ATLANT team which currently is the majority holder of ATL tokens has decided to conduct a swap of ATL into two separate tokens, KARTA and UVAS each representing respective platforms built by the ATLANT team Karta.com and Uvas.com. Also, the team having worked a considerable amount of time on token standards, and having pioneered security token whitelisting and compliance protocols, has decided to upgrade the resulting utility tokens to have functionality of being fully KYC’d and recoverable, something which has not been previously done with utility tokens. Please read on, for a full set of instructions to participate in the swap.
1. Deposit your ATL tokens either from personal wallets or from exchanges onto your account at Redot.com, our partner exchange (the only licensed exchange we know of at this time which supports ATL trading) which will be conducting the swap.
2. Tokens which are custodied on Redot.com on December 25, 2020 will be locked for a period of 1 week. Tokens which are not deposited onto Redot.com by the aforementioned date will no longer constitute any value going forward, and will not be entitled to swapping or any other action after this date.
3. Both new utility tokens KARTA and UVAS will be deposited in a ratio of 1:1 for each ATL on Jan 1, 2021, and will become available for trading immediately.
Many of our loyal users have been vocal about KARTA, our BnB marketplace, or UVAS, tokenized securities exchange. We noticed that quite a few have significant preference towards one or the other product, yet hold tokens which represent both, which some of our users have told us that they would like to change. Further, in our lengthy discussions with many VCs globally, and other startup investors, it became apparent that investors who care about asset tokenization, are quite different than those who are keen on the hospitality industry, and having both represented in one is somewhat confusing and non-standard for them. Because of this, we made a decision to both swap the ATL tokens into two distinct tokens, and eventually split legal structures to run both UVAS and KARTA separately but in parallel, so that it would be easier to categorize each project and understand it fully on its own merits. Of course, if and when we see synergies between the two, we will surely attempt to exploit them for the benefit of both projects.
As per the original proposal, holders of UVAS and KARTA tokens are eligible for profits generated by each project, providing that they contribute to projects’ operations by running the ATLANT node software which constitutes an important part of both platforms’ technical infrastructure.