By Proud new partners of Coinbeat – W- Foundation, a non-profit entity whose goals are focused on the driving of blockchain technology for social impact recently announced that they will be upgrading their WGP Token to include a smart contract upgrade as well as a reduction to their total token supply.
W- Foundation’s W Green Pay (WGP) service will be reducing its total token supply by 40%. The 40% will come from the reserves for future sale as well as issuer’s reserves. The new WGP token features a smart contract upgrade with an added layer of security functionality to further secure all wallets.
CEO of W-Foundation, Youree Lee stated:
“We have been busy working on global exchange listings, partnerships and HOOXI app development in the past few months. While at it, we have also carefully reviewed our ecosystem and made a strategic decision to burn substantial amount of the total supply of token with a token swap.” And she adds, “In line with this, HOOXI App multi-language version will launch in May, and WGP is preparing for global listing for our community worldwide. We also have been expanding our business with international organizations, governments, and blockchain companies all around the world. We will continue to our work with WGP, HOOXI Campaign worldwide, promoting Blockchain for Social Good.“
Here are some important dates to take note of:
18 April 2:00PM KST (GMT+9): Transfer halts
All transfers of WGP tokens on the blockchain will be temporarily halted until the token swap has been executed.
19-25 April: Token Swap
The token swap will take place over approximately one week. All WGP holders are encouraged not to transfer any tokens from their wallets to ensure that the token swap will be completed smoothly for everyone.
To be announced: Transfer resumes
Once the token swap process is executed, all transfers of WGPs on the blockchain will resume. This means that at this point, all holders would have received the equal amount of the new WGP tokens and will be able to move or transfer their WGP tokens as per normal.
What should WGP token holders do?
Holders need not do anything while the process takes place. For all holders added convenience and ease, the token swap will be fully automated. Token holders just need to ensure that they leave all WGP tokens where they are. The WGP Team will take a snapshot once the transfer comes to a halt as well as oversee the swap of the new WGP tokens within existing wallets.
In other news, WGP has shared the following updates regarding upcoming events:
- HOOXI App’s English, Chinese, Japanese version launch is expected to take place in May 2019.
- WGP/HOOXI App & Campaign partnership announcement of respectable entities all around the globe.
For more updates on W-Foundation’s endeavours and future events, be sure to follow Coinbeat on Facebook & Twitter and to subscribe to our newsletter.
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