17 new answers to your questions
We continue to answer your questions about the migration from UMI staking to GLIZE. Let’s go!
1. When we swap UMI for GLIZE at the 5:1 rate, can we swap GLIZE back for UMI?
Not right away. When the migration process starts, you will have the opportunity to exchange UMI for GLIZE at a good exchange rate and with nice bonuses. You cannot exchange GLIZE back to UMI because all UMIs you have exchanged will be burned.
BUT! Approximately one month after charging for the migration, a decentralized exchange based on UMI — U-DEX — will be launched. GLIZE will be paired with UMI. That’s where you can easily exchange your tokens to UMI at the market rate, if you wish.
2. Where will the process of exchanging UMI for GLIZE take place? On SIGEN.pro or another exchange?
No, not on the exchange. There will be a special interface for exchanging UMI for GLIZE. You will send UMI to the special address for burning and will get tokens in return.
Don’t worry, we will give you ALL the information about UMI for GLIZE exchange in advance. It won’t be the case that the exchange will start and users won’t know about it. We will regularly publish all current information about the migration in our social networks, so you have time to prepare for the exchange. We will be sure to make news, instructions and hold a webinar.
The main thing is to keep an eye on the ROY Club news! https://t.me/roy_club_news_en
3. Do I have to create a new wallet for GLIZE? Can I use UMI with SIGEN.pro to exchange to GLIZE? Where do I have to transfer coins to GLIZE now?
Detailed technical information (where to exchange, how to exchange, where to store) will be published closer to the migration stage.
If your UMI are on SIGEN.pro, you will be able to send them to GLIZE from there without any problems. But there will be no token on SIGEN pro, so you will have to create a new wallet to get it. All specifics will be announced later.
For now, you do not need to create anything and have to wait for the results of voting and more information.
4. Does each new staking phase start from scratch?
No, GLIZE staking will run continuously. Staking phases only affect the percentages. And they change depending on the total number of tokens in circulation.
For example, the Red Staking stage will last until the total number of tokens exceeds 250,000 00 GLIZE. Then the Blue Staking stage begins, and when a total of 500,000,000 GLIZE has been created, the Green Staking stage will begin.
We are talking about the total number of tokens in circulation.
The staking percentage depends on the total number of tokens in the staking itself — all participants combined.
Once there is a total of 50 000 000 GLIZE in the staking, you will immediately start multiplying your tokens. And as the number of tokens in the staking grows, the reward percentage will increase:
Such is the interest that users will receive until the total number of tokens in circulation exceeds 250 000 000 GLIZE. Then the percentages will decrease because a new phase of staking will begin. But the interest will still depend on the number of tokens in the staking pool:
In the case of the Green staking stage, the percentage is even lower:
5. How can I be sure that the early bird bonus won’t go to those with more than 10,000 UMI? If I have 15,000 UMI and I send 5,000 UMI for exchange, will I get the early bird bonus? Can I split a lot of UMI into multiple addresses to get a bigger bonus for early birds?
Early bird bonuses will be paid fairly and transparently. In ONE moment the link for exchanging UMI for GLIZE will be published. And everyone will see this link at the same time. Who will be in the first 5 000 persons who exchanged UMI for GLIZE, will receive early bird bonus. Both leaders and regular participants will be in equal conditions.
If you have 15 000 UMI and you send 5 000 UMI to exchange, you will get early bird bonus for 5 000 UMI. If you send more than 10 000 UMI to an exchange (e.g., 15 000 UMI or 100 000 UMI), you will only get a bonus on 10 000 UMI.
Splitting a large amount into multiple addresses for the sake of an early bird bonus is not a very convenient and very risky idea. You should be aware that by the time you send coins from the last address, the bonuses for early birds may have already run out or the bonus percentages will be significantly lower. Getting into the first 5 000, and even more so, into the first hundred, where the highest percentages are, will not be easy if there is a lot of excitement, and it’s virtually unrealistic to do it from 10 addresses at once.
Moreover, if you split the amount, the reward for the migration itself will be significantly lower, as the smaller the amount, the lower the interest. In essence, the early bird bonus is not that interesting to the big players to take that risk. It is simply a bonus for the regular participants.
6. What will the GLIZE price be like after the migration?
Once GLIZE is added to the U-DEX decentralised exchange in pair with UMI, its price will be set by the market based on supply and demand. We do not know what the price will be. No one knows at the moment. How much people will be willing to sell their tokens for, that’s how much they will be worth.
But according to our calculations, GLIZE price will be at least 5 times higher than UMI price when trading starts. This is not a statement, just our opinion and thoughts. We cannot give any predictions or investment advice because GLIZE is a decentralised asset.
7. How will UMI and GLIZE network be maintained after migration?
It is the same network and will be maintained in exactly the same way as it is now. GLIZE is a token that will run inside the UMI blockchain. Which means that transactions will be instant and free, just like with UMI. Master nodes and validator nodes will continue to support the performance of the UMI network and thus the GLIZE token.
8. What is the difference between GLIZE and PRIZM and UMI?
In terms of technology, GLIZE is a token, not a cryptocurrency. It will not have its own blockchain, but will function inside the UMI network.
Launching tokens is a totally normal practice for the crypto-industry. Many cryptoprojects are launching their own tokens. For example, UNI is the token of the popular decentralised exchange Uniswap, which operates on the Ethereum network. The most popular stablecoin USDT is also a token, and it is present in many blockchains.
