Caishen, a cryptocurrency released on March 13 of this year, also stands for “God of Wealth” in Chinese. Today, the currency known by it’s abbreviation CAI, is transforming into CAIx which means holders of CAI may also be blessed with the “God of Wealth”, by having the opportunity to earn interest on their coins. Beginning on May 18, all CAIx will be created through PoS at a rate of 5% to those who hold the coins in a wallet. According to the developers, “CAIx is a 100% PoS crypto currency, to replace CAI a 100% PoW crypto currency.” As a result, we’re talking about two, distinct blockchains.
You may be wondering, how can I convert my Caishen into CAIx?
The answer is: It depends. Depending on where your coins are located, you may have to follow a different process to redeem your CAI for CAIx. For instance, if your coins were already on the Mintpal exchange, they went ahead and took care of the CAIx conversion automatically. People who log into Mintpal today will notice that their prior balance of CAI now shows up as CAIx. However, not all exchanges will be performing this conversion automatically. For anyone who didn’t have their CAI on Mintpal, they will no longer be able to transfer into Mintpal and instead will need to use the Coin-Swap service.
Luckily, Coin-Swap put together this guide for anyone who is confused by the exchange process. The CAIx developers took care of all fees for Coin-Swap to perform this service, free of charge. Users can simply deposit their CAI into Coin-Swap, and receive an equal number of CAIx in return. Once this happens, they are free to deposit the coins back into a CAIx wallet and begin PoS mining and earn their 5% interest, or send to any exchange who accepts CAIx.
The developers also took to the Bitcointalk forums today to announce a few updates to the overall project:
As we mentioned earlier, we are building a few revenue generating streams to invest in CAIx and generate profits to shareholders. As we have made a major step today of converting most of the CAI to CAIx. We are glad to report that our first project Tiny Elementals has generated 28 BTC in income. Of that 14 BTC will be set aside for dividend payout to CAIx holders. There is also plans for partnership on this project as well.
We are discussing ways to make such income payable in BTC to holders, or use it to make CAIx purchases at market price. However the second option might cause a reduction in coin amount on the market, so we will choose the best method for delivery that will benefit the CAIx price long term.
If you would like to learn more about CAIx, the developers have announced they will soon be releasing a brand new website to highlight the features of this new coin.