So WTF kind of $BTC am I burning to found the FREEMOON faucet?
Once upon a time there was only Bitcoin on the Bitcoin network, and then came forks of it calling themselves something similar, but it wasn’t quite the same.
Then came things like WBTC, that everyone seemed to be super critical about, claiming it wasn’t the same as the real thing.
Then came a bunch of different formats like renBTC and anyBTC and lots of similar things, which was backed by BTC 1:1 in a decentralized way. This really didn’t catch on as much as I thought it would, to be honest.
Then came a bunch of pegged formats like BTCB and HBTC, sponsored by various centralized exchanges on their own networks. These ended up working much better than I ever would have imagined.
So, now there’s a whole bunch of BTC in different shapes and forms. This is also true for other popular assets like DOGE, LTC, ADA, DOT SUSHI, LINK, etc, etc.
The BTC I will burn in Chainge DEX are none of these though, nor the original. It’s all of them (well not quite, but at least a couple).
Chainge has adopted, Fusion, BSC, HECO, Tron and the Bitcoin networks and some form of BTC is running on all of these networks. Chainge has picked out the most popular format of BTC on each network and recognized it to be as good as the real thing. Binance, Huobi and Tron should feel honored by this recognition.
But isn’t this dangerous? Doesn’t it open the door for failure in multiple places? In truth it does, but in truth it also doesn’t matter. A failure in any of the places would hurt BTC a lot regardless, but by having multiple doors open you’re not fully dependent on any one of them. Say everything goes foul in HECO (just an example and should not be seen as any critique of HECO), then that door can be shut, while the others remain open and things proceed pretty much as normal. So “multi sourcing” the asset actually makes it more safe, real, but above all useful. Of course this type of sourcing still needs to be done with care. Things you don’t trust at all can’t be part of something like this. It needs high scrutiny.
To clarify, the Chainge BTC that runs on Fusion, isn’t just BTC on the BTC network, BTCB on BSC, HBTC on HECO or BTC on Tron; instead it’s all of them at the same time. A true “Fusion” BTC.
So to back FREE in the FREEMOON faucet 1 of these babies will be burnt in liquidity together with 100 million FREE so that each FREE is worth 1 sat initially.
But we currently have a problem in that nobody will be able to see this, because the Chainge DEX LP-tokens (nor the regular Chainge tokens) are currently visible in any block explorer. So when I do this burn, it’s possible people will just need to take my word for it. The Chainge DEX LP-tokens are quite advanced format (FRC758 + modified ERC777) to enable them to receive rewards without sitting in farming contracts. And if FRC758s were tough to make visible to everyone, I imagine FRC758 + modified ERC777 could be even tougher.
This lack of visibility won’t stop me from doing it. The 29th of July will be an interesting day. But initially people will probably just have to rely on my word and some form of screenshot, and it can be verified later on after the proper tools for it has been built.