Guides

Transition Update - Dev Document

Transitional documentation containing details on v2 launch, token compensation, and more.

Encountr v1 - v2 Transition Documentation

This update will outline the transition from Encountr v1 tokens to Encountr v2 tokens.

Nothing is happening yet. This is the latest plan that is subject to change.

Please READ all of this document before asking questions.

What exactly is going on?

The Encountr team has been tossing around the idea for a relaunch for some time now. We want to relaunch Encountr and time it with the platform + Battlescape module release.

Why?

You might be asking yourself this question. Let me give you a few reasons outlined below as to why it is the best decision.

  1. Token Hype
  • Token pre-sales gather a lot of hype, and with a re-launch, we will now be able to stage fantastic marketing alongside it. We have been working on Encountr App for several months now; since development is almost done, we can release with both a presale and launch the application directly afterwards. Not many tokens have the opportunity to do this, or take advantage of this.
  1. Marketing Funds
  • When we conceptualized the ENCTR project, we didn't know how big it was going to be or how much money we would need to market. If we redesign the token allocations, we then reserve a more optimal marketing pool. We only released with a 5% wallet for marketing AND development. This, unfortunately, is not sustainable as we now have 6 official team members.
  1. Contract Upgrades
  • As of now, the v1-ENCTR contract is not upgradable. v2-ENCTR would require an intermediary contract that would do a 1-for-1 swap or something along those lines to get people onto the new token. The larger the holders, the more this becomes a pain. Once we get on an exchange, it could pose an issue as well. We're also tossing around ideas of including governance capabilities, staking on pancake yield farms, etc. at a later date. A new contract will help facilitate these transitions.
  1. Changing the Tokenomics
  • v1-ENCTR does not have an automatic burning protocol within the contract. This is something that we really want. v2-ENCTR should be deflationary by design and pull from some of the existing code. We also want to look into provide staking capabilities so that users can utilize pancake-swap yield farms and syrup pools (which will also help by providing liquidity to v2-ENCTR). We have the chance to look at all the effective tokenomics that have been created/utilized in the BSC space and include them in the contract.
  1. Whales and Liquidity Problem
  • A large liquidity pool provides better stability for holders. A pre-sale gives us that ability to start off with a large liquidity pool. We can't remove the stability problem completely (tokens will always be volatile with market changes), but we can certainly provide some buffer.
  1. Company
  • The Encountr team is registering as an official company and we are currently chipping away at our legal requirements (due to us releasing with a peer-to-peer gambling module). Once the company is fully registered, we will be doing a team-wide DOXX. Estimated time frame for this is 3-5 weeks.

Transitioning your Tokens

So how is the transition going to work?

  1. Send the team your tokens.
  2. Address: 0xd79c6f7b701241b08f03d1f0fe1eb50ab50feba3
  3. This is the official Encountr marketing/dev wallet address (verify for yourself on https://bscscan.com/)
  4. Once you send us your tokens, we will take note of the amount that you sent to us, so that we can distribute v2 tokens via AirDrop.
  5. Air Dropping tokens means that you don't have to do anything and on the day that we create the v2-ENCTR token, it will automatically be sent to your wallet address.
  6. On the day we create v2-ENCTR, we will distribute the tokens to all addresses who sent us their original v1-ENCTR token. This will be distributed BEFORE the pre-sale.

Details please! How will the conversion work? Why do I need to send you my tokens?

FAQ with examples:

  1. Q: Why do I need to send my tokens to the Encountr dev wallet?
  2. The reason why we need you to send us your tokens is because we can't give people a v2 token without them losing their v1 token. If we don't do this, people could then just sell their v1 tokens and then get free v2 tokens.
  3. Q: How many v2 tokens will we get if we give you our tokens?
  4. Discussed below.
  5. Q: How many sales will there be?
  6. Private Sale (everyone here who is a v1-ENCTR holder)
  7. Pre-Sale
  8. Public-Sale

v1 to v2 Conversion Process

As stated above, it will be required that you to send your tokens to the official Encountr marketing/dev wallet so that we can distribute v2-ENCTR tokens.

