BTCST Redenomination Guide for Exchange and Wallet Partners

BTCST will implement the planned STP 4-1:10 Redenomination starting at 16:00 on March 17, 2021 (SGT). Please follow this guide to ensure that your service can handle our redenomination change properly. If you encounter any issues for the redenomination, please reach out to us at alex@1-b.tc, and we will endeavor to assist you as soon as possible.

1. Time of Redenomination

We will implement the on-chain redenomination starting from 16:00 on March 17, 2021 (SGT). We will announce that the redenomination has started through Twitter (https://twitter.com/btcst2020).

The on-chain redenomination will take about 1 hour to complete. During this process, we will contact as many partners as possible to make sure that they are able to support the redenomination properly.

We will then announce the completion of on-chain redenomination through Twitter.

What this means for you:

  • We recommend that you stop deposit, withdrawal, trading, transfer and other services for BTCST before 16:00 on March 17, 2021 (SGT) and resume it only after the redenomination has been completed.

2. How Redenomination is Performed

The 1:10 Redenomination will be performed by setting the “decimals” value of BTCST-BEP20 from 18 (current value) to 17. There will be no new token issuance. Neither will there be a contract address change. The contract address remains 0x78650b139471520656b9e7aa7a5e9276814a38e9.

The BTCST contract will also be put on pause during the redenomination. No on-chain transfer can occur until the pause is lifted upon completion of the redenomination.

What this means for you:

  • During our implementation of the redenomination, no on-chain transfer of BTCST may be performed as the BTCST contract will be put on pause. Please plan accordingly.
  • When our Twitter account announces that the redenomination has been completed, you will be able to verify independently at https://bscscan.com/address/0x78650b139471520656b9e7aa7a5e9276814a38e9#readProxyContract
    The field “16. decimals” should then show a value of “17 uint8”.

3. Recommended Procedures

We recommend the following procedures to support our STP 4–1:10 Redenomination. This is for your reference only and you may adjust the procedures according to your own business needs. Again, if you need any assistance during the process, please reach out to us at alex@1-b.tc for technical assistance.

  • First, stop all deposit, withdrawal, trading, transfer and/or other services provided by you for BTCST before 16:00 on March 17, 2021 (SGT).
  • Second, wait for our Twitter announcement that the redenomination process has started.
  • Third, wait for our Twitter announcement that the redenomination process has been completed.
  • Four, confirm at https://bscscan.com/address/0x78650b139471520656b9e7aa7a5e9276814a38e9#readProxyContract
    that the field “16. decimals” shows a value of “17 uint8”.
  • Five, complete your internal business logic to adjust BTCST balances/values recorded in databases to reflect the 1:10 redenomination.
  • Six, resume your deposit, withdrawal, trading, transfer and/or other services for BTCST.

Bitcoin Standard Hashrate Token (BTCST) brings exchange-grade liquidity to Bitcoin mining. Each BTCST is collateralized by real Bitcoin mining power.