Dear Peculium Family,
With the successful completion of our ICO we have received a very positive and amazing response from our investor community. On behalf of the entire Peculium team, we want to thank you for your support, enthusiasm, and kind words. We also want express our deepest gratitude for waiting patiently until we get listed on exchanges.
We have great news to share!
Most of the ICO investors are early adopters of crypto and therefore, they are likely to be more tech-savvy, knowledgeable. With that said, we received significant feedback from the community about the difficulty of the defrosting procedure.
Therefore, something needed to be done about the defrost function.
Why freeze in the first place?
Please understand that the freeze/defrost function was absolutely necessary to protect the investors and Peculium platform during the ICO phase. Without the freezing PCL in place, short-term private investors, who had no real interest in Peculium, could have simply sold PCL immediately to make quick profit, which would not have benefited anyone else.
“Protecting our investors is our priority”
Furthermore, PCL is designed to be a savings token, and we expect it to be held on the wallets for longer periods of time. So freezing PCL was a strategic option and provided an additional layer of security.
Unintended effects:
- The current defrost function requires about €0.50 of ETH. It is a significant cost a small investor holding €50 worth of PCL. We want even the small investors from all over the world to feel included on trading platforms.
- The community is eager to get PCL listed on the exchanges. However, the exchanges have to create at least one new ETH address/customer to store PCL. To allow customers to sell or withdraw PCL, the exchanges need to defrost these addresses. Exchanges tend to forward such additional expense on to the customers, which usually leads to an additional deposit and withdraw fee. In the interest of providing our investors the best trading experience with the lowest possible fee, the defrosting function needed to be removed.
- We are in negotiations with multiple major exchanges. After discussing the logistics of the defrost function with them, we received a common feedback that the defrosting function could lead to difficulty in the listing. Specifically, the time required to execute the defrost function automatically (at least 1 block of confirmation on Ethereum blockchain) might cause issues with the ability to create a new address quickly that immediately allow customers to start trading.
Solution: No more defrosting function!
With that all in mind, we have some Great News to share!! We have decided that we will update older PCL tokens with the new PCL tokens.
“Update it !!
The new PCL-token does not need defrosting”
The new PCL will not have the defrost function, so you will be able to move the tokens without defrosting. This will lead to a faster listing on the exchanges, lower fees for the deposits and withdrawals and an overall much easier experience for our investors, buyers, and traders.
Good news!!
“The new PCL token contract is almost ready”
Just like the previous smart contract, the new PCL smart contract will be publicly available in the coming week. We are finalizing the mechanism to update the tokens. It should be tested and ready to be released in the coming week.
What should you do?
A detailed tutorial, “How to update your PCL Tokens” will be released soon.
NOTE:
DO NOT SEND PCL TO ANY OTHER ADDRESS, OTHER THAN WHAT OFFICIAL SOURCES PROVIDE.
- In any difficulty either contact our community managers on telegram or chat us live on the website via intercom.
- The update is mandatory.
- The proof for burning the older tokens that we receive will be made publicly available.