Please read the below links to get a better understanding of liquidity if you do not already.

https://www.investopedia.com/articles/trading/11/understanding-liquidity-risk.asp

https://www.investopedia.com/terms/z/zero-sumgame.asp

We hope you read those two articles or are at least familiar with these concepts.

Now that you understand the liquidity problem and how investing in stocks or crypto is a zero-sum game I can explain what we are going to do.

As of writing this (09/24/21 @ 9:00PM EST), there is $64,535.05 in the liquidity pool and the market cap for ENCTR is (Including locked, excluding burned) $284,119

There is a large discrepancy between the two values. After understanding the zero-sum game terminology, realize that if everyone who owns v1-ENCTR sold today, there would be few "winners" and many losers. Ideally the two values should be as close as possible.

The price movement depends on the size of the trade, in proportion to the size of the liquidity pool. The larger the pool compared to trade, the lower the price impact, i.e. slippage, so large pools can accommodate larger trades without moving the price too much.

Because larger liquidity pools create less slippage and result in a better trading experience  (they are better), we want to make sure that happens with the use of a pre-sale and v2-ENCTR.

The following will proceed:

  1. The current % of v1-ENCTR tokens you own (converted to USD) at the time that we take a snapshot of the holders/marketcap/liquidity pool, will let you "buy" in to the new token based on the new tokens' starting price.
  2. The "buy-in" is a percentage of the liquidity pool, NOT the market cap.

Example:

Let's take a look at this wallet address

This address owns 2.089% of all ENCTR tokens.

$ to buy in for V2 tokens = (2.089 x 2)% of Liquidity pool

[We are multiplying by 2 because 50% of the tokens were burned from the beginning]

$ = 4.178% of $64,535.05

$ = 2696.27

This wallet will get $2696.27 of v2-ENCTR tokens depending on the private-sale price.

[Yet to be determined. Will be cheaper than the pre-sale]

Q: Why is the percentage based on the liquidity pool rather than the market cap?

A: 2 reasons. 1st: Every v2 token needs to be backed up by some amount of money. If it is not, then there will be a massive liquidity problem going into v2. 2nd: If everyone tried selling v1-ENCTR tokens now, only the top 4-5 wallets would be able to cash out and no one else would get anything. This makes it fair to move forward while still realizing that some people deserve more % based on when they bought ENCTR. Think of it this way - you are technically buying v2-ENCTR before it goes on the market so your earnings.

To Show Our Appreciation

There is something else that you get for sticking with us this long, throughout the entirety of v1-ENCTR. When we release our new token, we will have a 1% tax (subject to change) on EVERY transaction. As an early holder, this tax is for YOU. Every month we will distribute out the funds that accumulate in that tax wallet to all the holders here based on their current % of holdings. Every month, for as long as Encountr and the company exists. You are now an owner and take a share of the profits!

Q: What if I don't like this idea?

A: We are open to suggestions/ideas* but the team sees this as the best way moving forward. With our way, you have a guaranteed "private" sale price.

*We have 1 other option if you don't like this idea. We can do the same calculation but using the market cap instead. There won't be a "private" sale and you will be given only 25% of the tokens you deserve using the "pre-sale" price and the remaining 75% will be locked away, and will be under our possession and distributed in a vesting schedule over the course of a year. The 1% tax appreciation above will be removed as well.

When will this happen and what will happen to the liquidity pool?

We do not have an official release date for v2 or the pre-sale. We want to provide you this information up front so that you know what will happen before it happens. Once we give everyone ample time to give us their tokens, we will sell all of the tokens in our possession and use the money for market it for the pre-sale (this will be deducted out of our dev/marketing wallet for V2)

By estimation, we hope to have more information about the pre-sale and launch by the end of October. Encountr App will still release Q4.

