OCM Upgrade to Bitcoin FAQ
OCM Genesis & OCM Katoshi upgrading to BTC!
Please read this announcement and the FAQ below carefully so that you fully understand the ins and outs of your OCM asset upgrade to Bitcoin.
What is the OCM upgrade to Bitcoin?
The migration of OCM Genesis and OCM Katoshi to Bitcoin are historic events that upgrade OCM assets to a fully on-chain digital artifacts on Bitcoin, with full on-chain provenance linking back to their original creation on Ethereum. Starting Nov. 30, 2023, ETH OCM Genesis owners can select the ETH Genesis they wish to teleburn, and claim their upgraded BTC OCM Genesis during the open upgrade portals. Upgrade portals open periodically and will be communicated on official OCM socials and communication channels in advance. You will receive and own four Ordinal inscriptions:
OCM Genesis: Perspectives
OCM Genesis: 20219
OCM Genesis: Deconstructed (also known as ‘Objects, Code, Motion’)
OCM Genesis: Certificate of Ownership
Plus - retain ownership of the teleburned ETH Genesis. That is, ownership of 5 digital artifacts. (The ETH Genesis asset, while not tradable or transferrable, is “soul-bound” to the BTC Genesis inscription. Whoever owns the BTC Genesis ordinal also owns the ETH Genesis asset.)
Bitcoin upgrade is optional for each holder. Holders who choose to upgrade from Etheruem to Bitcoin will gain upgraded and fully on-chain Bitcoin Ordinal inscriptions of their selected OCM assets.
Migration upgrade is a teleburn event, meaning the OCM asset on Ethereum will be sent to a teleburn address and will no longer be tradable or transferable on Ethereum. At the completion of the OCM asset upgrade, the owner will receive the upgraded Bitcoin Ordinals of their OCM. This process is irreversible.
OCM Genesis upgrade to Bitcoin onto sequential Block 9 sats will begin on Nov. 30, 2023 at open distributed portals. Your upgraded BTC Genesis digital artifact will be transferred to your Bitcoin Ordinals wallet a day or so following the end of the open distribution portal.
OCM Katoshi upgrade will soon follow on Block 78 sats.
Can you walk me through the OCM Genesis to Bitcoin upgrade flow?
OCM Genesis upgrade to Bitcoin will be on the OCM website. Please verify official links posted on our official OCM Twitter, Discord, and Osura and Metagood websites.. Remember - don't trust, verify.
Find details on the OCM Genesis to Bitcoin upgrade flow here >
When can I upgrade to Bitcoin?
Our first upgrade portal will be open Nov. 30, 2023. Upgrade portals open periodically. Stay tuned to latest portal times announced in advance on our official OCM socials and communication channels.
Series 2 - Portal #7: Thu. May 30, 2024 (24 hrs)
Series 1 - Portal #6: Mar. 26, 2024 (48 hrs) | #5: Feb. 26, 2024 (36 hrs) | #4: Jan. 24, 2024 (6 days)
Series 0 - Portal #3: Dec. 20, 2023 (24 hrs) | #2: Dec. 7, 2023 (12 hrs) | #1: Nov. 30, 2023 (12 hrs)
We orchestrate the upgrade process through scheduled Portals throughout the year with security and community in mind.
If I upgrade my OCM asset to Bitcoin, will I lose it on Ethereum?
When you select your Ethereum OCM asset (Genesis or Katoshi) to upgrade, the upgrade process will send the OCM asset to a teleburn address on Ethereum, where it will stay forever. This action is irreversible. During this process, we will inscribe your 4th inscription, the OCM Genesis: Certificate of Ownership, on Bitcoin and deposit all your upgraded BTC Genesis (4 inscriptions) into your specified Bitcoin Ordinals wallet.
This means the OCM asset on Ethereum is no longer a tradable/transferable token in Ethereum, and the circulating supply of OCM Genesis and OCM Katoshi collections on Ethereum will decrease over time as they upgrade to Bitcoin. Genesis holders will retain ownership of their teleburned ETH Genesis. The ETH Genesis asset is “soul-bound” to the BTC Genesis inscription. Whoever owns the BTC Genesis Ordinal inscription also owns the ETH Genesis asset.
What are the requirements for upgrading to Bitcoin?
Please review the Guide to OCM Genesis Upgrade from ETH to BTC and acquaint yourself with commonly asked questions answered here.
Is there a deadline for migration?
While there is no fixed deadline for upgrading to Bitcoin, it is important to note that migration costs are subject to potential increases in the future after 2023.
What is the cost for upgrading to Bitcoin?
