320 blocks = 1 week
172800 blocks = 1 month (depends on the month)
2102400 blocks = 1 year (depends on the year)
Locking for N blocks
Locking time period is measured in blocks. Locking for 500 blocks means locking for approx. 125 minutes. Locking for a 1.000.000 blocks means locking for approx. 173 days. Please calculate other time frames accordingly.
LOCKING
To lock your Tokens you must follow the procedure explained in a tutorial.
You can lock any amount of Tokens (1 is a minimum) anywhere from 1 block to 4204800 blocks (approx. 2 year period). Please think twice before locking your Tokens for a longer period, as it can't be undone. We suggest you to test locking for a shorter time (small amount of blocks) first before going for longer periods.
Locking period resets each time you lock any amount of tokens. So if you lock 5 Tokens for a month, and lock another 5 tokens after 15 days for a year: you will have 10 tokens locked for a year. Please be careful when re-applying lock! If you need to lock another batch of Tokens, we suggest opening a new Ethereum account and transferring second amount of Tokens there, where they can be locked independently.
CREDITBOND YIELD (AWARD)
With locking your Tokens you will be able to collect yields from CreditBOND Smart Contract. But be sure to understand, how the yields are calculated first.
Yields depend on the locking period:
from 1 to 175200 blocks (a month) - 1% yield per year
from 175200 to 525600 blocks (3 months) - 3% yield per year
from 525600 to 1051200 blocks (6 months) - 6% yield per year
from 1051200 to 2102400 blocks (1 year) - 8% yield per year
from 2102400 to 4204800 blocks (2 year) - 12% yield per year
CALCULATING CLAIMED BOND YIELDS (AWARDS)
To claim Bond reward after locking, you must follow the procedure explained in the tutorial.
You can claim the Bond Reward before locking period runs out. You will obtain proportional share of the Reward, according to blocks passed between locking and claiming. You will not obtain locked Tokens, as the locking period is not over yet. With claiming your awards too often you will lose small percentage of reward due to rounding.
If you claim the Bond Reward after locking period is over, you will obtain a Bond Reward for a full number of blocks elapsed from the time of locking till the time of claiming (not only to the end-locking block). Also your Tokens will be unlocked and returned to your Wallet.
EXAMPLE:
Someone locks 100 CRB for 1.500.000 blocks. Yield for this period is 6%. If he claims a reward after 500.000 blocks, he will obtain the following reward:
100 CRB * 0,06 * 500.000 / 2102400 = 1.4269... CRB (approx.)
If he claims his reward again after another 1.200.000 blocks, locking period will be over by then. Therefore, he will obtain the following reward:
100 CRB * 0,06 * 1.200.000 / 2102400 = 3.4246... CRB (approx.)
and the original amount of locked Tokens: 100 CRB
In total, he will obtain 4.8515...CRB, almost the same as he would claim his reward once:
100 CRB * 0,06 * 1.700.000 / 2102400 = 4.8516... CRB
Difference if the result of rounding.
Topic: CreditBit 2.0 - ETH Migration - March 8 (Read 43958 times)