Nov 11, 2020 5:18 PM

Encountr v1 - v2 Transition Documentation

This update will outline the transition from Encountr v1 tokens to Encountr v2 tokens.

Nothing is happening yet. This is the latest plan that is subject to change.

Please READ all of this document before asking questions.

What exactly is going on?

The Encountr team has been tossing around the idea for a relaunch for some time now. We want to relaunch Encountr and time it with the platform + Battlescape module release.

Why?

You might be asking yourself this question. Let me give you a few reasons outlined below as to why it is the best decision.

  1. Token Hype
  • Token pre-sales gather a lot of hype, and with a re-launch, we will now be able to stage fantastic marketing alongside it. We have been working on Encountr App for several months now; since development is almost done, we can release with both a presale and launch the application directly afterwards. Not many tokens have the opportunity to do this, or take advantage of this.
  1. Marketing Funds
  • When we conceptualized the ENCTR project, we didn't know how big it was going to be or how much money we would need to market. If we redesign the token allocations, we then reserve a more optimal marketing pool. We only released with a 5% wallet for marketing AND development. This, unfortunately, is not sustainable as we now have 6 official team members.
  1. Contract Upgrades
  • As of now, the v1-ENCTR contract is not upgradable. v2-ENCTR would require an intermediary contract that would do a 1-for-1 swap or something along those lines to get people onto the new token. The larger the holders, the more this becomes a pain. Once we get on an exchange, it could pose an issue as well. We're also tossing around ideas of including governance capabilities, staking on pancake yield farms, etc. at a later date. A new contract will help facilitate these transitions.
  1. Changing the Tokenomics
  • v1-ENCTR does not have an automatic burning protocol within the contract. This is something that we really want. v2-ENCTR should be deflationary by design and pull from some of the existing code. We also want to look into provide staking capabilities so that users can utilize pancake-swap yield farms and syrup pools (which will also help by providing liquidity to v2-ENCTR). We have the chance to look at all the effective tokenomics that have been created/utilized in the BSC space and include them in the contract.
  1. Whales and Liquidity Problem
  • A large liquidity pool provides better stability for holders. A pre-sale gives us that ability to start off with a large liquidity pool. We can't remove the stability problem completely (tokens will always be volatile with market changes), but we can certainly provide some buffer.
  1. Company
  • The Encountr team is registering as an official company and we are currently chipping away at our legal requirements (due to us releasing with a peer-to-peer gambling module). Once the company is fully registered, we will be doing a team-wide DOXX. Estimated time frame for this is 3-5 weeks.

Transitioning your Tokens

So how is the transition going to work?

  1. Send the team your tokens.
  2. Address: 0xd79c6f7b701241b08f03d1f0fe1eb50ab50feba3
  3. This is the official Encountr marketing/dev wallet address (verify for yourself on https://bscscan.com/)
  4. Once you send us your tokens, we will take note of the amount that you sent to us, so that we can distribute v2 tokens via AirDrop.
  5. Air Dropping tokens means that you don't have to do anything and on the day that we create the v2-ENCTR token, it will automatically be sent to your wallet address.
  6. On the day we create v2-ENCTR, we will distribute the tokens to all addresses who sent us their original v1-ENCTR token. This will be distributed BEFORE the pre-sale.

Details please! How will the conversion work? Why do I need to send you my tokens?

FAQ with examples:

  1. Q: Why do I need to send my tokens to the Encountr dev wallet?
  2. The reason why we need you to send us your tokens is because we can't give people a v2 token without them losing their v1 token. If we don't do this, people could then just sell their v1 tokens and then get free v2 tokens.
  3. Q: How many v2 tokens will we get if we give you our tokens?
  4. Discussed below.
  5. Q: How many sales will there be?
  6. Private Sale (everyone here who is a v1-ENCTR holder)
  7. Pre-Sale
  8. Public-Sale

v1 to v2 Conversion Process

As stated above, it will be required that you to send your tokens to the official Encountr marketing/dev wallet so that we can distribute v2-ENCTR tokens.

