Post by Admin on May 30, 2021 17:39:36 GMT
tldr;
Here is a step-by-step way to bridge BADcoin over to the Hive blockchain. It would still be mined as usual, you could participate or not, and it would allow access into the Hive ecosystem. I think it would add overall utility to BADcoin, incentivize mining and thus chain security, and anyone involved with BAD would benefit.
In one sentence:
This roadmap may allow the classic old-school-style Proof-of-Work blockchain of BADcoin to link with the forward-moving chain of Hive in new and unforeseen ways.
It's a full step-by-step plan. See the plan at: drive.google.com/file/d/189OnyfeWrOsJ9BvzjKIkNDb5-KE5LMqd/view?usp=sharing
If anyone wishes to do this...go for it! It might help BADcoin and might help the BAD community as a whole. Also, it can't help but to help Hive. It will enable a cross-chain Proof-of-Work protocol to exist. Expansion across chains is a good thing.
Possible Drawbacks:
- There is a manual component to this, at least there is the way that I see it now. The Issuer would need to manually check for incoming BAD and then manually send the hBAD. Neither would be hard to do, but it would be there for the Issuer to do. Perhaps a minimum of, say 250k would be required to make the time worthwhile and avoid tiny requests. That's up to the Issuer.
- The “Identification step” above requires a little figuring out. Any ideas? The issuer just needs to know the Hive username? How much? And how do I know it's not somebody pretending they sent the BAD?
- Because it's manual, there'd be a time delay between sending BAD and issuance of hBAD.
- Trust is needed. The Swapper needs to trust that the Issuer will indeed issue the hBAD and not just run off with it. The community will need to trust that the Issuer won't just issue several billion hBAD to himself all of sudden. The Issuer would have to build this trust.
- Hive is not as big or robust as BSC or ETH. It's a smaller fish in the ocean.
- Others?
Possible Benefits:
+ I think it's definitely doable.
+ BAD should gain some liquidity and utility.
+ Mining BAD should be incentivized.
+ In this way, the Proof-of-Work component of BAD would remain. hBAD would not be POW, but the only way to get it would be to POW mine BADcoin. Of course, hBAD could then be placed on the open market and then purchased by anyone...which is good because that would drive price upward.
hBAD would be tradeable on the H-E exchange.
+ There are current use-cases for other Hive-Engine tokens, which could be traded for.
hBAD could be used to buy/sell things using HivePay.
+ If it were to really catch on, the Issuer will accumulate a lot of BADcoin. The hBAD would be delivered to the Swappers, but the actual BADcoin would be in the Issuers BADcoin core wallet.
+ You'd have options: do the hBAD thing if you wish, or don't like the idea?...don't do it then and that's fine too. You can still keep your BAD in your BADcoin core wallet just like it presently is. Anyone who does not participate in this would likely still benefit because the BADcoin they hold in their core wallet would be desired by those who wished to get more hBAD on Hive.
+ The BSC option still remains and could still happen. Setting up a Hive hBAD situation doesn't shut out anything else. There could be both. Suppose there were both, and suppose you had 1 million BAD and sent 250k to get hBAD on Hive, you might send the 750k over to BSC to get that token.
+ Others?
Here is a step-by-step way to bridge BADcoin over to the Hive blockchain. It would still be mined as usual, you could participate or not, and it would allow access into the Hive ecosystem. I think it would add overall utility to BADcoin, incentivize mining and thus chain security, and anyone involved with BAD would benefit.
In one sentence:
This roadmap may allow the classic old-school-style Proof-of-Work blockchain of BADcoin to link with the forward-moving chain of Hive in new and unforeseen ways.
It's a full step-by-step plan. See the plan at: drive.google.com/file/d/189OnyfeWrOsJ9BvzjKIkNDb5-KE5LMqd/view?usp=sharing
If anyone wishes to do this...go for it! It might help BADcoin and might help the BAD community as a whole. Also, it can't help but to help Hive. It will enable a cross-chain Proof-of-Work protocol to exist. Expansion across chains is a good thing.
Possible Drawbacks:
- There is a manual component to this, at least there is the way that I see it now. The Issuer would need to manually check for incoming BAD and then manually send the hBAD. Neither would be hard to do, but it would be there for the Issuer to do. Perhaps a minimum of, say 250k would be required to make the time worthwhile and avoid tiny requests. That's up to the Issuer.
- The “Identification step” above requires a little figuring out. Any ideas? The issuer just needs to know the Hive username? How much? And how do I know it's not somebody pretending they sent the BAD?
- Because it's manual, there'd be a time delay between sending BAD and issuance of hBAD.
- Trust is needed. The Swapper needs to trust that the Issuer will indeed issue the hBAD and not just run off with it. The community will need to trust that the Issuer won't just issue several billion hBAD to himself all of sudden. The Issuer would have to build this trust.
- Hive is not as big or robust as BSC or ETH. It's a smaller fish in the ocean.
- Others?
Possible Benefits:
+ I think it's definitely doable.
+ BAD should gain some liquidity and utility.
+ Mining BAD should be incentivized.
+ In this way, the Proof-of-Work component of BAD would remain. hBAD would not be POW, but the only way to get it would be to POW mine BADcoin. Of course, hBAD could then be placed on the open market and then purchased by anyone...which is good because that would drive price upward.
hBAD would be tradeable on the H-E exchange.
+ There are current use-cases for other Hive-Engine tokens, which could be traded for.
hBAD could be used to buy/sell things using HivePay.
+ If it were to really catch on, the Issuer will accumulate a lot of BADcoin. The hBAD would be delivered to the Swappers, but the actual BADcoin would be in the Issuers BADcoin core wallet.
+ You'd have options: do the hBAD thing if you wish, or don't like the idea?...don't do it then and that's fine too. You can still keep your BAD in your BADcoin core wallet just like it presently is. Anyone who does not participate in this would likely still benefit because the BADcoin they hold in their core wallet would be desired by those who wished to get more hBAD on Hive.
+ The BSC option still remains and could still happen. Setting up a Hive hBAD situation doesn't shut out anything else. There could be both. Suppose there were both, and suppose you had 1 million BAD and sent 250k to get hBAD on Hive, you might send the 750k over to BSC to get that token.
+ Others?