The new AABBG.ALGO Token, while retaining its unique mine-to-token gold-backed cryptocurrency identity, promises an array of upgraded benefits. The migration and conversion process involves transitioning from the Ethereum blockchain to the Algorand blockchain, a strategic decision driven by the pursuit of efficiency, lower costs, and enhanced transparency.
Key Highlights of the Migration
Enhanced Transaction Efficiency: A pivotal advantage of the migration is the substantial reduction in transaction costs and a remarkable increase in transaction speeds. This translates to faster and more reliable transactions, ensuring an uninterrupted experience within the AABBG Token ecosystem.
Lower Network Transaction Costs: AABBG Token will leverage Algorand’s innovative design, which guarantees lower network transaction costs compared to the current Ethereum-based infrastructure. The ALGO fee for any transaction remains fixed at a nominal amount, irrespective of the transaction’s size.
Increased Transparency: The adoption of Algorand’s blockchain technology significantly elevates transparency and security standards. It introduces a decentralized and immutable ledger, thereby fostering a heightened level of trust and accountability among users.
Migration Process
The meticulous execution of the migration process is a top priority for Asia Broadband Inc. It has been carefully structured to minimize any inconvenience for AABBG Token holders. As part of the transition, pre-funding of Algorand accounts will be facilitated to ensure a smooth conversion process. Importantly, the conversion will be carried out on a one-to-one basis, preserving the inherent value and integrity of users’ holdings.
Overview of Migration Steps
Pre-Funding Algorand Accounts: To facilitate the conversion, ALGO tokens will be provided, covering the entire process. Users are advised to maintain a small amount of ALGO for future AABBG Token transactions.
Temporary Trading Suspension: On October 1, 2023, trading was temporarily halted to facilitate the transfer of tokens and create new AABBG.ALGO orders.
Token Conversion and Availability: Tokens will undergo conversion at a one-to-one ratio. Users will also have the option to purchase new AABBG.ALGO tokens. Old tokens will be moved to the MASTER AABBG wallet until they are removed from circulation through burning.
Token Burning: After the migration process concludes, the old tokens in the MASTER AABBG wallet will be subjected to burning, effectively eliminating them from circulation.
Action Required
A crucial aspect of the migration is the need for AABBG Token holders with offline holdings to temporarily bring them online for conversion. Algorand-compliant wallets are fully compatible with the new token, making the process smooth and hassle-free.
Recommended Wallets
For users looking to participate in the migration, Asia Broadband Inc. suggests the following wallet options:
- Hardware: Ledger Nano S, Ledger Nano X, Trezor Model T
- Software: Pera Wallet, MyALGO Wallet, Algorand Core Wallet, Atomic Wallet, Coinomi Wallet
- Official AABBG offline wallet
New Possibilities
With the integration of Algorand, AABBG Token holders gain access to new opportunities, including the ability to hold Algorand-based USDC and USDT. These additions come with the promise of reduced costs and faster transaction speeds, further enhancing the benefits of the migration.
Asia Broadband Inc.’s commitment to delivering an improved user experience and the adoption of cutting-edge blockchain technology underscores its dedication to meeting the evolving needs of its community. The migration to the Algorand blockchain promises a brighter future for AABBG Token holders, marked by efficiency, cost-effectiveness, and transparency.