CoverNote (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 July 2021, 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 July, 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 July, 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.
A CN transaction is a smart contract agreed by two parties. Therefore, as a first step, when you log in to your Smart Wallet on 1 July, you need to click to indicate your acceptance of the changes, and from then on you can start CN transactions again! This will also give you security by ensuring that only members who are already aware of the new rules can pay you with CN and vice versa.
If you want to sell on CoverMarket, increase the price of your products by 1000 times from 1 July on the brand new CoverMarket Facebook group created for this purpose! We will also draw your attention to this in the old FB group.
💡More important 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.
The Smart Crypto Note system is developed and managed by Blockchain Solutions Zrt.
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