VibraVid’s BeatzCoin takes the first step of a multi-chain approach, utilizing the Syscoin Ethereum Bridge.
As many are aware, BeatzCoin has expanded beyond the Tron network by mimicking the token on the Ethereum blockchain.
https://etherscan.io/address/0x80640db285cc63496bdd8c1980a7f4526a4d477f
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 maintaining 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.
https://sys1.bcfn.ca/tx/d35d265558800850df3814f716db4676cafa5a42f9377c56b8acf44f8b924b5b
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.
https://etherscan.io/tx/0xbfe5bb04aa429ba183e2fa215cf1160cafba92e052a800ec72782f383f5f3e95
https://etherscan.io/tx/0xf30dc8930fc92949c03f7c615b3ff1e88050a582d050abce6dca43ef62833ed1
https://etherscan.io/tx/0x2850e6e5379914b34f0eac0ed123c2ba15f946f4c4612d2fd6c5f6c3039c812a
https://etherscan.io/tx/0x603c0c326f5c2b6ff51ddf10390ce2385a37f699975f711a9f427653e0feb1c3
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.
https://sys1.bcfn.ca/tx/70ed6ec913ad4ca9a085bb287ea69ab91ff91828c45b8df732af05ae8736ade0
https://sys1.bcfn.ca/tx/c58383bd54925d68aaa1c4e65d526d52073b67ed905fd62052b0e4654bdec570
https://sys1.bcfn.ca/tx/30ae9157f057a7e28c9ef824f215c94d11bfc05c06d5fd4b9fb566e3d9d0077c
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.
For more info on Syscoin make sure to visit their site syscoin.org. For more information on BeatzCoin, please visit https://www.beatzcoin.io/. We will keep you posted on any new developments.
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