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…”
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.
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?
One can create the fastest, cheapest, and most scalable blockchain but this does not mean it will be a replacement for Bitcoin, Ethereum, etc. At least not for now. The motive behind using multiple blockchains is to give access to more opportunities. This may include: new communities, new partnerships, new exchange listings and liquidity, and in some cases, higher transaction throughput, lower fees, higher security, and even a more balanced and decentralized protocol. This gives the token holder more control over their holdings, and allows them to take advantage of given opportunities.
How will this affect my trc10 version of BeatzCoin?
The challenge being faced is that Tron does not yet have a readily available solution to provide interoperability with other blockchains. The trc10 standard may also not reflect the proper balances in total supply, as there is no burn or mint function related. We have, however, devised a plan that provides the needed trc10 off-ramp, and we are developing this solution with simplicity in mind. Swaps will easily take place within a user’s wallet on www.vibravid.io.
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!