Using the Sweep Function
Last updated
Last updated
The Sweep Function is used to “sweep” all BTC, XCP assets, and Token Ownerships from one address to a new one.
This action is entirely irreversible, make sure you verify everything a few times over before initiating this function.
This feature was originally implemented with this CIP by John Villar who stated:
"there's one specific case where a whole address needs to move all its assets and ownerships to another address, be it due to migration of technology, wallet compromise or [Over The Counter] selling of its contents."
In the past the XCP fee for a sweep was a flat rate fee of 0.5, but in recent upgrades the XCP fee is more dynamic to how many Assets and Token Ownerships you are sweeping.
The process will require BTC for the transaction fee as well as some XCP to complete this function.
You will need access to the address you are sweeping from to do this function.
You will also need access to the address you are sweeping to in the event this is simply moving balances and issuances to a new address.
When initiating the sweep, the XCP will be deducted and any remaining XCP will be swept to the new address.
The best advice for users is to have at least 4 XCP on the address you are looking to sweep which covers 1000 balances and 1000 issuances.
To understand the specifics for how much XCP you may need for your address and all of its contents, please review the current sweep protocol specifications or see the example below to estimate what your fee might be.
To access the Sweep feature, navigate to the “Actions” tab in the upper right. The click the “Sweep Address” function.
This feature shows these options within a new pop-up window:
Source is the Address you will be Sweeping from.
Destination is the Address you will be Sweeping to. This is address that will receive all tokens and/or asset ownerships on that address.
Balances gives you the option to Transfer all token balances.
Ownerships gives you the option to Transfer all token ownerships.
You have the option to include a public Memo with this Sweep that can include text or data that will be publicly viewable on the Bitcoin blockchain.
The Fee input is the last choice you have here and it is best to review the section titles What BTC Fee should I use?
Freewallet allows both Balances and Ownerships to be swept or just one or the other. Just remember to have at least 4 XCP in your Source address The Destination address does not require anything to be owned on it (BTC, XCP or any other tokens included).
Freewallet will then pop up a confirmation window to confirm your address and settings you have chosen for your destination address.
Please review all of this information with extreme care and verify it is exactly correct.
Take note if you are doing this in a situation you feel your private keys or passphrase may have been compromised, use a fee number even higher than the "High" setting that Freewallet recommends. It would not be unwise to use three to five times (or more!) the recommended High fee in this scenario.
This ensures the Sweep function happens as fast as possible and is confirmed as fast as possible.
With this in mind, it may also always be a good reason to keep some XCP on addresses you hold many tokens or token ownerships to ensure you can do this process quickly if need be.
