What’s next for CashHand?
CashHand (CHND) must be a leader in innovation to become a widely used digital asset.
The best way to achieve that is by focusing on building new technology that attracts customers in the Decentralized Finance (DeFi)
space rather than maintaining an entire codebase just to run our own blockchain.
This will allow the developers and management to focus on features, tools, and services that they can offer through other existing networks.
The CashHand Team has decided to migrate the chain to the Binance Smart Chain (BSC)
so that the development team can focus on new products in the DeFi Ecosystem while continuing to provide value to our current community.
Blockchain: An Evolving Industry
New projects, services, and technologies appear every day with innovative ways of using blockchain. DeFi is a service that is experiencing exponential growth.
The concept refers to the ecosystem of financial applications built on blockchain as an alternative to traditional financial systems.
This sector’s market cap grew from $500 million to $10 billion in 2020.
Some use cases for DeFi are borrowing, lending, monetary services, decentralized marketplaces, lotteries and many more.
DeFi applications involve creating and using smart contracts.
A smart contract is a computer protocol designed to digitally facilitate, verify and enforce a contract without a third party. It is faster and easier for everyone.
Binance Smart Chain: the new home for CashHand
Binance was founded in 2017 by Changpeng Zhao, with the goal of becoming the world’s leading exchange.
It was at the top three global exchanges, with a market capitalization of $1.3 billion in less than 5 months after its launch.
Its user base grew from two million to 10 million users in six months.
This rise was possible due to its infrastructure; the platform has the ability to handle 1.4 million orders per second.
Binance released BSC as a competitor to Ethereum in September 2020 with significantly lower transaction fees.
BSC supports features such as Trezor and Ledger support, integration to light wallets such as Trust Wallet, Exodus, and many more.
Why migrate?
Decentralized Applications, Oracles, Decentralized Exchanges, Automated Market Makers are examples of products and services backed by
companies that invest millions of dollars a year.
It is smarter for the CashHand Project to take advantage of these services rather than assume these ecosystems will be able to migrate into our chain.
Decentralized Finance is taking the world by storm, and we are excited to bring CashHand values and spirit into this world.
The CashHand Team is convinced that evolving the project to keep up with demand and market conditions while keeping
its core identity is key to ensure the long-term sustainability of the project and it is in the best interest of our stakeholders and long-term supporters.
Participating in this new chain with support for smart contracts will allow CashHand to create innovative use cases and add new features to our token,
bringing a level of usability and scalability that has never been seen before in our chain, and that will make our project more competitive and interesting for new investors.
By not having to maintain a network (this includes wallet updates, block explorers, full nodes), developers can focus on building better on-chain and off-chain services that make use of CashHand.
Building new technologies on the BSC is cheaper, increasing return on investment and value to our community across all decentralized services and applications.
One door closes, ten more open
When migrating to Binance Smart Chain (BSC), there are some initial benefits for the project, such as:
° Standard integration into popular hardware wallets: Trezor and Ledger support from day one.
° Standard support on industry-leading wallets such as Metamask and Argent Wallet.
° Adding support for new exchange listings is easier, faster and cheaper for the project as exchanges start adding DeFi features and interest in the BSC increases.
° CashHand exchange listings integration prices have increased tenfold and the process is slow.
° It will allow CashHand Token to interact with quality services like Pancakeswap, Burgerswap and others that exist on Binance Chain.
° Opens our project to a whole new community.
° From a technical team perspective, there are also some current limitations that are improved by migrating to the new chain.
° By not having to maintain a network (this includes wallet updates, block explorers, full nodes), developers can focus on building better on-chain and off-chain services that make use of CashHand.
Building new technologies on the BSC is cheaper, increasing return on investment and value to our community across all decentralized services and applications.
Building on BSC will allow CashHand to become part of the extensive Binance ecosystem. This will expose the project to a new community of users.
A new block reward structure will be proposed by the CashHand Team as masternodes and staking will no longer serve a functional purpose in the new chain. Staking will be maintained for our current community to migrate.
We will perform a 1:1 Manual swap to be fair to the entire CashHand community
