Welcome to Davies 2.0

Written by Davies on davies / Reading time: 2 minutes.

Welcome to Davies 2.0

Davies becomes an ERC-20 token

From October 1, 2020, Davies will become an ERC-20 token in the Ethereum network. This change will be a turning point within Davies, letting it go great lengths faster.

What is an ERC-20 token?

It’s a digital asset created over the Ethereum blockchain which, besides, uses its own structure to perform all operations.

What is Ethereum?

Ethereum is an platform developed in open source code that uses blockchain technology and can create and execute so-called “smart contracts”, which let you perform safe and efficient operations without intermediaries.

What is the difference between tokens and cryptocoins?

A cryptocoin is designed from the very beginning with the definite purpose of becoming a means of exchange, while a token can be many things: rights over fungible assets or services, financial or real estate assets, etc. A cryptocurrency is always a token, but a token isn’t always a cryptocurrency.

Davies 2.0

Considering all this, Davies 2.0 is loaded with changes that will directly benefit users.

Which are these main changes?

Technological changes

The starting max supply (that is, the maximal amount of coins or tokens that will be crated) was 100,000,000 Davies. From October 1 the amount of Davies will be restricted to the working capital at this date: 21,600,000 Davies. This will benefit the users who trusted the project, since new Davies can be only acquired by purchasing them from other users. Therefore, buying and selling will be encouraged, which will rise the prices. Moreover, transaction costs inside the app will be completely removed.

Expansion changes:

As it becomes part of the Ethereum blockchain, Davies will access a bigger number of exchanges, due to its ERC-20 token status. Likewise, Davies will be directly integrated in the diverse Ethereum wallets, including the possibility of storing your Davies in physical wallets such as Trezor or Ledger. Lastly, this change will make Davies more visible in the crypto world, thus increasing its value.

Consumption changes:

Davies will reduce its power consumption due to the stoppage of its own blockchain, because it will start transacting over the Ethereum network, which will modify its mining system shortly, reducing dramatically its own consumption.

How will the change be made?

It will be completely automatic for all users who keep their Davies in the app and in STEX. Those users who store them in external wallets should contact the support team in order to fulfil the change.