VibraVid’s BeatzCoin takes first step of a multi-chain approach
As many are aware, BeatzCoin has expanded beyond the Tron network by mimicking the token on the Ethereum blockchain.
The purpose of this migration is not to abandon the use of the Tron network but to take advantage of the many popular resources that are utilized on the Ethereum network. As you will further understand in this article, there is no intent to increase the maximum supply of BeatzCoin but rather create swaps and bridges, so that the token can operate seamlessly on multiple blockchains, while remaining at a fixed 3 billion maximum supply.
In this article, I will be discussing a particular solution that mitigates Ethereum transaction fees and speed, while maintaining high security. Welcome to the Syscoin blockchain. The Syscoin Platform provides trustless interoperability with Ethereum ERC-20, token & asset microtransactions, and Bitcoin-core-compliant merge-mined security. All of which are necessary in order to take advantage of the Ethereum network, whilst maintain the practical use-case of BeatzCoin on our social music and video sharing platform, www.vibravid.io.
Walking the bridge…
Syscoin provides a seamless bridge to move assets to and from Ethereum. The first step for us was to create this bridge. Basically, a secondary asset representing BeatzCoin (BTZCspt) is created as an SPT (Syscoin Platform Token) on the Syscoin blockchain. This token has the exact attributes as the parent token (erc20 BeatzCoin). The 3 billion supply was minted, then burned, creating a gateway for erc20 BeatzCoin to use this bridge to perform transactions on the Syscoin blockchain.
When we consider Ethereum, the transaction fees are relatively high, and the transaction speeds are relatively slow. Let’s take a look at the following four transactions.
As you will find, the transaction fees to send 3500, 1750, 850, and 3000 BTZC tokens are $1.30, $1.30, $1.35, and $1.38 respectively. Keep in mind, this was to send less than $4.00 worth of BeatzCoin tokens for each transaction fee, the fee at times having more value than the tokens being sent. The transfer time did vary between 10 seconds, and up to a minute.
In order to not only transfer erc20 BTZC tokens faster, and cheaper but to also take advantage of the Syscoin Platform. Let’s compare a few transactions made using the Syscoin bridge.
As you will find, the transaction fee for each of these 3 transactions is 0.0000582 SYS, which at the time of writing is approximately $0.000007. The transaction speed was rather impressive, being nearly instant.
In conclusion, we at VibraVid are certainly impressed with the Syscoin bridge, and will be working on further implementing this technology into www.vibravid.io. We are currently exploring opportunities to run a Syscoin masternode. The Syscoin community can expect to see our proposal very soon.
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