Tech

BH Network BHAT TGE - The First Elrond Project Managing Tokenomics Using 16 Multisig Smart Contracts

Steve Talbot on 2nd April, 2022

We are glad to announce that our BHAT token has officially added its first footprint on the Elrond Network blockchain.

Quick navigation

  1. BHAT TGE - The BH Network Token Generation Event
  2. BHAT-c1fde3
  3. Why Should you Know and Check the Token ID - Especially as a Regular User?
  4. What is a Multisig Smart Contract, and Why are They Important?
  5. How Has BH Network Improved an Already Safe Process?
  6. The 16 Multisig Smart Contracts
  7. A. Unvested Tokens Multisig Smart Contract Addresses
  8. B. Vested Tokens Multisig Smart Contract Addresses
  9. Conclusion

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.

BHAT-c1fde3

BHAT

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:

  • BHAT-c1fde3
  • Ticker - Token Unique Identifier (Uniquely Protocol Generated Part)

I.e.:

  • 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.

Beware of fake tokens

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.

Vesting

A. Unvested Tokens Multisig Smart Contract Addresses

Staking Rewards - Unvested

erd1qqqqqqqqqqqqqpgqrg6hj7pvwvu8ph0wjnj57mn8hwl4a9xdm0qsp0e4a6

Liquidity and Exchange Listings - Unvested

erd1qqqqqqqqqqqqqpgq58gew3q4mldmu9ggwtvx6ygfhe728fdfm0qsgcmdhu

Public Sale - Unvested

erd1qqqqqqqqqqqqqpgq562wlzndcxjjf5mfrhlxxkkyq0j5f7tfm0qscdrau6

Private Sale - Unvested

erd1qqqqqqqqqqqqqpgqkl242f8m3tkd5cgvstjkwfzvu93try0em0qsdejff7

Team - Unvested

erd1qqqqqqqqqqqqqpgqe38ry6970g72mkc9achtlh5th42kz8hgm0qstluvzw

Advisors - Unvested

erd1qqqqqqqqqqqqqpgqw26kqrsjz9jclhwyyllytvaw0w3wtdttm0qs7vrez8

Marketing - Unvested

erd1qqqqqqqqqqqqqpgq628kr49cdx47ek6txz5xcll9a4mzzvrkm0qslrx6e6

Project Treasury - Unvested

erd1qqqqqqqqqqqqqpgqwz6sk8cw8xyqvzgq59zty2cs7zvn2hfzm0qscrspuw

B. Vested Tokens Multisig Smart Contract Addresses

Staking Rewards - Vested

erd1qqqqqqqqqqqqqpgqudc36xcksj5ffll0q6q8mu3zwpxrc4lvm0qshsu2dd

Liquidity and Exchange Listings - Vested

erd1qqqqqqqqqqqqqpgqx3zphwjw0g9mzlv98pww0d4e9fs0j4uqm0qsnv29wj

Public Sale - Vested

erd1qqqqqqqqqqqqqpgqpqqe4x5wfplfzq9yvsvnz0cdg0c8f6xqm0qsrmg2e7

Private Sale - Vested

erd1qqqqqqqqqqqqqpgqrzlgt3u2hweewtlaavddyv34tx7shf2mm0qsjfy5qx

Team - Vested

erd1qqqqqqqqqqqqqpgqf0jszppsc05sxwcsq83qvj7q5ujfw75nm0qs4stgw3

Advisors - Vested

erd1qqqqqqqqqqqqqpgq3zujc8l59avnnxkt5v3nm8u4h3hlsmkhm0qs3gmlal

Marketing - Vested

erd1qqqqqqqqqqqqqpgqnsg9lchd9e37qeje3vkrn20d42tsdfcgm0qsk6unxm

Project Treasury Vested

erd1qqqqqqqqqqqqqpgqq7m2geyu68ekf4jxj74jdqj7zhu85eekm0qs0t3d7j

Here are the UNVESTED Tokens Multisig Smart Contract Addresses under the Accounts of BHAT token on Elrond Explorer.

UNVESTED TOKENS

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.

Conclusion

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.

Steve Talbot
CIO - Editing Director
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