Frequently Asked Questions about WCSOV
What’s the difference between CSOV & WCSOV?
WCSOV is the wrapped CSOV token, connecting CSOV to the Ethereum network. WCSOV just holds the value of CSOV on the Ethereum network as a fiat currency.
What is a wrapped token?
To bridge CSOV to the Ethereum blockchain, we launched a wrapped CSOV token, WCSOV. A wrapped token is a cryptocurrency strategy that has uniform value pegged to an underlying asset. The underlying asset is put in a digital vault that allows CSOV to be expressed and used on the Ethereum Network. Unlike the native token, the wrapped token can be used on certain non-native blockchains and later exchanged back to the original token, in this case CSOV. Crown Sterling use's WCSOV as its wrapped token ensuring the asset is pegged at a 1-1 ratio through a smart contract, maintaining the supply parity between CSOV and WCSOV. For every WCSOV purchased, there will be a CSOV locked in a custodial wallet to maintain equilibrium. When the WCSOV is swapped back into CSOV, the WCSOV is burned per smart contract. Therefore, that WSCOV will no longer exist. The swap feature of our app will allow users to exchange CSOV for WCSOV into their Metamask wallet. Once in the Metamask wallet, WCSOV will be tradable on decentralized applications.
Does the minting of WCSOV increase the total supply of CSOV?
No, WCSOV does not increase the total supply of CSOV. CSOV will still maintain a total supply of 10 billion tokens.
Is WCSOV worth more or less than CSOV?
CSOV and WCSOV will be pegged at a 1-1 value on both the Crown Sterling native blockchain and the Ethereum network through a smart contract. For every WCSOV token purchased on decentralized exchanges, there will be one CSOV token locked in a custodial wallet to maintain an equilibrium. Then, when a swap from WCSOV to CSOV is made, the WCSOV is burned and will no longer exist.
When can I swap CSOV to WCSOV?
The swap capabilities for CSOV and WCSOV will be available in the next several weeks.
Can I access the Crown Sterling Encryption tools with WCSOV?
The Crown Sterling encrypted messaging features are available to WCSOV holders. WCSOV holders will need to swap their WCSOV back to CSOV in order to access the Crown Sterling encryption products.
Is there a limit to how much CSOV can be swapped?
There will be a swap limit of $20,000 CSOV per day for each individual.
Does swapping cost money?
There is a transaction fee to transfer the CSOV out of your CS wallet (0.0001251 CSOV) to the swap feature, and a transaction fee in ETH to mint the WCSOV in your Metamask wallet. Additionally, there will be similar transaction fees to initiate the swap of WCSOV back into CSOV.
I already have CSOV. Can I trade my tokens on BitMart or Decentralized Exchanges?
Not right now. WCSOV is currently the only token of Crown Sterling's tokens that is listed on BitMart. In order to trade your active CSOV tokens right now, you will need swap your CSOV for WCSOV using out our Swap application feature when it becomes available.
Can I swap time-released/locked CSOV?
Locked CSOV tokens will not be available to swap until the time-release expires. Only active CSOV tokens and CSOV tokens purchased directly from an exchange will be eligible to swap for WCSOV.
How do I know I am initiating the transfer correctly?
A great rule of thumb for sending any digital asset is to double check the address you are sending it too. A very easy way to make sure that it is correct, is to copy and paste it into the desired field. When sending large transactions, or highly valuable assets, we recommend sending an initial small amount to the address and verifying it was received. Once confirmed, the remaining amount can be sent.
If I buy WCSOV on the exchange, where can I store it?
Any Ethereum wallet will be able to store WCSOV tokens. Our Swap Application feature is connected to Metamask, so you may choose to store it in a MetaMask wallet. In the near future, we will launch our Swap Application feature where you can swap WCSOV to CSOV and store it in the CS wallet.