GMR v2 Token Migration


From an announcement by GMR, 6th December is the official date for the start of the migration from GMR v1 to GMR v2. During this move, all who hold GMR on centralized exchanges will go through an automatic migration.

The centralized exchanges involved, among them ZT and BitMart, have clarified that they will consider snapshot records and use a conversion ratio of 1,000,000:1 to distribute new tokens after the migration.

For GMR v1 holders with tokens outside the centralized exchanges, a manual migration is necessary. This will involve going to the GMR Center, and using the multi-step Migration dApp. GMR assures its holders that it is a simple process. Besides, it intends to release a published guide, as well as an instruction video to make the process even easier.

What Upgrades Come With GMR v2

The migration to Gamer v2 from Gamer v1 comes with so many advancements. The first of these is security. GMR v2 is set to come with a Multi-Signature feature, and structure that facilitates timelock ownership. These upgrades, which are enabled by OpenZeppelin Defender, make the GMR v2 GMR’s most secure token to date.

The Multi-Signature is also responsible for protecting investors in the eventuality that a deploye wallet’s control is lost. It works by decentralising control by giving at least three different developers  control. This creates three deployer wallets and the developer controlling each, has to sign every call made from the timelock contract.

On the other hand, the Timelock contract, which is owned by the Multi-Signature feature, manages the token contract. This means GAMER v2 is no longer property of the deployer wallet. This contract ensures that any called function appearing on the token contract has a two-day delay.

This 48-hour period is there to give investors enough time to sell their tokens and leave the project if Multi-Signature administrators attempt to make a call that can jeopardize investors.

The Minting Schedule

GMR also aims to give their fans innovative ways to play games and earn rewards. To achieve this, it will introduce a community-governed minting schedule. In fact, before May 4th next year, all minting will be restricted. However, after this date, a 5-year blockchain-based minting schedule will regulate the total number of tokens minted annually.

In case of any need for additional tokens, there are measures in place. However, the company says it will subject the decision to its developer, community, and governance committee, to ensure minting preserves its legitimacy.

In line with having community governance, GMR CEO, Ryan Washington, also said that he will introduce a governance community before the beginning of the next minting schedule. On matters migration, GMR will update investors on any of their social media platforms.

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