BHAT TGE - The BH Network Token Generation Event
We are glad to announce that our BHAT token has officially added its first footprint on the Elrond Network blockchain. Happy mint day, dear early adopters; thanks for trusting us and making it possible; we would not have been here without you, the visionary community.
The BHAT Token is Minted With the Following Token ID.
Please keep this token ID in mind because just knowing it, you can check the authenticity of the BH Network’s BHAT token.
Elrond Network does not use Smart Contracts to mint tokens like Ethereum and its forked Networks because ESDT Tokens (the tokens built on Elrond) are built directly into the protocol.
On Ethereum, people check the Contract Addresses to check the authenticity of a token. On Elrond, people need to check the Token ID.
Why Should you Know and Check the Token ID - Especially as a Regular User?
The answer is simple - to avoid scams.
There might be places where the devs of a dApp don’t have a whitelisting system, and scammers can list their fake token with the same name as the legit token.
Or when people use over-the-counter trading at their own risk (we don’t recommend it) and get a token that might look like the one created by the real business that initially minted it.
Good news! A Token Unique Identifier can’t be faked.
Again, keep in mind the BHAT token identifier:
- Ticker - Token Unique Identifier (Uniquely Protocol Generated Part)
- BHAT (Ticker)
- c1fde3 (Token Unique Identifier)
Even if people can copy the Ticker to create confusion and scam people, the Token Unique Identifier can not.
Using the official Elrond and Elrond Partners dApps should not be a problem. They use a tremendous whitelisting system that checks the Projects’ tokens and marks them accordingly to secure people from getting scammed.
Now that you know how to stay safe, it is time for the best part:
What is a Multisig Smart Contract, and Why are They Important?
Firstly, Transparency is vital for the trust of a Project’s team. Tracking the tokenomics buffers and the vesting process is fundamental.
Secondly, the Security of the tokenomics buffers is vital for a project's health. There should not be just a single control point for such an amount of funds to avoid multiple undesired results.
Simply put, a Multisig Smart Contract works like a regular address, but it requires multiple parties to sign any action from that address preventing a rogue or hacked individual from performing detrimental actions.
For more detailed info regarding the Multisig Smart Contract Click Here.
How Has BH Network Improved an Already Safe Process?
BH Network is the first Project on Elrond Network to use the Multisig Smart Contract to secure the whole tokenomics. We are also the first project to use 16 Multisig Smart Contracts, one to map each tokenomics buffer.
We have transparently used multisigs to map both unvested and vested tokens to offer a clear view of the tokens migration and vesting process.
The 16 Multisig Smart Contracts
Finally, now that you have seen how we secured and spread the whole tokenomics buffers, it is time to meet the 16 Smart Contract Addresses.
We will migrate the tokens from Unvested Tokens Smart Contract Addresses to Vested Tokens Smart Contract Addresses based on the vesting schedule.
A. Unvested Tokens Multisig Smart Contract Addresses
Staking Rewards - Unvested
Liquidity and Exchange Listings - Unvested
Public Sale - Unvested
Private Sale - Unvested
Team - Unvested
Advisors - Unvested
Marketing - Unvested
Project Treasury - Unvested
B. Vested Tokens Multisig Smart Contract Addresses
Staking Rewards - Vested
Liquidity and Exchange Listings - Vested
Public Sale - Vested
Private Sale - Vested
Team - Vested
Advisors - Vested
Marketing - Vested
Project Treasury Vested
Here are the UNVESTED Tokens Multisig Smart Contract Addresses under the Accounts of BHAT token on Elrond Explorer.
The VESTED Tokens Multisig Smart Contract Addresses are not listed here because they are not “BHAT Containing Addresses” until the tokens are vested into them.
Here at the BH Network Hub, we take security extremely seriously and want to take full advantage of the assets provided by Elrond Network to ensure safety for our project and investors and we will do everything possible to make sure that is a reality.
To learn more about BH Network, please visit our Telegram chat.