Fee-less and Fast Micro-transactions for $BTC on Hive Blockchain

uyobong in #hive-167922 • last year

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:

Do you need to have a feel of your first BTC on HIVE? Drop your registered username in the comments section.

If you found the article interesting or helpful, please hit the upvote button, and share for visibility to other hive friends to see. More importantly, drop a comment below. Thank you!

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.

Let's Connect

Hive: https://inleo.io/profile/uyobong/blog

Twitter: https://twitter.com/Uyobong3

Discord: uyobong#5966

Posted Using InLeo Alpha

#vscnetwork #bitcoin #threespeak #vsc #cttpodcast #cryptoadoption #cent #proofofbrain #leofinance

last year in #hive-167922 by uyobong

22.54 VYB

Sort:

Trending

[-]

poshthreads last year

https://inleo.io/threads/uyobong/re-uyobong-2uhatp3zv
_{The rewards earned on this comment will go directly to the people ( uyobong ) sharing the post on LeoThreads,LikeTu,dBuzz.}

0.01 VYB

1 vote

[-]

gwajnberg last year

Hey thats pretty cool I would love to test it like I said on X(twitter), if there is a possibility for that let me know =) My username name is the same that is answering this post! And thanks again for the summary of this new release.

0.00 VYB

1 vote

[-]

uyobong last year

Oh, that's great. Sent. Congratulations.

0.00 VYB

[-]

imaima last year

Really an amazing experience. It must have been really exciting for the participants in the CTT podcast to receive $BTC so quickly and easily, especially for those who had never owned any before just like me. And you're right, not having to worry about fees is definitely a major advantage of using Hive. It sounds like the BTC Wrap project is a great way to introduce more people to the benefits of cryptocurrency.

VSC Network's approach to Bitcoin wrapping seems very comprehensive and user-friendly. The ability to deposit $HIVE into BTC and redeem it into other wallets or exchanges gives users more flexibility and control over their assets. It's also great that users can unwrap their BTC whenever they want to. I think this will encourage more people to use the VSC network and Hive Blockchain.

It's also impressive how the VSC Network is addressing the issue of counterparty risk and the security of wrapped assets on Hive. And it's really exciting to hear that this project could lead to more layers of BTC combining. It's clear that the developers are really focused on making this a robust and reliable solution for users.

Cheers to a great future and the possibilities of innovation in this space.

0.03 VYB

2 votes

[-]

uyobong last year

Being able to earn tiny fractions of BTC at this time that BTC is beginning to gain traction is amazing. The VSC contracts is redefining smart contracts engagements as well as blockchain use cases. Welcome aboard!

0.00 VYB

[-]

etorobong last year

What an incredible revelation! I was fortunate enough to experience this groundbreaking innovation firsthand. Receiving my very first Bitcoin on the Hive blockchain through the VSC Network was both exciting and enlightening. Having the privilege to be a Witness to the rapid 15-second transfer without any fees was truly a remarkable experience for me, as someone who has been hearing about Bitcoin but doesn't have any experience or taste of what it is, the opportunity to have the little one was really an amazing one for me.

This development truly expands the reach of Bitcoin, making it more accessible to everyone irrespective of their financial status and eliminating the barriers and heavy fees that come with high transaction costs. The convenience of micropayments with Bitcoin is a game-changer, enabling transactions as low as 5 Cents really makes sense as individuals who are actively engaging in microblogging on the hive blockchain can now earn a small amount of Bitcoin as reward.

VSC Network's approach to Bitcoin wrapping, the seamless transfers, and the emphasis on security through smart contracts are groundbreaking. Their vision for the integration of Bitcoin layers into the Hive blockchain heralds a new era of possibilities, offering flexibility, accessibility, and ease of use for developers and users alike.

For those curious about their first BTC experience on Hive and how to go about it, I really encourage diving into this transformative and game changing innovation. This approach taken by VSC Network, backed and supported by @threespeak and the Decentralized Hive Fund, holds profound promise in reshaping and redirecting the idea of crypto adoption and digital ownership. It's an exciting time for everyone no matter your level of finance to witness the convergence of technology and usability, all in service of enhancing the user experience within the blockchain realm.

Cheers to the exciting future of blockchain innovation!

0.07 VYB

3 votes

[-]

uyobong last year

It is really a great time to be a part of the blockchain and web3 world. Thanks to the Hive protocol that demystifies everything. @vsc.network has proven that anyone can create value within the Hive infrastructure that can give solutions in the entire web3 space. It's a great beginning.

0.00 VYB