Transfer Token Ownership

With Freewallet you are able to transfer Token Ownership which is the representation control over issuance and description, of your token on Counterparty. Token Ownership is also somewhat of the last cryptographic control an asset has even if the supply has been entirely destroyed or lost. Subassets can still be minted with Token Ownership even if the original token supply is permanently 0 and the description of the asset can still be changed or updated. Since the lock token description function is still in debate on the protocol side of things, some projects require the burning of Token Ownership to lock the description.

Please keep in mind this action takes some time, and is irreversible.

To transfer ownership issuance of a Token in Freewallet, navigate to the top right “Actions” icon and select the action “Transfer Ownership”.

You can also right click the Asset in the left panel and select “Transfer Ownership of TOKEN"

Here you be prompted to simply send a BTC transaction to initiate the Counterparty action to Transfer Ownership.

  • First check that your source address is the address that holds Ownership of the Token.

  • Next, check the Destination Address and input the address you would like to Transfer Ownership to.

  • Make sure in the Token Name field it is the correct token you would like to Transfer Ownership of.

  • You can also choose the BTC Fee you wish to use. If you have questions about what BTC fee to use please reference What BTC Fee Should I use?

Once you have verified all the above information, click “Transfer Ownership” and the transaction will be broadcast to the Bitcoin Network.

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