Please read the below links to get a better understanding of liquidity if you do not already.

https://www.investopedia.com/articles/trading/11/understanding-liquidity-risk.asp

https://www.investopedia.com/terms/z/zero-sumgame.asp

We hope you read those two articles or are at least familiar with these concepts.

Now that you understand the liquidity problem and how investing in stocks or crypto is a zero-sum game I can explain what we are going to do.

As of writing this (09/24/21 @ 9:00PM EST), there is $64,535.05 in the liquidity pool and the market cap for ENCTR is (Including locked, excluding burned) $284,119

There is a large discrepancy between the two values. After understanding the zero-sum game terminology, realize that if everyone who owns v1-ENCTR sold today, there would be few "winners" and many losers. Ideally the two values should be as close as possible.

The price movement depends on the size of the trade, in proportion to the size of the liquidity pool. The larger the pool compared to trade, the lower the price impact, i.e. slippage, so large pools can accommodate larger trades without moving the price too much.

Because larger liquidity pools create less slippage and result in a better trading experience  (they are better), we want to make sure that happens with the use of a pre-sale and v2-ENCTR.

The following will proceed:

  1. The current % of v1-ENCTR tokens you own (converted to USD) at the time that we take a snapshot of the holders/marketcap/liquidity pool, will let you "buy" in to the new token based on the new tokens' starting price.
  2. The "buy-in" is a percentage of the liquidity pool, NOT the market cap.

Example:

Let's take a look at this wallet address

This address owns 2.089% of all ENCTR tokens.

$ to buy in for V2 tokens = (2.089 x 2)% of Liquidity pool

[We are multiplying by 2 because 50% of the tokens were burned from the beginning]

$ = 4.178% of $64,535.05

$ = 2696.27

This wallet will get $2696.27 of v2-ENCTR tokens depending on the private-sale price.

[Yet to be determined. Will be cheaper than the pre-sale]

Q: Why is the percentage based on the liquidity pool rather than the market cap?

A: 2 reasons. 1st: Every v2 token needs to be backed up by some amount of money. If it is not, then there will be a massive liquidity problem going into v2. 2nd: If everyone tried selling v1-ENCTR tokens now, only the top 4-5 wallets would be able to cash out and no one else would get anything. This makes it fair to move forward while still realizing that some people deserve more % based on when they bought ENCTR. Think of it this way - you are technically buying v2-ENCTR before it goes on the market so your earnings.

To Show Our Appreciation

There is something else that you get for sticking with us this long, throughout the entirety of v1-ENCTR. When we release our new token, we will have a 1% tax (subject to change) on EVERY transaction. As an early holder, this tax is for YOU. Every month we will distribute out the funds that accumulate in that tax wallet to all the holders here based on their current % of holdings. Every month, for as long as Encountr and the company exists. You are now an owner and take a share of the profits!

Q: What if I don't like this idea?

A: We are open to suggestions/ideas* but the team sees this as the best way moving forward. With our way, you have a guaranteed "private" sale price.

*We have 1 other option if you don't like this idea. We can do the same calculation but using the market cap instead. There won't be a "private" sale and you will be given only 25% of the tokens you deserve using the "pre-sale" price and the remaining 75% will be locked away, and will be under our possession and distributed in a vesting schedule over the course of a year. The 1% tax appreciation above will be removed as well.

When will this happen and what will happen to the liquidity pool?

We do not have an official release date for v2 or the pre-sale. We want to provide you this information up front so that you know what will happen before it happens. Once we give everyone ample time to give us their tokens, we will sell all of the tokens in our possession and use the money for market it for the pre-sale (this will be deducted out of our dev/marketing wallet for V2)

By estimation, we hope to have more information about the pre-sale and launch by the end of October. Encountr App will still release Q4.