Topic: [ANN] OCTO - Resurrect 888 - New Counterparty Asset - page 37. (Read 37856 times)

[center][b][size=15pt]888 moving to Counterparty - OCTO[/size][/b][/center]

The Octocoin burn will begin soon. Burn your 888 in exchange for the OCTO Counterparty Asset. We will create 88.8 Million OCTO total but will only distribute the burned 888/OCTO at first. The burn ratio will be 1:1. The burn process will last for 1 month only and a snapshot of the blockchain will be taken. When the midnight deadline is announced you can no longer burn your 888 and the only way to acquire OCTO will be to purchase, trade or participate in FoldingCoin’s merged mining and other promotions. We will announce future distribution plans at a later date on the new OCTO bitcointalk.org and letstalkbitcoin.com forums. If you have any questions about the burn, please PM frameLAlife or FoldingCoin on bitcointalk.org.

Be aware that OCTO will be a community asset and is not associated with Octocoin 888 or it’s original developers. We as a community are choosing to leave the original, abandoned blockchain behind to participate in the Counterparty protocol on the Bitcoin blockchain. While we do have leadership in place that is planning the first project for the new asset, you the community will be free to use any available open-source code to build and promote your own projects in the community. However, please understand that certain projects, applications and activities will not be allowed to be promoted on official OCTO forums for legal reasons.

Please refer to the following instructions and follow this process to burn your 888 to the new OCTO Counterparty Asset. [b]PLEASE NOTE: [color=red]Do not send any 888 to the burn address until we have posted the link to the block explorer when it goes live.[/color][/b] The following instructions will be posted to the most recent page until the burn period begins. 
[br][list]
[li]Step 1 - 888 Holders please create a Counterwallet with these steps http://foldingcoin.net/counterparty-guides/#wallet[br][br][/li]

[li]Step 2 - Send all your current 888 to a single 888 wallet that you control. If you are going to continue mining, please make sure to mine directly to that address (or if you are using a mining pool, please start to withdrawal to that address)[br][br][/li]

[li]Step 3 - Fill out this google form https://docs.google.com/forms/d/16a6AvxrfOQ_gzMrM3tH2iRlBvPX-OSge4QG_2rLDkYQ/viewform?usp=send_form with the following information:[br]
[list]
[li]BTC address from your Counterwallet found in Step 1[br][br][/li]

[li]Your 888 address with all your 888 from Step 2[br][br][/li]

[li]The estimated total amount of 888 in your wallet from Step 2 that you will be burning in exchange for the new OCTO asset on Counterwallet (the estimated amount is for trying to get an understanding of how much 888 is going to be burned)[br][br][/li]

[/list][/li]
[li]Step 4 - DO NOT SEND any 888 to the burn address at this time, but rather you can confirm on this document that your information is correct https://docs.google.com/spreadsheets/d/13nfukjfGvfwwI6Y2dUY13eVZLF6NmslkvXtx7GczO-g/pubhtml[br]
[list]
[li]If you do not see your address here or if the information is wrong (such as your 888 address is not the one you wish to associate  with your Counterwallet address) please contact [email protected] AND [email protected] to resolve this issue and get your accurate address information added.[br][br][/li][/list][/li]

[li]Step 5 - Once the block explorer and the burn address has been verified and working by this community, then a deadline will be announced to send the 888 from your wallet in Step 2 to the burn address to receive the new Counterparty OCTO asset. The deadline will be 1 month after the explorer and the burn address have been announced.[br]
[list]
[li]DO NOT SEND ANY 888 UNTIL THE BLOCK EXPLORER, THE BURN ADDRESS, AND THE DEADLINE HAS BEEN ESTABLISHED. AWAIT FOR FRAMELALIFE TO CONFIRM THAT THESE FACTORS ARE OFFICIAL AND ESTABLISHED, DO NOT TAKE THE WORD OF ANY OTHER USERNAME AT THIS TIME[br][br][/li][/list][/li]

[li]Step 6 - Once Midnight on the deadline is hit, the 888 block explorer will be captured fully with the accurate information regarding the 888 wallet locations at the exact deadline time (this will then be available to the public to view). You must have sent your 888 to the burn address BEFORE the deadline has been hit. So any amount of 888 created after the burn will not be considered a valid exchange since it will be officially moved over.[br][br][/li]

[li]Step 7 - After the block explorer has been fully captured, then 2 days will pass to allow time for any discrepancies to be established from the Octo community with the amount of OCTO they will receive. During these two days, frameLAlife and FoldingCoin (Kris and Robert) will be uploading a new column to the publically viewable google doc with the exact amount of OCTO each person will receive who sent 888 to the burn address.[br][br][/li]

[li]Step 8 - After the 2 days have passed, then FoldingCoin will create a distribution address and send all the OCTO out to all participants who are partaking in the burn. this community needs to keep in mind, that for every 1 address receiving OCTO it will require 0.00006 BTC (this is not a service fee, but it is the cost of a Counterparty transaction). So If 1,000 people are participating in the burn, then 0.06 BTC will need to be provided to distribute the new OCTO funds.[br][br][/li]

[li]Step 9 - OCTO will become part of the Merged Folding family and you will continue to be able to earn additional OCTO by setting up your computer to partake in folding following this step http://foldingcoin.net/windows-guides/#setup[br]
[list]
[li]The distribution on Merged Folding will need to have the OCTO community decide the following factors:[br][br][/li]

[li]Total amount of OCTO to be distributed on Merged Folding[br][br][/li]

[li]Amount per day to be distributed on Merged Folding[br][br][/li]

[li]If there will be a half life[br][br][/li]

[li]How often to do the distribution (daily, weekly, monthly)[br][br][/li][/list][/li]

[li]Step 10 - Robert Ross will provide complete training to frameLAlife on how counterparty works, securing undistributed OCTO, Merged Folding, and anything else needed[br][br][/li]

[li]Step 11 - Begin to rebuild the features and direction of OCTO[br][br][/li]
[/list]

[center][size=15pt][b]New ANN forum for OCTO on Counterparty can be found here https://bitcointalk.org/index.php?topic=960933[/b][/size][/center]