The start of the New Year and our 1PLANET token sale came with a bang as Ethereum and other crypto prices skyrocketed. On the Ethereum network gas prices spiked to over 400 gwei that weekend and stayed high for most of the week. This impacted our smart contract performance and platform to the point that we decided to pause our sale in order to make some upgrades. When you want to buy $100 worth of tokens, and the transaction fee is $30, then it just doesn’t make sense even with a launch discount. We get it, and so we decided to see where we could improve the gas efficiency of the smart contract as much as possible while waiting for gas prices to normalize.
We also received useful feedback from the crypto community about the 1PL token, which we decided to incorporate into a new release of our 1PLANET smart contract and token. We listened to you, and decided that this was a good opportunity to make some changes for the long-term benefit of the 1PLANET project while we had the opportunity. We also took the opportunity to include an improved burn/retire function that is useful for 3rd Party dApp developers that want to use 1PLANET to enable carbon offsetting in their projects.
Therefore, effective immediately we want to inform you that 1PLANET is migrating from the previous contract 0x73EaCaa09d400eEcd10B87784fD29d024505DA3b to the new token contract 0xF2BA443df762cC55f2a48b5a63ca2Fcbc24806FD. All 1PL token owners from the previous contract will receive new tokens in the next 48 hours. Please see point 2 as this change effects the number of new tokens you will receive, but not the total value of the tokens you purchased. Our www.1PLANET.app is now using the updated contract.
The main rationale for the 1PLANET upgrade is the following:
1) Extremely High Gas prices on Ethereum: With the recent ongoing spikes in gas prices and correspondingly high transaction fees impacting our project we wanted to squeeze in any efficiency improvements we could with the new smart contract. We managed to make some efficiency improvements, but it is admittedly a moving target. As the ETH price rises, so does the relative transaction fee in USD. Tracking gas prices and buying during the gas lows is the best strategy, and we find that often when Asia is asleep that gas prices are lower. This tool is a good one for tracking gas price trends during the days and week. It is also important to note that most crypto-wallets, such as Metamask, overestimate the gas limits on purpose to keep transactions from failing, sometimes by as much 100% or more! This means the real transaction fee can be much less than what is being shown to the user.
2) Making the 1PLANET token 1:1 with the carbon asset. We received valuable feedback from some users who felt that it was confusing to have the 1PL = 100kg of CO2 instead of just 1 carbon credit (1000kg of CO2). Our original idea for having the 10:1 ratio was to put the focus on the fractionalization of carbon credits for use cases with blockchain tech. However, we think its overwhelmingly important that the crypto-community understands that the token represents a carbon credit, which is a digital eco-commodity/asset. Therefore, at this early stage in the project it’s the best time to make this change now so that the meaning and value of the token is crystal clear to current and future users. Therefore, every 1PLANET token from the new contract = 1 carbon credit = 1 metric ton of CO2. Existing holders of 1PL will receive new tokens with the symbol 1PLCO2 at a 10:1 conversion, plus a 10% bonus to show our appreciation for your early and continued support.
3) Improved branding for the token. As stated, we want the value proposition and meaning of the token to be as clear as possible to the community. Our project goal is to help the planet, but we realize buyers of our token are just as interested in accessing a new asset class that has been tokenized: carbon credits. That is why the new contract is called “1PLANET Carbon Credit” and the token symbol is 1PLCO2. We want it to be clear when you see the token name and symbol in your wallet that you have a tokenized carbon credit that can offset CO2 emissions.
Thank you and stay tuned for our January 2021 newsletter coming out this week.