Why the case for a multi-chain BeatzCoin?

VibraVid is ahead of the curve as more cryptocurrency projects are seeing the tremendous value in applying multi-chain capabilities. Many consider bridges and multi-chain approaches to be the next paradigm in the crypto-space. According to popular YouTuber and cryptocurrency analyst, Ivan on Tech, “You have a nice project. Okay. But where is the interoperability? People care about liquidity, dApps, tokens, and if I’m to build something…even if Ethereum is garbage in terms of fees today, I will still build on top of Eth. Why? Because that is where most network effect is…”

Image for post
Image for post
https://youtu.be/unzDtrh4_lI?t=73

A common misconception concerning interoperability and utilizing multiple blockchains is that the token supply will continue to increase indefinitely. This is not the case, however. For example, let us take a look at the Ethereum > SYScoin bridge. In this case, when an erc20 token is transferred over to the SYScoin blockchain, the erc20 token(s) are locked in a trustless smart contract, and the SPT (SYS Platform Token) is minted. When that SPT is transferred back to erc20, the SPT is burned, and the erc20 token is released back into the user’s wallet.

Image for post
Image for post
As you can see, the SPT asset is directly correlated to the erc20 token, where the supply can never exceed 3 billion, and the balance of the contract is 0 (until erc20 tokens are transferred).

VibraVid is currently developing a mechanism designed for the trc10 BeatzCoin off-ramp, where holders of the trc10 version of the token will be able to access other blockchains, and enjoy the benefits of such interoperability. We expect the tool to be available no later than Q1 of next year. We are also working on more on-ramps and opportunities on other blockchains, which will be announced in due time.

What are the Benefits of Interoperability?

How will this affect my trc10 version of BeatzCoin?

Image for post
Image for post
The new wallet interface and Swap prototype for VibraVid.

In conclusion, we are creating an environment where BeatzCoin can be moved across multiple blockchains with ease, expanding the use-cases and opportunities for the token and its holders. Be sure to follow this Medium account, as weekly progress reports are published every Monday!

Written by

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store