Upgrade POE to ECHO Tutorial

bitcoin Nov 08, 2019

In order to complete this upgrade you must use a wallet that you control the keys to. This means if you are storing your POE on Binance or any other exchange, you must withdraw your POE to a wallet you control before you can do the conversion. MyEtherWallet, MetaMask, Ledger, and Trezor are popular options for this. I repeat, do not send your POE to the upgrade contract directly from an exchange!

Important: Make sure to retain control of the Ethereum account you plan to send your POE from. You will need it as part of the process to confirm your Echo account and receive your ECHO tokens when mainnet goes live in a few months.

Part 1: Transfer POE to the ConverterContract

Use MyEtherWallet (MEW) with a compatible POE wallet such as MetaMask, Ledger, Trezor to interact with the POE ERC-20 contract.

  1. Visit the MEW Access My Wallet page and login with your wallet. Then select the Interact with Contract menu item.

2. Paste in the POE contract address: 0x0e0989b1f9b8a38983c2ba8053269ca62ec9b195

3. Paste in the POE contract ABI

4. Click continue, and then select the approve function

Important: Use the approve function, not the just a typical ERC-20 transfer

5. Enter the POE2ECHO Converter Contract as the _spender: 0x7243Fada342d9c3fb1CA6a97f300DB713fa78bd3

6. Enter the amount of POE you'd like to upgrade as the _value.

Important: You must multiply the amount of POE you'd like to send by 100,000,000 to account for the fact that POE is divisible to 8 decimal places. Simply type the amount you'd like to send, then add 8 extra zeros.

7. Hit Write and sign it with your wallet to send this transaction.

8. Congrats, you've made it through the hardest part! Pat yourself on the back and take a rest if necessary before starting the next step.

Part 2: Convert your POE and Earn a Bonus

  1. Visit the MEW Access My Wallet page again and login with your wallet. Then select the Interact with Contract menu item as before.
  2. Paste in the POE2ECHO Converter contract address: 0x7243Fada342d9c3fb1CA6a97f300DB713fa78bd3
  3. Paste in the POE2ECHO Converter contract ABI
  4. Select the currentConversionBonusPercent function to see the extra bonus you'll receive for upgrading the POE during this testnet period. In this case 99 refers to a 99% bonus.

5. Select the depositPOE function and enter the amount of POE you'd like to upgrade - this should be the same amount you approved in step 6.

Important: Once again, you must multiply the amount of POE you'd like to upgrade by 100,000,000 to account for the fact that POE is divisible to 8 decimal places.

6. Hit Write to send the transaction and confirm it in your wallet.

7. Congrats! Once this transaction confirms, you've successfully upgraded your POE and earned a conversion bonus!

Important: Make sure to retain control of the Ethereum account you send your POE from. You will need it as part of the process to confirm your Echo account and receive your ECHO tokens when mainnet goes live in a few months.

(Optional) Part 3: Check Your Bonus Amount

  1. Select the getDepositOf function to confirm your upgrade amount and conversion bonus. You'll need to enter your ETH address of your wallet and hit the Read button.
  2. You'll see the amount of POE you upgraded in the Amount field and the ConversionBonus equal to your POE upgrade times the conversion bonus percentage at the time of the transaction.

3. At a later stage, we'll set our EchoAccountId but for now, you're all set!

If you have any questions or issues, join the Echo Chamber Discord group and our team is here to help.

Team Echo

Echo is a network for creating sovereign, decentralized applications that work with Bitcoin. With Echo, developers can build a wide range of applications and smart contracts that integrate Bitcoin.