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Community

How to swap Aergo ERC-20 token to Aergo native coin

Aergo | 06.10| 210

How to swap Aergo ERC-20 tokens to Aergo native coins

We will now begin the 1-way token swap for swapping from Aergo ERC-20 tokens to Aergo native coins. Be sure to read the following before starting your token swap.
Click here to see the Korean version.

Today, we are happy to announce that we will begin the 1-way token swap for stakeholders to switch from Aergo ERC-20 tokens to Aergo native coins.

A recap to understand our dual token structure:

  • Aergo native coins will be used for utility on the Aergo platform: staking in block producer elections on the main network*, utilizing dApps, executing smart contracts and transactions, and so on.
  • Aergo ERC-20 tokens will be purchased through exchanges. Aergo is currently available and traded on exchanges in the ERC-20 token format.

This token swap for converting from the ERC-20 token format to the Aergo native coin will strictly be a 1-way swap. The Aergo team will offer a 2-way swap functionality at a later time.

5 steps for performing the 1-way token swap:

  1. Install Aergo Connect, create your wallet, and get your public address
  2. Submit a signature with your Aergo mainnet public address to the Ethereum blockchain using your Ethereum account
  3. Send your Aergo ERC-20 tokens to the Aergo Organization
  4. Apply for the token swap on our website
  5. Check your Aergo native coin balance on Aergo Connect or Aergo Scan

We’ll go through each step in more detail below.

*Staking for rewards will not be available yet, we will make an announcement when there is more information on this topic.

Step 1. Install Aergo Connect, create your wallet, and get your public address.

Aergo Connect is a Google Chrome browser wallet extension that allows you to manage your Aergo account. You can install it by clicking here or below.

Aergo Connect

Once you have installed the wallet, you will find the Aergo icon on the upper right corner of your Chrome browser screen.

When you click on the Aergo Connect icon, you will see the button ‘Get started’.

Press ‘Get started’, then set a password for your wallet.

After setting the password to your wallet, an option to ‘Create new account’ will appear.

Click the ‘Create new account’ button to create a new account, and then you’ll be presented with the option to choose which network to create your account on.

Select aergo.io, which means the main network (mainnet). Then, click ‘Create’.

An account information screen will then appear.

The public address of the account created in this example is AmNbNdTAXvnMJ64v6MgYGiDd1EJbNEgKGVjKKHCoUjFZHbUQjFpS.

You should make sure that in the following steps, you use the address of the wallet you created. It’s advised that you make special note of the address at this time because you’ll need to provide it when you apply for the token swap.

It’s also a good idea to export your private key and keep it recorded it in a safe place in case you ever encounter any problems with your browser or computer.

Step 2. Sign your Aergo public address using your Ethereum wallet

In the previous step, we created an Aergo mainnet public address using the Aergo Connect wallet extension.

Now, you need to to provide proof that you are conducting the token swap — directly from your Ethereum account. This step is a MUST.

You must sign your Aergo mainnet public address using your Ethereum private key (in other words, from the same wallet that you will send your Aergo ERC-20 tokens from). If there is no proof through a blockchain message signed using your private key, anyone can claim tokens on the mainnet.

We will walk you through how you can create the signature using MyEtherWallet (MEW). Go to the following page to begin creating the signature.

MyEtherWallet.com

In this example, we access our wallet using our [sample] private key. This is not the only way to unlock a wallet! MyEtherWallet supports a variety of methods (i.e., Ledger, keystore file), so use whatever method you wish.

If there is no problem with the private key you’ve entered, you will see a screen where you can enter the text you would like to sign.

Enter the Aergo mainnet public address that you generated using Aergo Connect, and press the “Sign Message” button.

The text that follows ‘sig’ is the digital signature: take note of this string.

The next thing to do is make sure it’s been signed correctly. Access Etherscan (etherscan.io) through your browser. If you hover the mouse over More on the top menu, a submenu opens. Press the option Verified Signature.

https://etherscan.io/

On the top-right of the signature verification page, there is the button Verify New Signature. Click on it.

The page for signature verification then appears.

The first entry, Address, is where you enter the [Ethereum] address of the account you used to sign the message just now.

The second is where you enter the signature value.

The third column is where you enter the public address of your Aergo account created on Aergo Connect.

The fourth is whether to leave this signature verification as a record. You can choose what you want for this option.

When you press the “Verify” button, the following screen will appear.

If the result is a pass and the message signature is verified: you are now ready to send your Aergo ERC-20 tokens from the wallet you created your signature from earlier, to the Aergo Organization. In the next step, we’ll explain how to do this.

Step 3. Send in your ERC-20 tokens

The process of sending Ethereum tokens will depend on the wallet program you use and will not be discussed in detail. Wallets with ERC-20 token support makes it easier to send your tokens in.

The address of the Aergo Organization that you must transfer your tokens to is as follows:

0x19939C3463B3B9372607908aB6219D491c74511D

Please confirm that there are no abnormalities in the address before sending your tokens. ALWAYS double-check the address before sending. The address provided above is the only address for you to send your tokens to. If anyone suggests otherwise, they are attempting to scam you.

If you sent correctly, make a note of the transaction hash of the transaction between the wallet you sent your Aergo ERC-20 tokens from and the Aergo Organization’s wallet address. You must provide us with that value in your token swap application.

Step 4. Fill out the Aergo token swap application form

Token swap applications for getting Aergo native coins are done on the swap.aergo.io website.

1-Way Token Swap

After transferring ERC-20 token, go to the token swap website and enter:

  • the transaction hash value corresponding to your ERC-20 tokens transfer in Step 3
  • the public address of the Aergo account you created on Aergo Connect, in Step 1;
  • the signature you created earlier in Step 2.

Then, press the OK button to complete the application.

If you’ve done everything correctly, you should receive your Aergo native coins within 6 hours.

Step 5. Check your Aergo coin balance

You can check your Aergo native coin balance through the Aergo Connect wallet or the Aergo Scan block explorer.

It may take some time even if the application is completed because Aergo coins are issued collectively for transactions proceeding more than 120 blocks of ether blocks.

If you have not received your Aergo native coins after 6 hours, please contact supports@blocko.io.

Join us on our Discord server for any technical inquiries. Visit our website to learn more about Aergo. View our source code on GitHub.

Stay up to date on our Twitter, Telegram, YouTube; and be sure to join our WeChat and Kakao communities.


How to swap Aergo ERC-20 token to Aergo native coin was originally published in Aergo blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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