Dynamic Escrows: How the Migration process works?

Dear all,

As you know, we have recently started the migration process as a part of our new feature — Dynamic Escrows. Here is a short guide on how the migration process works:

1. You and your counterparty are asked to change your Payment passwords (use only STRONG passwords). Please keep in mind that you need to remember old and new payment passwords and store them in a safe place.
2. When both counterparties change their Payment passwords, a new multisig escrow address is generated.
3. After that, your contract will be Liquidated to provide an opportunity for one of you to sign the release transaction. No actual Liquidation will be made. Note that the release transaction needs to be signed with your OLD Payment Passwords.
4. After the release transaction is co-signed with two keys, the funds are transferred to the new multisig escrow address generated by new Payment passwords.
5. Your contract page will be updated shortly with a new escrow address.
6. You have successfully migrated, and you can use your new Payment passwords from now on.

If you have any questions, admins in contracts’ chats will help you and guide you through the whole process. You can also contact us via email supportlend@hodlhodl.com.

Thank you.
Regards,
Hodl Hodl Team

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