The OCM DAO has funded 350 ETH and 500 ETH to subsidize the upgrade of OCM Genesis and OCM Katoshi collections to Bitcoin, respectively. As a result of this funding, the cost for upgrading to Bitcoin in Series 0 Portals was fully subsidized for all ETH OCM Genesis and OCM Katoshi that had the Bitcoin Explorer Badge. With anticipated fee increases on the Bitcoin blockchain, we will reassess and update the cost of upgrading accordingly.
How do I know which OCM assets have upgraded to Bitcoin?
You can find information about the upgraded OCM assets to Bitcoin from the Gallery view on the OCM website.
Will Discord detect my OCM assets on Bitcoin?
New holder roles will be created for OCM assets held on Bitcoin. These Bitcoin holder roles will identify how many OCM Genesis or OCM Katoshi are held on Bitcoin. Simultaneously, existing Ethereum holder roles will persist, but only for OCM Genesis held on Ethereum. For example ...
Before upgrade: -- Holder currently has 20 OCM Genesis on ETH and 10 OCM Katoshi Claim Passes on ETH. -- They will have the following roles: OnChainKing (from holding 20 x ETH Genesis)
After upgrade: -- Holder upgrades 5 OCM Genesis to BTC, with 15 Genesis and 10 Katoshi claimed on BTC. -- They will now have the following roles: BTC OnChainTroop (from holding 5 x BTC Genesis) OnChainBoss (from holding 15 x ETH Genesis) KatoshiBoss (from holding 10 x Katoshi)
Similar to verified OCM Dimensions 300 holders, holders with OCM assets on Bitcoin will have a Bitcoin icon badge appended to their Discord username. More info on Discord holder roles here >
Will I be able to eat Desserts with OCM Genesis on Bitcoin?
Eventually. Dessert eating will not be available immediately. This feature will be temporarily unavailable.
When Dessert eating is ready for Bitcoin, any OCM Genesis on Bitcoin that consumes a Dessert will create an OCM Katoshi on Bitcoin. We will build out the ability for an OCM Genesis on Bitcoin to consume an OCM Dessert on Ethereum, and the final result will be the creation of an OCM Katoshi on Bitcoin. As such, we do not plan on migrating OCM Dessert from Ethereum to Bitcoin.
Can my OCM Genesis/OCM Katoshi on Bitcoin go on Missions?
Our team is focused on innovating and delivering the best experience on Bitcoin. At this time, we do not have plans for developing our former OCM Missions feature for OCM assets on Bitcoin.
Will OCM Sets be tallied across Ethereum and Bitcoin?
Yes, provided you have connected all of your Ethereum and Bitcoin wallets holding your OCM Genesis and OCM Katoshi to the OCM website.
For example, if a holder held the following and had all of these wallets linked on the OCM website: -- BTC Genesis in Bitcoin Wallet #1 -- ETH Katoshi K1 in Ethereum Wallet #1 -- ETH Katoshi K2 in Ethereum Wallet #2
All of their above OCM assets would be counted as an OCM Set (= Genesis + any K1 + any K2) for OCM membership tier purposes. Remember, your wallets must be connected to the OCM website for this detection.
OCM Super Set (Tier 1) will automatically be tallied across your linked Bitcoin and Ethereum wallets. This means, once your Bitcoin and Ethereum wallets are connected to the OCM website, the Super Set Discord role will be automatically reflected in your Discord user holder roles.
Will I be able to vote in the DAO with OCM Genesis/OCM Katoshi on Bitcoin?
Currently, Snapshot.org and ProxyChat platforms used in OCM DAO full proposal voting and Small Grant requests, respectively, do not support Bitcoin assets, so your OCM Genesis and OCM Katoshi on Bitcoin will not be recognized for OCM DAO full proposal votes that count OCM assets or Small Grant requests. While we plan on developing an internal mechanism to enable OCM Genesis and OCM Katoshi on Bitcoin to vote in the OCM DAO. please note DAO voting and proposal submissions will be temporarily unavailable for BTC-only holder roles and will need to be developed over time.
Will there be any licensing changes for OCM Genesis or OCM Katoshi upgraded to Bitcoin?
Please view our Wiki page on OCM Licensing for a summary of Commercial Rights you have for your OCM, and see the OnChainMonkey Purchase and License Agreement on the OCM website for details.
What are the tax implications of upgrading my OCM Genesis/OCM Katoshi to Bitcoin?
Please consult your tax advisor as tax implications vary for each individual. OCM and moderators, not being tax professionals, cannot provide tax advice.
Will allowlist opportunities be impacted with upgrading to Bitcoin?
For external allowlist opportunities offered to our community, numerous allowlist tools offer ownership detection based on Discord roles, and since OCM Genesis and OCM Katoshi on Bitcoin holders will have holder Discord roles, our community-led group OCM Rising Times will be able to continue offering allowlist opportunities to holders of OCM Genesis/Katoshi on Bitcoin and Ethereum.
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