[Discussion] Migrating to coin-type 118 from coin-type 750 for Persistence Core-1 chain (XPRT)

Much like the broader Cosmos ecosystem, the Persistence ecosystem is expanding rapidly, and with the expansion comes issues around interoperability, user experience, and adoption that need to be resolved.

One of the crucial points of discussion in the pursuit of network growth is the coin-type. Currently, Persistence follows the 750 coin-type while other major chains in the Cosmos ecosystem follow the same coin type as Cosmos Hub, i.e., 118.

Based on the discussions with wallet teams such as Keplr, developers, and users, we propose migrating to 118 coin-type. Please share your feedback and suggestion for the proposal on this forum post.

Background:

We saw the following advantages with an independent coin-type:

  1. To prevent a ‘replay attack’, where a signed transaction submitted on one chain is submitted to another blockchain that treats it as a valid transaction.
  2. To prevent privacy issues where knowing someone’s Bitcoin address allows you to also know their Litecoin address.
  3. To have flexibility to operate in a different ecosystem (if needed) without a social bias

Challenges with growing adoption of IBC and having coin-type 750:

  1. Not seamless user experience for the Ledger users (using coin-type 750 wallet addresses) when integrating with wallets, such as Keplr, or Cosmos-based applications
  2. Alignment with the broader Cosmos ecosystem on interchain applications. Simplest example will be airdrop from the new or upcoming Cosmos-based chains.
  3. Additional efforts required from both Persistence and counterparties such as wallets, chains and dapps to integrate $XPRT while the coin-type standardisation (as followed by Osmosis, Juno, Akash) reduces the efforts significantly.

What are the next steps?

1. Work closely with the wallet team to facilitate the transition:

a. The Persistence team will work with wallets teams, such as Keplr, Cosmostation, Coin98, and Citadel, to ensure that the new users are onboarded only to 118 coin-type for the Persistence Core-1 chain.

b. Provide an interface for the existing users to interact with applications/chains using the 750 coin-type (till users migrate to 118 coin-type).

c. Education related to coin-type and migration to 118.

2. Migration from 750 to 118 coin-type on the user end

a. New Users: NO action required

b. Existing Web/Mobile Wallet Users:

  • 118 coin-type: NO action required
  • 750 coin-type: Create a new wallet and migrate your token to the newly created wallet

c. Ledger Users: Migrate to the Cosmos app - coin-type 118

d. Users with staked XPRT:

  • Suggested Migration: After the launch of the Liquid Staking Module by Iqlusion (tentatively end of Q3 2022), the stake can be directly transferred to the new coin-type 118 wallet address without unbonding.
  • Immediate solution: Unbond your XPRT and migrate to the newly created coin-type 118 wallet address.

The proposal to migrate the coin-type from 750 to 118, if passed, will happen over the next few months, and we assure you that the team will provide all the support/guidance for seamless migration.

Note: The support for 750 coin-type wallets is proposed to deprecate in December 2024.

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The migration is a necessity considering the current security threat other projects are faced with…