the-migration-plan-transitioning-the-legacy-network

Dear Ambient community,

We are pleased to finally share details of the much anticipated migration for the legacy network participants of Ambient. We believe this is the most balanced approach and we thank you for your patience and support as we’ve been working through this complex migration. Onwards and upwards!

PLANETS Snapshot Details

The PLANETS snapshot scheduled for July 15th will primarily capture $PLANETS and associated wallets across the Algorand blockchain. It will be executed at some point at random after the sensor rewards payments before the end of the day.

Please note that we will calculate the PLANETS rewards received between the July 15th snapshot to the end of the rewards on the Algorand blockchain and they will be added to your final balance that will count for the Ambient tokens airdrop.

Sensor Snapshot Details

The snapshot on July 15th will also function as a “marker date” for Ambient to identify sensors that have been online from 7th of May (first Ambient Network PW Takeover Announcement). To encourage and support the network growth we will include all online sensors between the July 15th snapshot to the end of the rewards on the Algorand blockchain.

Network Multiplier Bonus

As previously communicated, existing sensor owners with connected devices during the aforementioned snapshot period will share a 50 million Ambient tokens pool Multiplier Bonus on top of their regular mining rewards once they connect to the Ambient network and remain online, sending continuous data for a period of 6 months.

Continuous data is defined as having delivered more than 50% of the expected daily data streams. This program will start once we have come out of final staging and have deployed on the Solana network.

This Multiplier Bonus reward is only available to legacy network sensor owners.

Hodler Program

Hodler Program participants will be distributed the remaining pool of PLANETS (around 205M on July 12th) as based on their current tier and expected rewards. No action will be required by participants as these PLANETS will be distributed on July 12th directly into your current Hodler Program wallets.

For simplicity, the requirements for the expected rewards are measured by:

Eligibility in year 1 regardless of the current online status of the sensor
Having been eligible for at least one day from the start of the Reward Phase (from Feb 2nd, 2024)
Not having requested a refund from 15th November 2022

The PLANETS that would go into the burning wallet during regular distribution will instead be added to the allocation of PLANETS to PlanetWatch for the refund settlement.

Do not move PLANETS from your staking wallet until the final Hodler payout has been completed. Since the eligibility is taken from the first-year check, any change you perform now to tiers or sensor will not be considered.

Please note that a new Ambient staking program will be announced in due time.

License Refunds

Ambient has agreed to allocate the remaining undistributed PLANETS (around 1.9B) supply to clear the slate for a PlanetWatch inactive license refunds’ final settlement.

PlanetWatch will communicate details of the refund process.

License refunds will be considered separately from the PLANETS snapshot date, meaning they will be included in the conversion to AMBIENT tokens for said registered wallets.

PLANETS to AMBIENT Token Conversion

The above programs have allowed us to maximize the conversion value of 40 PLANETS to 1 Ambient token, to enable a uniform approach across the total supply of PLANETS.

Distribution will take place with a first allocation at TGE and the rest will be spread over the following 12 months. This time frame may be adjusted but will not be increased. The mechanism to claim your Ambient token airdrop is being built right now and will be detailed closer to the launch of the conversion tool.

Legacy PlanetWatch Licenses to Ambient Network Conversion

Moving forward licenses will be used only for onboarding to the network with a perpetual model, at a single, one-time cost for any sensor. Existing and not expired licenses where applicable, will be converted to this model and will not require annual renewals.

This specifically applies to:

Licenses associated with a sensor
Never connected licenses if not refunded by PlanetWatch
Never connected licenses acquired from vouchers
Previously connected and now not associated with a sensor with remaining runtime
Lifetime early bird licenses
License renewals never used on a sensor

FAQ:

What happens to PLANETS after the snapshot?

We cannot provide financial advice but, whatever you do with your PLANETS after the snapshot will not affect your Ambient token airdrop or any other published incentives.

What is the target evaluation or listing price of the Ambient token?

Ambient is starting to evaluate this as part of its listing efforts but we’re unable to give a range at this stage without generating unnecessary speculation. More information will be shared with the community as we solidify our plans.

What happens to the remaining license time on sensors?

Ambient only uses perpetual one-time onboarding licenses without any time factor.

What happens with the remaining store credit in PlanetWatch e-commerce?

This is the responsibility of PlanetWatch and will be addressed by them.

What happens with unused vouchers acquired with PW:Credits?

This is a matter for PlanetWatch and will be addressed by them. Ambient will not offer any utility for PlanetWatch vouchers, PW:Credit or PW:Forest tokens.

Will there be any issues for rekeyed wallets for the snapshot?

For the snapshot it does not matter if you use Pera, Deftly, a Ledger or rekeyed wallets. The claim function will be technically addressable with Pera, regular or rekeyed and Ledgers. Deftly users might have to use their seed phrase in Pera later for the actual claim if the Defly access can not be implemented.

Ambient Network Links

Visit our website: https://ambient.network/

Check our tokenomics: https://ambient.network/tokenomics

Follow on Linkedin: https://twitter.com/AmbientNetwork

Join the discussion on Discord: https://discord.ambient.network

Join our Telegram: https://t.me/AmbientNetwork