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CN Split

The CN split has arrived – now it is easier to price!

We think it’s important that you can easily price your products on CoverMarket and make your digital shopping experience even more real.

From 1 February 2024, the so-called price split will come into force, bringing a new evolution and easier handling to your Smart Wallet with the CoverNote (CN) format change.

What does the „CN split” mean?

In our case, a split means that your CNs are split into smaller pieces for easier management

  • The number of CNs in your wallet is automatically multiplied by a thousand
  • The value of 1 CN is reduced to a thousandth of the previous value
  • Overall, the value of the CNs in the wallet remains unchanged

Why will everyone  benefit from it?

We want to help you with this new feature – since we’ve found that the previous way of pricing was difficult because of the decimal places

Here is an example: 

If the price of an average book used to be 0.3 CN  

From 1 of February, the „price tag” will be 300 CN 

This will make it easier to decide whether a product is worth it at that price for you when you make a purchase, and easier to determine the amount you wish to purchase, both online and in the live CoverMarket

What will this look like in practice?

Currently, if you have 3 CN in your Smart Wallet, and its price is 40 USD / CN, then its purchase value is 120 USD. (Calculation: 3 x 40 = 120)

⬇️

After the split, from 1 February, in this case, your wallet will have 3,000 CN, the exchange rate will be changed to 0,04 USD / CN, so the purchasing value of your currency will remain the same at 120 USD. (Calculation: 3000 x 0,04 = 120)

There’s a little work for you to do here:

In order to ensure that no one misunderstands anything, from now on, when you initiate a CN transaction, you will be required to sign a smart contract to confirm that you understand that a CN split has taken place. 

💡More omportant stuff to know💡

The CN split does not change the following: 

  • The exchange rate of BiTHard (BTH) and CovercasH (CH) 
  • The value of CoverNotePool 
  • The value of the pre-registered CoverCoin (eCC)

These will be the changes:

It will now take 1 BTH
(which will be locked)
and 1 CNP to create 1000 CN (previously it took the same amount to create 1 CN)

1 BTH (locked) + 1 CNP ➡️ 1000 CN

We trust that this change will be to everyone’s benefit and convenience.

Thank you for co-building the financial-economic community of the future with us. 

Best regards
The SCN team

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