Coin swap: The new empowr orange (EMPRO) coin By Brian C Woosley on January 23, 2019 | |
Hello empowr citizens, empowr is launching a new coin, and it’s called the ‘empowr orange coin’ – or EMPRO. Everyone will be able to swap their current (EMPR coins) for the new EMPRO coin. Today, I will explain HOW the process will work – meaning how you will be able to easily swap your old EMPR coins for new EMPRO coins. But first, as always, I will explain WHY it’s important to do this. (Oh, our newest citizens and/or coin owners: To understand the empowr coin strategy and approach, I strongly suggest you read this blog post). Why launch the new EMPRO coin? As you may know, everyone has been working to ensure 2019 is an explosive year for the empowr community. At the center of our expansion will be growing our economy and marketplace at an exponential rate month over month during 2019 and 2020. One of the many, many steps towards making this happen was the coin stabilization process, which now allows marketplace sellers (and everyone else) to retain the full monetary value from their earnings regardless of the empowr coin’s price on the exchange. The next step, that’s currently underway, is the massive engineering project to cut the cost of our computer servers and infrastructure. That project is expected to complete around the end of this month – only 2 weeks from now. When complete, this will enable us to grow significantly without growing the cost of our computer infrastructure as much, which means our citizens will not be burdened by extra costs resulting from the growth. I’ll keep you posted on that effort in the days to come. Another cost our citizens are currently facing, is the $1 (USD) cost for cashing outs. While $1 by itself isn’t a very large cost, it adds up to a much bigger number if you’re cashing out many times every day. Wait. Why would anyone cash out many times every day? A major reason is that there is a limit to how many coins a citizen can cash out at once. (That limit is 1 billion coins per cash out). For example, if you wish to cash out 15 billion coins today, you’ll need to cash out 15 times, so it will cost you $15 USD (in addition to a lot of your time). And yet another cost that is emerging for citizens, relates to the ‘spread’ on the currency exchange. The spread is the % difference between the lowest price they can buy coins, and the highest price they can sell at. 
As you can see in the above image, the lowest price that someone is selling the coin, ends with 291. And the highest price someone is willing to pay to buy coins, ends with a 290. The difference between those two numbers is 1 which is called the ‘spread’. Since the difference between those two numbers (1) is nearly half of one percent of the coin price ( = 1/250), it means that if you were to buy X coins and then sell X coins, you would lose approximately half of one percent (0.5%) of the value of X coins. The solution? A coin swap As a solution to those last 2 issues (cash out costs and the spread %) we are launching a new coin and swapping everyone’s old coins for new coins. When everyone can cash out as much as they want (and not need to pay many $1 fees), and when they are not facing a 0.5% loss from the spread, this will help make cashing out and trading cost less for everyone. In addition to earning up to 7% bonuses on all of the coins they trade, the launch of the new empowr coin will help make trading more cost-effective and/or profitable for everyone. Introducing empowr orange The new coin will be called empowr orange (EMPRO). Current EMPR coins will be swapped for new EMPRO coins. At the time of the swap, each 1 trillion EMPR coins will be worth 1 EMPRO coin. That means that, since there are now approximately 12 trillion EMPR coins... ... after the swap there will be 12 EMPRO coins: http://www.empowr.com/socnet/EmailStat.aspx?lit=5&me=-TrvsFi98vNzswl7FXMNQ1-f2Y2FA.tWMsmfeBj-UbaGIlbsa2YbN58-mR0IZiDaugjKVUTryzw-vD.J.lOzAttKLbClSgiusXfGcLaVfs7pmmfk9ytk4j0QPjsMihlFm8X1.EuHvYgQe7wxsZdVqS7tACzfx7bFZEo0LoUsZjbdLr9aBtg.lRtR.DDvKcgx&fan=F1Qw1zM6IEk%3d&opg=https%3a%2f%2fetherscan.io%2ftoken%2f0x029606e5ec44cad1346d6a1273a53b971fa93ad6&vet=720&dt=012919&mlid=10844320074&tmpID=5824469&linkname=Link2&eaid=rIsu66%2fgWxV3Oowo2%2bzTWQ%3d%3d&rt=1 Since the 12 trillion EMPR coins are currently worth about $35,000 USD, the final 12 EMPRO coins will also be worth around $35,000 USD. That means that, immediately after the swap, one (1) EMPRO coin will be worth around $3,500 USD. Below, we will discuss how you can easily swap your EMPR coins in your empowr balance and Ether wallet to the empowr orange (EMPRO) coin. For now, just remember that for every 1 trillion EMPR coins in circulation, 1 empowr orange EMPRO coin will be distributed. To be clear, this is merely a coin swap: Everyone will end up with the same exact share (% of the overall supply) of EMPRO coins... ... equal to the same share (%) they owned of all the EMPR coins. How will empowr change as a result of this new coin? Almost nothing will change in empowr. Here are the only items you need to be aware of: 1) Transitioning the orange EMPRO coin into the empowr platform: Also at approximately 2PM PST (10PM UTC) on Friday, January 18th, the new EMPRO coin will integrated into the empowr platform. The transition time will take a few (4 to 6) hours. During the transition time, your Coin Savings Vault will be locked down. That means that, during that 4 to 6 hour transition period: · The EMPR coins in your Coin Savings Vault will be automatically converted to the new orange EMPRO coin. o The conversion rate is 1 trillion EMPR to 1 EMPRO. o Example: If you have 1.23 billion EMPR coins, you’ll have 0.00123 EMPRO coins after the conversion · During the 4-6 hour transition, you’ll be unable to shop with any coins in your Coin Savings Vault · During the 4-6 hour transition, you’ll be unable to transfer coins in or out of your Coin Savings Vault (meaning cash out, cash advance or transfer out) Once the integration is complete, we will add an update to the bottom of this post, so you know that the process is complete. 2) Everything else in empowr: After the transition process, any time you choose to view the value of something in empowr coins, it will be the value based on the empowr orange coin (EMPRO) and not the old (EMPR) coins. 