Community Conversations Recap: 2nd December 2021
On 2nd December we held an AMA regarding the conversion event that is to be held in Q2 2022. We received number of questions regarding the conversion event, hence we felt the need to address them directly. Below is the recap of the conversation.
- When will the conversion take place?
The conversion from $KIAN to $PORTA will take place in Q2 2022 after the mainnet launch.
2. Why is the coin converting? Why can’t we just stay as $KIAN? (some people don’t understand concept of new chain)
We are building our own Blockchain. $KIAN is based on BSC and $PORTA will be on our chain
Our previous project was Kianite finance we are rebranding to Porta network. $PORTA is more in line with our current project in terms of brand and identification.
3. Will the total supply be affected? Why?
For those holding $KIAN, you will continue to hold the same percentage of the total supply. We are changing the total supply for a number of reasons
It works better for the tokenomics, if we have more tokens it enables us to have more liquidity, it makes it easier to distribute across different types of projects
The fewer tokens you have in circulation, the fewer the amount of people can become validators
We have been monitoring other projects similar to our and most success projects have a total supply of around 1B. A larger total supply works best with tokenomics which in turn favours the project.
4. Which exchanges will the conversion be held?
Whatever exchanges that we will be on at that time. We are also discussing this with the exchanges that we are in conversation with currently. Exact details on that will come on at a later date. We will have a step by step guide on the website on how to go about that.
5. Will the change of the token from KIAN to PORTA next year bring any trouble to the already staked KIAN tokens?
No it wont. We plan to have the conversion done after the end of staking. That will be the after February 18th. We will also be having staking for $PORTA on validator nodes.
6. Will you be using a bridge?
No there wont be a bridge. Using a bridge would imply that we are using EVM which we wont. The $KIAN token is EVM based on BSC, for us to build a bridge would require us to support EVM which we dont, our project is more polkadot based. We are still focused on going rust. We have some ideas and developments on how to make it easier for developers who come from solutions like javascript and solidity to be able to build with us. We are looking at another conversion structure to make it easier for people. We have discussed with exchanges, and they will be able to assist in switching from $KIAN to $PORTA. The easiest way would be to put your tokens in a CEX and the will be able to do the conversion for you. If you are not comfortable using a CEX, we are iscussing internally on how we will be able to assist you. We will confirm closer to the date.
7. Tokenomics of $PORTA?
We don’t plan on changing the tokenomics of $PORTA. The distribution that we have currently is most likely going to stay the same. There might be slight changes in the ecosystem in development section of the tokens but the 33.3% allocated to community rewards that will probably be distributed differently especially to validators. We will be giving more details as we approach the conversion period.
8. What is the value of $KIAN when $PORTA comes online?
We will no longer use $KIAN token, we will no longer support it or build around it. If anyone wishes to use it, that’s also okay.
9. Will $PORTA be metamask compatible or will we require a separate wallet?
Metamask won’t work, the closest would be polkadot.js. You will require a separate wallet up until we get a solution from these major wallets. We a building a wallet.
10. What ratio will the conversion be?
1:10
11. For how long will the conversion event take? Is there a cutoff?
As of now, we haven’t planned for a cutoff but in case we do we will inform the community in good time
