Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Crypto has come a long way and one of the most important aspects that made the crypto industry so popular today is the growth and efficiency it has shown over the past few years when it comes to smooth and seamless transactions. From time to time many crypto exchange platforms have come up to ensure that proficiency only increases. Hashbon Rocket is one such DEX platform.
Hashbon Rocket is the first of a new series of DEX cards. While Uniswap lets you swap one ERC-20 token for another, Hashbon Rocket lets you swap any ERC-20 token for any BEP-20 token and vice versa. As a result, they’ve built a true decentralized cross-chain exchange. So let us learn about this true cross-chain decentralized exchange and its token.
Why Do You Need Hashbon Rocket?
The Ethereum blockchain has just begun to reach its capacity limit, causing gas costs to rise. As a result, it became prohibitively expensive for average users, causing Binance Smart Chain's popularity to skyrocket. As a result, numerous projects on the BSC have released new versions of their tokens. This is where the issue becomes apparent: Because traditional DEXs like Uniswap and PancakeSwap only offer exchanges within one blockchain, exchanging ERC-20 tokens for tokens produced in BEP-20 format in a decentralized way is a time-consuming operation.
And for that, you need a solution like Hashbon Rocket. The main things that you should know about the project are:
- Decentralized exchange of any ERC-20 token for any BEP-20 token and vice versa.
- A decentralized network of Arbiters.
- An innovative and state-of-the-art solution for cross-chain swaps.
Hashbon Rocket has a Proof of Stake consensus technique in which multiple Arbiters make decisions, the weight of which is determined by their HASH Token ownership. The more they share, the greater their voting power and the higher their compensation for a correct response. This also means that the larger the penalty for making a mistake, the higher the penalty.
CDEX smart contracts must be similar on each chain facilitating the exchange (for the first product version, these are Ethereum Mainnet and BSC). All information about CDEX activities is maintained in a decentralized database as arrays of structures in these contracts, and transactions are only possible via their methods.
Here’s How the Algorithm of Hashbon Works
Swapping ERC-20 for BEP-20
- The Liquidity Provider creates an Offer in the BSC contract to swap tokens according to certain specifications, and the number of tokens to be swapped is deducted from the exchange service balance and credited to the contract balance.
- In the BSC contract, the Client identifies the Offer and submits an Order to purchase the desired number of tokens.
- On Ethereum Mainnet, the Client creates a Payment, and his tokens are credited to the exchange service account.
- On the BSC, the Client marks the Order as paid.
- The Arbiters compare the Order to the Payment and decide whether or not to transfer the purchased tokens to the Client if the payment is successful.
- The Arbiters vote on whether or not to transfer the tokens to the Client based on the decision, implementing a procedure in the BSC contract.
- The final voting transaction transfers the tokens to the client once the voting is completed.
What Are Hash Tokens?
HASH is a BEP-20 and ERC-20 utility token that powers the Hashbon FiRe crypto payment ecosystem, which includes both DeFi and CeFi products. HASH Tokens are required by Liquidity Providers to pay commissions in HASH Tokens to Arbiters for conducting transactions.
Arbiters require HASH Tokens because they must purchase and stake HASH Tokens. The stronger the power of an Arbiter's judgment and the larger his portion of the payment from LP, the more HASH Tokens he has.
Token holders vote on important issues in the DeFi platform. The voting is free, however, there is a cost to start the process. Demand for HASH Tokens will be created through future services such as Launchpad, DeFi financing (bonds), and staking of third-party tokens. You'll need HASH Tokens to issue bonds on the platform if you want to do a crowd sale.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.