Last week we highlighted some of our experiences with stocks.exchange. In addition to some of the communication issues that we had addressed, SE changed our originally agreement in price at the last minute to a much higher one, citing that the reason was due to us being a new coin listing with new name and not keeping the original DIX name. This really made no sense to us because we would still be a new coin even if we had retained the old name anyways (?).
The new quoted price by SE was out of the budget that had been set aside to list, having moved from an original agreed amount of 0.3 BTC to a much higher 1 BTC. Although it was an unfortunate situation, especially after how much we had wanted to work with SE, we did have a few back-up exchanges should we need one. One exchange in particular that had our eye was CryptoBridge. The only problem was the cost.
[CryptoBridge](https://crypto-bridge.org) is a decentralized exchange (DEX) that supports the trading of many popular alt coins. Many alt coins can be found trading on centralized cryptocurrency exchanges with performance problems and other issues such as thefts, manipulation, hacking incidents or government takedowns. CB works to solve these problems with their decentralized blockchain based order book and the multi-signature federated gateway network. There is no central point of failure. All deposits, withdrawals and all order books are transparently stored on the blockchain. Even if CB was to go out of business and shut their doors, users will still be able to deposit, withdraw and trade their coins.
While CB was out of the original intended budget, the request by SE at 1 BTC made CB seem worth a shot. After talking with CB, they agreed to work out a deal where we could pay 1 BTC now and the remaining 1 BTC at a later date that we would agree upon. This 2 BTC listing fee will be paid out of the budget when it is available. The initial 1 BTC first payment, to list, will be out of my own pocket for now. This 1 BTC that will be loaned, will be recouped back from the budget after we are listed on the exchange.
We will be sending off our listing form after we have made our source code available on GitHub. Currently the listing time frame will be 2-3 weeks. Our timeline outlook to be listed and live on exchange will be around mid September. This will allow us to have time to facilitate the swap and ensure a majority of investors will have Ondori in their wallets going into CB.
Budget allocation update
Speaking of budget. As we mentioned in a previous update, we will not be automatically generating the 10% budget allocation from each block reward at this time. Instead, we wanted to look at other methods that would allow us to get up and running as a coin much sooner than later. We have decided that the first year budget allocation of 10% of each block reward will be given to budget from the unused swap supply in lump. A total of 45,201,600 (86 * 1440 * 365) RST will be sent to the treasury. The first year will see block rewards at the remaining 774 RST, split between mn and stakers.
DIX:RST Swap update
We have been working endlessly to get thru the little hurdles to deliver the swap to the Ondori community. Everyday is a step closer to the swap window and moving on from the Dix Token to the Ondori Coin. We're happy to announce that we have begun working with the initial pre-mining and are finishing up wallets. As we've stated, we wanted to begin the swap window as soon as we could so that we may meet our own personal deadlines. Some things that have changed:
Block 0-200
We will not longer have a 5 day long PoW period to mine the initial supply. We have shortened this in order to be able to deliver the swap period to the community much quicker. Instead, we will be mining 350m RST from block 0-200 in order to create the initial swap supply and pre-mine.
Block 201-infinite
Previously, we stated that we would have a 0 reward phase. After some discussion, we have decided to just keep it simple and allow block reward beginning at block 201. As stated above, block reward will now be set at 774 RST per block split between MN and stakers, with the 86 RST already being allocated to the treasury in lump. The reward structure will be modified to allow for 10% budget allocation to be generated with block reward in the following year. We may also revisit the current block reward payout after some community feedback at that time.
DIX to RST
While we still cannot confirm the exact date, we are trying our best to begin the swap period by September 4th or 5th (tentatively). So we ask everyone to please be prepared. We do understand that some may think this to be short notice, but we have been preparing for this for months and did announce we would be acting quickly in a previous update. It's our hope that things run smooth during the pre-mining and the wallet builds so that we may stay on track. We have built the Linux and Windows wallets, but are not ready to release them until they are 100% ready for release.
What to do next?
Keep an eye out this next week for news. This may be confirmation of dates, or may be notices of delay. Either way sit tight and be ready. Very shortly, we will have wallets available to download and a required swap request form that will be made available to you to fill out. In the mean time, please ensure you have the required NXT to pay the transaction fee to send your DIX tokens to the a DIX token collection address that will be provided.
We will be working thru the swap period the best we can, but do keep in mind there is a lot of information to verify. We will give more information on what to expect after we have posted our swap announcement, so keep an eye out for more updates and information. If you haven't please be sure to join our official [Telegram](https://t.me/ondoricoin) and [Discord](https://discord.gg/5FYwxY6) channels to help stay up to date.
