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13 June 2018
Bridge Protocol has announced that its IAM tokens have been upgraded to TOLL tokens. This is a much anticipated announcement as Bridge Protocol moves on to the next phase of their development. As they look to the future, Bridge Protocol is increasingly confident that they are the digital ID solution that businesses, consumers and regulators have been waiting for.
The utility token sale was just the beginning as they look to begin implementation testing by the ending of June, 2018. This will be done in collaboration with a number of strategic providers and partners. As Bridge Protocol prepares for the next stage of their development they have decided to convert their initial IAM token to the TOLL token. The TOLL token is a definite upgrade to the IAM token and will be more in tune with the Bridge Protocol brand as well as being a utility token for the platform.
The TOLL token has therefore substituted the IAM as the utility token on the Bridge Protocol platform and will be used for backend transactions and smart contracts under the platform. The standard implementation of the TOLL will be in line with NEP-5 requirements. This will ensure that the TOLL token is immediately compatible with one of their highly regarded partners and decentralised exchanges, the Switcheo Exchange.
Bridge Protocol advised members of its community to stop trading with the IAM token and allow their balances get settled by Tuesday (today) the 12th of June, 2018 at 12:00 pm UTC. A Snapshot will be taken by Bridge Protocol on Wednesday the 13th of June, 2018 at precisely 12:00 am UTC. They will then issue the TOLL token on Thursday the 14th of June, 2018 at 12:00 am UTC.
Bridge Protocol also announced that the TOLL token Issue Ratio is 1:1 for all IAM holders and by the close of business on the 14th of June, 2018 (Thursday), they will airdrop TOLL tokens to every holder of the IAM token without any change to the circulating supply. The IAM token will then be obsolete and outdated. The IAM token would no longer be utilised as a utility token on the Bridge Protocol platform from the close of business on the 14th of June, 2018.
According to Bridge Protocol, the IAM tokens will get sent to the central exchange wallet if they are not withdrawn from a cryptocurrency exchange before the snapshot. Bridge Protocol further stated that they are in league with all digital asset exchanges such as Bitpaction and BITEBTC to ensure the fast distribution of tokens to their respective holders.
The Bridge Protocol TOLL token can be traded on every cryptocurrency exchange that has the IAM token currently listed on it. For holders of IAM tokens in their respective wallets they will receive TOLL tokens which will be automatically dropped in their wallets, no further action will be required by the IAM token holders. Bridge Protocol also announced that their social channels as well as addresses for the channels have not changed.
Bridge Protocol is a transparent, decentralised, open source and distributed platform comprising of trusted users and machines that help to promote behaviours, standards as well as the implementation systems for real-world application. This will allow users to take advantage of the provided business protocols that are in tune with current standards and regulations.
Bridge Protocol is powered by NEO blockchain technology which enable users to effectively organise and secure their respective sentiment and personal data in a completely new way. The platform will develop new whitelist standards and at the same time permit multiple ICO participation. A Bridge Protocol Certificate will be awarded and this certificate builds confidence and trust in the platform.
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