SatoshiChain: Uniting Bitcoin & DeFi — Exploring Testnet, Airdrop, and Mainnet Launch | by GrandpaJay.eth | Coinmonks | May, 2023
SatoshiChain, an innovative EVM-compatible blockchain leveraging Bitcoin as the base layer token, is making waves in the world of decentralized finance (DeFi). With its Mainnet launch on June 1st, 2023, SatoshiChain aims to revolutionize DeFi by integrating Bitcoin into the ecosystem seamlessly. This article will provide an in-depth guide to SatoshiChain, its Omega Testnet update, the Incentivized Testnet and Airdrop Campaign, and the upcoming Mainnet launch.
SatoshiChain aims to revolutionize Bitcoin’s utility by expanding its use cases beyond just being a store of value. By wrapping their $BTC into SatoshiChain smart contracts, Bitcoin holders can receive Satoshi ($SAT) PoS tokens in return, with 1 BTC equating to 100 million $SAT. These $SAT tokens will enable users to access a wide range of decentralized products and services on the SatoshiChain blockchain, indirectly powered by their original Bitcoin investment.
Some of the potential use cases for SatoshiChain include:
- Utilizing advanced financial instruments such as staking, lending, borrowing, and liquidity mining.
- Participating in the rapidly growing GameFi sector and connecting with the blockchain gaming community.
- Trading tokens on decentralized exchanges and speculating on their value.
- Becoming part of the upcoming revolution through SatoshiChain-enabled NFTs.
- Participating in decentralized autonomous organizations (DAOs) and funding entire communities.
- Engaging in the NFT market by minting and exchanging NFTs while paying gas fees with $SAT.
SatoshiChain presents a unique approach to blockchain technology by incorporating a modified PoA Clique algorithm and initially operating under a Proof of Authority (PoA) stage, which eventually transitions to a fully decentralized Proof of Stake (PoS) system. This innovative design allows the platform to be secure, flexible, and interoperable, making it an ideal solution for decentralized applications.
SatoshiChain is built using a modified version of the PoA Clique algorithm, initially featuring a fixed number of 100 validators. The PoA stage lasts for approximately 12 to 18 months before transitioning to a fully decentralized PoS system. This transition ensures decentralization and fairness for all participants.
SatoshiChain is designed with interoperability in mind. This means, allowing for seamless communication between multiple blockchain networks. This cross-chain capability enables users to easily interact with various blockchain networks and assets, simplifying the process of managing and utilizing multiple cryptocurrencies. This feature not only improves user experience but also fosters increased collaboration and innovation within the blockchain ecosystem.
SatoshiChain plans to integrate advanced privacy and security features, such as zero-knowledge proofs and confidential transactions, during the PoS stage. These features will enable users to conduct transactions and interact with smart contracts without revealing sensitive information, providing enhanced privacy and protection for users on the platform.
In summary, SatoshiChain seeks to turn Bitcoin, a single-purpose cryptocurrency, into a DeFi powerhouse. If successful, SatoshiChain could become a strong contender among the leading smart contract platforms in the blockchain ecosystem. By offering a wide range of decentralized products and services, SatoshiChain aims to unlock the full potential of Bitcoin and transform the way we use cryptocurrencies.
SatoshiChain has successfully completed its latest Omega Testnet update, which brings significant improvements in security, stability, and performance to the Testnet environment. This update aims to create a more accessible and efficient platform for developers to build and test decentralized applications.
The initial testnet phase for SatoshiChain was a massive success, with a high level of user engagement and participation. The statistics — over 130,000 wallets created, 3.5 million transactions processed, 12,000 contracts deployed, and thousands of NFTs minted. This demonstrates the excitement within the community.
As a developer or user on SatoshiChain, you can easily connect to the updated testnet and access the testnet faucet to get test tokens. It is very easy to start building and testing your applications on this improved platform and become part of SatoshiChain’s growing community.
Step 1: Visit the Metamask website (https://metamask.io) to install the extension, create a wallet, and secure it with a password and seed phrase.
Step 2: Connect to SatoshiChain Testnet After installing Metamask, follow these steps to connect to the testnet:
- Open Metamask
- Click the three dots in the upper right corner
- Select “Custom RPC”
Fill in the details for the SatoshiChain Testnet as follows:
Network Name: SatoshiChain Testnet
RPC URL: https://rpc.satoshichain.io/
Chain ID: 5758
Block Explorer URL: https://satoshiscan.io
Step 3: Acquire Test Tokens from Faucet Visit the faucet website (https://faucet.satoshichain.io) to receive test tokens for the SatoshiChain Testnet.
SatoshiChain is launching an Incentivized Testnet and Airdrop Campaign to reward early supporters and increase the distribution of the project’s governance token. Participants can complete tasks to qualify for the airdrop, including joining Telegram and Discord groups, following SatoshiChain on Twitter, connecting to the testnet, requesting SATs, trading assets, and developing dApps.
SatoshiChain’s airdrop is an excellent opportunity for those interested in the project to earn free tokens and become more involved in the platform’s development. The airdrop aims to incentivize testnet participation, development of dApps, and overall community engagement. To be eligible for the airdrop, users should complete the following tasks:
- Connect to Zealy and participate in the SatoshiChain Quest Board: https://zealy.io/c/satoshichain/questboard
- Join the SatoshiChain Telegram group: http://t.me/SatoshiChain_Portal
- Join the SatoshiChain Discord server: https://discord.gg/t74zRMnp5v
- Follow SatoshiChain on Twitter: https://twitter.com/DeFi4BTC
- Connect to the SatoshiChain Testnet: https://satoshichain.medium.com/connecting-to-the-satoshichain-testnet-a697ffec0963
- Request SATs from the faucet: https://faucet.satoshichain.io/
- Trade an asset, add liquidity, and test functionality on the SatoshiX exchange: https://satoshix.io
- Develop dApps, deploy smart contracts, and add new protocols to the SatoshiChain ecosystem.
- Identify and report bugs, security flaws, and other problems with SatoshiChain.
The more active you are in the SatoshiChain testnet, the more likely you are to receive a larger amount of $SC tokens. As the mainnet launch approaches, the team will announce further details about the airdrop allocation, reward points, and the number of $SC tokens each participant is eligible for.
By participating in the airdrop process and engaging with the SatoshiChain community, you can learn more about the project and contribute to its growth.
The SatoshiChain Governance Token Sacrifice Event is a unique opportunity for users to acquire SatoshiChain Governance tokens ($SC) by “sacrificing” or contributing other cryptocurrencies during a specified window of time. The purpose of this event is to distribute $SC tokens to a wider audience, increase awareness of the project, and potentially attract additional developers and users to the ecosystem.
During the Sacrifice Event, participants will be able to send various cryptocurrencies, such as Bitcoin, Ethereum, or other popular tokens, to a designated address or smart contract provided by the SatoshiChain team. In return, they will receive $SC tokens based on the value of their contribution, determined by a predefined conversion rate.
SatoshiChain is making a last call for validator node operators, with a few remaining validator slots available for the Mainnet launch. To learn more about this opportunity and apply, check
SatoshiChain is set to disrupt the DeFi space by integrating Bitcoin into the ecosystem, offering users a secure and scalable platform to build and test decentralized applications. As the Mainnet launch approaches, the project continues to gain traction and garner support from the community. To stay up to date with the latest developments and join the growing community, connect through the following channels:
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