According to the announcement, Wowoo Portal’s function is to serve as a wallet and exchange, and eventually a decentralized exchange for smartphones to allow users to manage their Wowoo-related crypto assets in the future.
Our goal has not been changed since the start of the project and it is to spread and enhance the token economy throughout the globe. To make it come true, we will do our best to localize Blockchain technology and Cryptocurrencies.
Wowoo added that it plans to burn a portion of ERC-20 standard WWB tokens this year to manage WWB token distribution.
The company will disclose the amount of WWB to be burned and the term of the campaign soon.
Wowoo’s token swap will run for one year, from March 23, 2020 to March 23, 2021.
In conjunction with the token swap, Wowoo is also offering a year-long lockup campaign, the terms and interests of which are the following:
- 3 months – 1.00%
- 6 months – 3.00% (+ partner token)
- 9 months – 7.50% (+ partner token)
The token swap is a one-time-only offer, meaning users will no longer be able to join the program again after making a decision on the application. Users’ lockup will also begin on the same day they participate in the lockup campaign.
To participate in the token swap, users are required to either sync the private key of their wallet address that stores WWB-NEP5 or restore their HD wallet account.