In a novel development, @vsc.network has successfully created a smart contract on the Hive blockchain for the wrapping, unwrapping, and transferring of Bitcoin within 15 seconds and without a fee. This is an impressive innovation that can revolutionize the utility of Bitcoin the world over. VSC Network is funded by @threespeak and the Decentralized Hive Fund (DHF) and is committed to building highly scalable smart contract L2s on the HIVE blockchain & bitcoin wrapping tech.
The team led by @vaultec has successfully pioneered a truly decentralized full-featured smart contract system on the hive blockchain, storing smart contract code & state on IPFS, while on-chain anchor records are created by validators to synchronize state across the network. VSC promises to power the next generation of NFTs, games, cross-chain transfers, DEXs, and use cases that were not previously thought of.
During the CTT Podcast hosted by @threespeak, it was a sweet moment after the unveiling of BTC Wrap project on Hive. Participants in the show received as much as $1 worth of $BTC within 15 seconds. Some of these users have never owned BTC. Moreover, owning BTC without the fear that at the point of withdrawal, the fe would exhaust our volume is priceless.
I Received and Sent my first Bitcoin on Hive
It was surprising to receive my first $1 BTC on Hive Blockchain. Thank you again @Starkerz. On receipt of the BTC, I decided to see the possibility of also sharing the love with other Hive users and it was quite seamless, fast, and without a cost. This is a massive innovation that is going to make Bitcoin accessible to everyone. We all agree that the cost of transacting with BTC is quite high. I've once spent around $4 for a BTC transaction that was less than $100.
The fact that the transfer was successful within 15 seconds reminds me of the core features of the Hive blockchain being - Scalable, fast, and feeless. Having to wait for minutes and even hours for block verifications before receiving BTC is gone. Amazingly, this 15-second BTC transaction is on a fully decentralized and transparent blockchain, thus, making the process of transferring BTC trustless but at no cost.
Micropayments now Possible with BTC
In a bid to try sending BTC to other hivers, I decided to try out smaller amounts as low as 5 Cents (0.00000125 BTC), and surprisingly, the transfers were all successful. What? 5 Cents worth of BTC transferred? This is a new phase of interaction with BTC as it can now be used for micropayments courtesy of the VSC smart contract.
With this development, a grocery shop dealers can now start receiving BTC as pay for products bought wuthout the fear of the costs to be incurred.
Bitcoin Wrapping can be done right!
VSC Network believes that Bitcoin wrapping can be done right. Hence, the platform has provision for wrapping and unwrapping of BTC as well as depositing $HIVE into BTC. Users can also redeem their BTC into other BTC wallets or exchanges.
The design of BTC wraps on VSC network is to help eliminate counterparty risk and prevent future hacks of wrapped assets on HIVE. With smart contracts in place, there are numerous advantages, including flexibility, accessibility, and ease of use for developers. We hope that this development will pave the way for more layers of BTC integration in the Hive blockchain.
You can read more about VSC Network from the following channels:
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This post was created via INLEO, What is INLEO?
INLEO's mission is to build a sustainable creator economy that is centered around digital ownership, tokenization, and communities. It's Built on Hive, with linkages to BSC, ETH, and Polygon blockchains. The flagship application: Inleo.io allows users and creators to engage & share micro and long-form content on the Hive blockchain while earning cryptocurrency rewards.
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