As for staking, GLIZE has taken into account all the disadvantages of PRIZM paramining and UMI staking. GLIZE has a deflationary model and better tokenomics — slowing down issuance, and stopping staking completely when 1 000 000 000 tokens are reached. GLIZE also has a more improved referral program with different levels and more bonuses.
Moreover, GLIZE is not just a token with profitable staking. It’s all about creating a unique quality product — a large-scale NFT marketplace that will be actively used and of high value in the huge UMI OneApp ecosystem.
9. How does GLIZE translate? UMI is a universal money instrument, and what about GLIZE?
The token GLIZE takes its name from the star Gliese 581, which is located 20 light years from Earth in the constellation Libra. Gliese 581 is on the list of a hundred stars closest to the solar system and has a planetary system.
So we want to add a gamification element to the new token to make it more interesting for you to interact with it. Note: the stages of exchanging UMI for GLIZE are also named in a special way — Refueling, Preparation and Flight. We suggest not just to exchange UMI for GLIZE and start staking the token (although from a purely practical point of view it is), we suggest to go to the Gliese 581 system and conquer new planets in a spaceship.
10. Are UMI cards still in the plans? What to do with the ISP Club bot?
Of course, UMI-supported bank cards are in the plans. This is one of the products of the UMI OneApp ecosystem.
With the ISP Club bot the following needs to be done now: delete all your dialogue with it immediately, if you have any. This is necessary for the safety of your coins:
https://t.me/roy_club_news_en/1602
And then wait for news from the ISP Club. It should be noted that the cards and the bot are not handled by the ROY Club, but by the ISP Club team.
11. Is it possible to vote from more than one wallet? Do I need a mnemonic phrase to vote?
You can vote from more than one wallet. The main thing is to sign a message from each one to prove that you are the owner of the wallet.
You do NOT need a mnemonic phrase to vote. It doesn’t need to be entered anywhere when voting and you don’t need to tell anyone. You only need to sign the message and it will already be proof that you are the owner of the purse.
You only need to vote here: https://umi.top/vote
12. Is it mandatory to exchange UMI for GLIZE?
No. If you don’t want to receive and subsequently stake GLIZE tokens, then don’t swap. But you should understand that there will be no UMI staking if we vote “FOR”. So you will still own your coins, you will be able to sell them, transfer them or keep them in your wallet, but you will not be able to stake. So it’s up to you.
13. What is the minimum amount of GLIZE needed for staking?
For the staking mechanism to start, participants must enter a total of 50 000 000 GLIZE to the staking addresses.
There will be no minimum amount for participants to start staking — technically it will be available from as little as 0.01 GLIZE.
However, it is worth noting that a minimum GLIZE threshold will be required to participate in the bonus program. The exact amount will be announced later, but for now we can only say that this amount will be very small.
14. Where do I get a referral link if my mentor is no longer a member of the ROY Club?
The official website has a ‘Curators’ page https://roy.club/club/curators where you can contact the ROY Club leaders.
You can also log in to your Personal Account on the ROY Club website (not from the mobile app), there is a “leader chat”, go there and ask for the link.
But don’t forget that there are no ref-links yet.
You can also ask other leaders or ask other members to send you the link in the ROY Club chat room: https://t.me/roy_club_chat_en. We are sure that many members will respond to your request.
15. What will happen to ROY Sprint and other ROY Club products (Young Leader School, ROY Blago, Academy)?
ROY Sprint, YLS, Academy, ROY Blago and many other ROY Club programmes will be updated and will continue to run.
But first, we have to wait until the voting is over and make sure that UMI staking is stopped and GLIZE is up and running. If the community votes “FOR”, then we will start updating the ROY Sprint program as well as all other ROY Club programs.
Payouts will be made, but in what cryptocurrency — we’ll let you know later. They may be either in UMI or in the new GLIZE token.
16. What is the future of GLIZE? Is there a road map? How will GLIZE develop?
GLIZE is not only a token for staking, but also a native token for the NFT platform that will be based on the UMI blockchain in the future. Of course, we will develop GLIZE and integrate it into the UMI OneApp ecosystem. It will be added to liquidity pools for interest and farming. It will also open up access to a number of other products.
Ultimately, GLIZE will be in demand precisely because of its technological sophistication and not because of staking. Staking will come to a complete halt the moment the total number of GLIZEs in circulation reaches 1 000 000 000. According to our calculations, this will happen in about 3–4 years. By that point, GLIZE will already be actively used in the UMI OneApp ecosystem.
17. About the early bird bonus: is it realistic to get it if I buy up to 500 UMI coins now? Or will it only be awarded to those who have enough snapshot balances? And if I send coins from SIGEN.pro, will the bonus be awarded (in fact, the coins will be sent from the exchange’s hot wallet)?
Yes, bonus will be given if you buy at least 500 UMI and exchange it to GLIZE. Balance snapshot is needed ONLY for voting and does NOT affect migration and bonuses in GLIZE in any way. So you can easily buy more coins to get early bird bonuses. Don’t forget — the more coins you have, the better the bonus.
Bonuses will be given to all 5000 first transactions at every stage of migration — from any wallet, including SIGEN.pro. It’s not what address the UMI is coming from that matters. It’s what address they come to. So it will be possible to send from any address.
That’s it for now. We hope that all your questions were answered. Your ROY Club! 🙌