Admins of one of the community groups on Telegram for Cloud have just finished a zoom call with Daniel who is working directly with Ronald and his team.
Here is a list of the most important findings and developments.
RibbonsSwipe is going to be YOUR PRIMARY WAY of converting your CTOs into Ethereum (or Ethereum based tokens). RibbonsDeX (The OTC), will be repurposed, and predominantly used in tandem with CloudTravel and CloudMerchant services.
The platform is now ready, and the links to download the latest version of the Cloud app are already in the official website and soon will be available from the CloudChat (the GooglePlay soon too)
Just like with any release of this sort, be prepared that things will be slow at first as thousands of users are trying to access the service at the same time. It may take a few days before everyone is able to complete the update process.
In the meantime, be sure to take a good look at the documentation so you don't make any mistakes.
RibbonsSwipe works best together with the IMToken app that has a built-in web browser. This type of browser will also be added to the Cloud Wallet app itself at a later date too.
An extra video about the installation of IMToken will be available soon.
Limits Are Temporary
As this is a brand new platform, the company needed to put limits in place in order to ensure that company’s as well as members’ funds aren’t at any major risk.
Once it becomes apparent that everything is working correctly, the Cloud Team is going to increase them.
At a later date (Stage 2), they will also allow members with less than $500 to use RibbonsSwipe.
One Device, Multiple Accounts
You are able to access RibbonsSwipe service on a single device from as many accounts as you want.
It is NOT restricted to “One Account, One Device”.
RibbonsSwipe Is Here To Stay
RibbonsSwipe is a PERMANENT solution, that allows members to covert their CTOX into another, ERC-20 based token (Ethereum or 70+ other tokens). It will do exactly what the RibbonsDEX (OTC) was meant to be doing.
The previously planned “CTOX to crypto converter”, called RibbonsDex, is now also finished, however this platform is going to be used for something else and released over the next few months.
During tests it became apparent that the platform may be too advanced for the majority of users, as it would have been just too easy for them to irreversibly lose access to their funds, had they not followed processes correctly.
The platform will still be launching, however its function is going to change slightly, as mentioned previously.
You need to convert CTOs in order to produce CTOX, and you can do this from inside the Cloud Wallet app.
This process requires a cross-chain operation, as CTOs are Aurae Blockchain-based and CTOXs are ERC-20 Blockchain-based.
This process, in NORMAL conditions (when both blockchains are not congested) should not take more than 10 minutes.
CTOX is a stable coin (worth $1), with its value being pegged to $USD.
CTO’s value on the other hand is dependant on the size of the “profit pool”, therefore its value can go up and down.
Right now you can receive 1CTOX for 5CTOs, however this ratio is going to be frequently changing.
Although the price of 1 CTO has been recalculated, this recalculation has not happened inside the CloudTravel or CloudRedeem, therefore making these services a lot more competitively priced than before.
As RibbonsSwipe now only requires “monitoring”, a number of developers have now been reallocated in order to finalise the “LEAVE PROCESS” for the members who do not wish to migrate to Jarvis 2.0.
Although the company is in the meantime going through these manually (as the script cannot be executed due to this issue), they are working hard to identify the best course of action to automate this asap.
Whilst attempting to process withdrawals, the company has identified that a large number of members has not completed the process correctly. Many of them either provided incorrect wallet addresses (for a different crypto, instead of BTC, they put their ETH address for example) or haven’t provided any addresses at all.
There is something, that you also have to know in relation to the CTOX to Ethereum conversion.
You already know that you will be using the IMToken application for this, but whilst using it, you will NOT be sending anything from one application to the other.
Instead, you actually have to EXPORT your Ethereum Private Key from Cloud Wallet, and use the IMPORT feature inside of the IMToken.
Imagine your private key, being like that “magical key”, required to access your secret room with treasure. As long as
You have your “Magic Key”, no matter which “door” you are going to put it in (the door is the wallet you use, Cloud Wallet or IMWallet) it will always let you into the same “room/vault”.
So once you import your private key into the IMWallet, you will be able to see exactly the same list of ERC-20 tokens there, that you also see inside of your Cloud Wallet.