Beginning in 2017, BridgeCoin was launched as a vehicle to fund the initial operations and setup costs for the CryptoBridge exchange. Rather than using an ICO or pre-mined coin model, the team chose instead to employ a proof-of-work mining coin which was open to anyone from the first day. Mining lasted around 6 months and completed in December, 2017.
Shortly before the last BridgeCoin was mined, staking commenced. While 13 of the 27 million coins in existence have since then made it onto CryptoBridge for trading and staking, many more have remained in cold storage. What this means is that currently the supply circulating on the DEX is incomplete. This can no longer remain the case. Being that it now serves no purpose, we are ready to announce the at the end-of-life phase for the BridgeCoin blockchain.
All BridgeCoin must be deposited to the CryptoBridge DEX before December 31, 2018 for the final phase: use as collateral in the Federated Gateways. If you are already staking or trading BridgeCoin on CryptoBridge, you do not need to take any action.
To be used as Federated Gateway collateral in the future, BridgeCoin will need to be held on the exchange. However (due to the full supply of BridgeCoin already having been mined), there is no longer a block reward for verifying transactions. We understand that this does not sufficiently incentivize miners to use their equipment in maintaining the blockchain, so the decision was made to secure it ourselves to allow holders to migrate their coins safely to the DEX.
We have set a conservative deadline of December 31, 2018 for all holders to deposit their coins. After that point in time, the original proof-of-work blockchain will become deprecated and any BridgeCoin outside of CryptoBridge will be forever lost.
Please continue to monitor our official Discord and Twitter accounts for an announcement of the migration phase will be coming shortly, and will be repeated frequently during the migration phase so that everyone will have ample opportunity to move their coins. It is imperative that you deposit your BridgeCoin into CryptoBridge before the deadline!
Please help us spread the word: After December 31, 2018 all BridgeCoin must be deposited to CryptoBridge to allow for the next phase of its lifespan!