3) Lower fees for transferring out: Given the 1 billion coin transfer out limit and the increased price of the new EMPRO coin, the amount of coins that citizens can cash out will now be virtually limitless, which means the $1 USD gas fees will be a much smaller percentage of the amount transferred out, and you won’t need to do many transfer outs to complete a large cash out. This will make transferring out much easier and more affordable for all empowr citizens moving forward. 4) empowr orange (EMPRO) coin trading on DDEX: Within the next 24 hours you can expect the new orange (EMPRO) coin to begin trading on our currency exchange DDEX.io For the first several days after the new EMPRO coin launches, you’ll be able to continue trading the original EMPR coin on the exchange. However, effective approximately 2PM PST (10PM UTC) on Friday, January 18th, you’ll only receive trading bonuses for trades of the new orange EMPRO coin. Then, sometime next week, the trading of EMPR will be halted on DDEX entirely, in order to reduce confusion for everyone. 5) The spread on the exchange: As a result, the minimum difference between the lowest seller and highest buyer, will now go from 0.5% to something much, much smaller – almost zero -- something like 0.0000000001%. That means that you will no longer lose 0.5% every time you buy and sell coins. How to get the new empowr coin? With the automatic conversion of your EMPR coins in your Coin Savings Vault to the new orange EMPRO coin, within the next 24 hours many of you should have the new orange EMPRO coin available to transfer to your Ether wallet and even begin trading with it on the exchange. But what about the EMPR coins you have outside of empowr (in your external wallets)? Within the next 24 hours, you’ll also have the ability to transfer your EMPR coins from your external wallets to your Coin Savings Vault. When you do that, your inbound EMPR coins will be automatically converted into EMPRO coins and saved in your Coin Savings Vault. Wait! That’s what we’ve been asking / waiting for! Along with this automatic conversion of EMPR to EMPRO, the ability to transfer coins back to your Coin Savings Vault from your Ether wallet has been a feature that has been requested by many citizens for a long time, so we’re excited to finally get that feature to you. To be clear, that means that you’ll now be able to transfer EMPR, EMPRO and ETH from your external wallet into your Coin Savings Vault! Keep in mind that your Coin Savings Vault will only hold EMPRO, so any EMPR or ETH you send will be automatically converted to EMPRO and saved in your Coin Savings Vault: · When you transfer EMPR in, the conversion will be 1 trillion EMPR to 1 EMPRO. · When you transfer ETH in, the conversion will be based on the current exchange rate (of ETH to EMPRO) on the currency exchange. · And of course when your transfer EMPRO coins in, the ‘conversion’ will be 1:1. Once they are in your Coin Savings Vault, your coins can be utilized to shop in the marketplace, or transferred back out to your Ether wallet whenever you want, including when you want to trade them for local currency. How to transfer coins back into empowr So, exactly how do you transfer EMPR, EMPRO and ETH coins from your external wallet to your Coin Savings Vault? Simply visit your transfer out page... ... and in the ‘Transfer from’ pull-down, scroll down to select your desired wallet... 
... choose the type of coin you wish to transfer in (EMPR, EMPRO or ETH)... ... enter the amount of coins you wish to transfer... ... then click “Continue” to import your coins to your Coin Savings Vault. As always, you’ll also be able to purchase EMPRO coins directly on empowr and receive the buy 1, get 1 free founder coin deal. Bonus: When you transfer ETH into your Coin Savings Vault (and you automatically get EMPRO saved in your Coin Savings Vault) you’ll also automatically get the 1:1 free founder coins deal! Example: If you receive 0.5 EMPRO coins from transferring in ETH, you’ll also get 0.5 EMPRO founder coins added to your founder coin wallet. What’s next? With the coin stabilization process now in place, after the launch of the new EMPRO coin tomorrow: · marketplace sellers will now feel even more financially secure with every sale they make · everyone won’t need to do (or pay for) a lot of transfer outs in order to complete one large cash out · citizens won’t face a large spread % on the exchange. As a result, we’re one more step closer to the launch of the new ‘Buy’ listings which will be rolled out within days after the completion of the server infrastructure project. If you haven’t studied the upcoming ‘Buy’ listings, take a moment to do that now... ... as you’ll very likely agree that it just might change EVERYTHING you know about empowr, social media and online commerce. And, after you give it more thought, you’ll see how it will help the empowr community (you!) complete the mission and reduce inequality on the planet. Combined with -- and powered by -- everything else we have built together, one brick after another, it really is that big a deal. In the meantime, as we get closer to the launch of the ‘Buy’ listings, this is a great time to think about what you want from the empowr marketplace. Simply visit your favorite e-commerce sites and browse the things for sale there, and create a wish list and/or bookmark some items that you’ll want to create ‘Buy’ listings for. Those looking to make profits with their money, start thinking about how much profit (and/or profit %) you wish to make with your money, so that when the new ‘Buy’ listings are live, you’ll already know exactly how much profit you want, and therefore can be first to grab the best (most profitable) listings. Until next time – if there’s anything I can do to help, please let me know. UPDATE (January 24,2018): You can now transfer in your EMPR coins to swap for EMPRO. Additionally, we have now placed a limit on the number of bonus coins that can be earned from trading each day. Starting today, once you have reached the 7% bonus level for the day, you will have reached the maximum number of coins you can earn for the day. Best,
Brian (more) ►
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