The Peerplays team would like to announce the snapshot date for the PEERPLAYS token.

If you are holding or trading PEERPLAYS tokens right now, please read this announcement carefully!

Why is a PEERPLAYS snapshot needed?

From May to June of 2016, $500,000 USD in Bitcoin was donated to the Peerplays blockchain project by contributors in a public pre-ICO crowdfund. These contributors received receipts for their donations in the form of digital tokens called “PEERPLAYS”, which later became tradeable on the BitShares decentralized exchange. If you currently hold or trade PEERPLAYS tokens on Bitshares, you are holding one of these donation receipts.

In the original pre-ICO announcement, the Peerplays team proposed to raise funds to achieve the following development goals:

“Completion and delivery of the on-chain tournament management platform, the on-chain wagering system, the automatic profit sharing distribution system, and the world’s first game built directly onto the blockchain itself.”

As of last Friday, December 2, 2016, the Peerplays team has successfully completed all of these development goals with the release of Rock, Paper, Scissors, a real-time interactive on-chain game prototype on the Peerplays public test net. The next phase of the project will involve the official Peerplays ICO, followed by the launch of the blockchain.

What is a “snapshot” and how will it work?

A “snapshot” is a way of creating a record of who holds a particular asset or token as of a specific date and time, so that holders of such asset or token can be allocated a proportional stake in a new blockchain. When the new blockchain is launched, the genesis block or “first record” contains new tokens that can only be unlocked using the private keys that correspond to each public key (from the old tokens) that was recorded in the snapshot.

In other words, if you hold PEERPLAYS tokens at the time of this snapshot, you can then unlock the corresponding Peerplays blockchain (PPY) tokens when the official blockchain launches by importing the private key (owner key) backup from your BitShares account into the new Peerplays blockchain wallet.

When does the snapshot happen?

Currently PEERPLAYS tokens can be traded on the Bitshares decentralized exchange but cannot be transferred between Bitshares accounts.

All trading of PEERPLAYS tokens will be halted and will no longer permitted as of December 23, 2016 at 12:00am EST . If you would like to buy or sell PEERPLAYS tokens, please be advised that you must complete all of your trades on the BitShares decentralized exchange (Freedom Ledger / Open Ledger) before 12:00am EST on December 23, 2016.

For the subsequent 3 days after December 23, 2016 (ending at 12:00am EST on December 26, 2016), transferring of PEERPLAYS tokens will be permitted, which means you can transfer your PEERPLAYS tokens to any BitShares account you wish. This will be useful, for example, if you want to consolidate your PEERPLAYS token balances into a single account, or if you currently hold your PEERPLAYS tokens in group Bitshares account and now the members of your group wish to hold their tokens in separate Bitshares accounts.

After this 3 day period is over, on December 26, 2016 at 12:00am EST, all PEERPLAYS token transferring activity will no longer be permitted, and a snapshot of PEERPLAYS tokens will be taken.

When is the next Crowdsale, and when does the Peerplays Blockchain go live?

The date and format of the Peerplays ICO, along with the milestones for phase 2 of the project will be released in a few weeks. For now, stay tuned to the Beyond Bitcoin Hangout every Friday morning at 10am EST for updates and Q&A with Jonathan Baha’i and Michael Maloney, and be sure to head over to the test net to try out the world’s first real-time interactive on-chain game!

- The Peerplays Team