Emerald DAO: Exploring The First CashTokens DAO and NFT!
Cashtokens Are Unleashing Bitcoin Cash's Untapped Potential!
The CashTokens upgrade went live on May 15th, marking a new era for Bitcoin Cash introducing Ethereum's capabilities (smart contracts, NFTs, tokens) on a fast and reliable blockchain.
Emerald DAO by @bitcoincashautist is one of the first Cashtokens developments, indicating what we should anticipate from CashTokens.
With Emerald DAO, users can lock a small amount of Bitcoin Cash and receive an NFT which they can burn one year later to receive the full amount back.
We explore the DAO and explain in steps how to use it to lock 0.1 BCH (~$11.6) and receive the first NFT on Bitcoin Cash.
We also expand into the threats that will appear and catch a glance at the CashTokens Web Wallet by Mathieu Geukens.
The Emerald DAO
There is still time to mint an Emerald DAO NFT since, so far, just 135 out of 2000 were minted.
@bitcoincashautist developed the DAO to demonstrate the new Bitcoin Cash smart-contract capabilities with the Cashtokens upgrade.
At this initial stage of Cashtokens, users will find it difficult to interact with platforms, mint NFTs, and transfer tokens between wallets, but within the next few months, all services will improve. Everything will be friendlier and easy to use as new developments emerge.
The creator of Emerald DAO has no financial incentive and even funded the DAO with 2.5 BCH.
We guide the reader on how to mint the Emerald DAO NFT using the Paytaca Wallet browser extension (Chrome).
Minting Emerald DAO NFTs Guide
Installing Paytaca On Chrome
First, we needed the Paytaca extension to mint the NFT and lock our BCH to Emerald DAO for one year.
Paytaca will have to fix some bugs on the official release of the browser wallet, so for the time being, the version that works with Emerald DAO (and the one we use in this presentation) can be downloaded from Paytaca's telegram channel on this link:
https://t.me/PaytacaWalletApp/3366
This is the fixed version by developer "mainnet_pat", which allows minting the Emerald DAO NFT and locking BCH to the DAO.
To add the extension on Chrome (after downloading) we take these steps:
1) Visit: chrome://extensions/
2) Press the "Load Unpacked" button
3) Select the downloaded folder and load the extension
With this procedure, we enable the Paytaca Wallet extension on the Chrome browser.
After installing the Paytaca browser wallet, we can create a new wallet or recover one we've previously used with our seed phrase.
Note:
Don't forget to extract the private keys or seed phrases to our wallets, write them down and store them securely, so we can access the funds in our address at any point later. If we don't save the seed phrases or private keys we will most likely lose access to our funds.
Interacting With Emerald DAO Using The Paytaca Browser Wallet
We plan to lock 0.1BCH on the DAO but also need a small BCH amount for fees. This amount should be close to one cent, although Bitcoin Cash fees are constantly lower than that.
We fund our Paytaca wallet with 0.101BCH and visit Emerald DAO.
We connect with Paytaca and approve the connection with our wallet:
Emerald DAO is now connected.
At this point, we have to underline that this is a perfect example of the newfound Web3 capabilities of Bitcoin Cash and presents the vast potential of the network.
After funding our address on the Paytaca Wallet, the connected DAO will display our balance.
We select "MINT NEW NFT" and sign the message on Paytaca.
* Signing will (currently) work only on the version mainnet_Pat provides, allowing us to mint the Emerald DAO NFT and lock 0.1BCH.
After signing the message, the DAO page displays our NFT, and we immediately become part of the beginning of Cashtokens on Bitcoin Cash.
We now take part in the history of Bitcoin Cash as we mint the first-ever Cashtokens NFT!
Investing Risk (Scams That Will Emerge)
Soon various projects (NFTs, tokens, DEXs) will flock in Bitcoin Cash, but we should be cautious with their promises.
Trusting a dev (anon or not) is not a requirement when we have a ready product, but what happens when an unknown dev suddenly appears with a low-cost product and backing the funds they request with promises of future developments?
Any person that posts with a different anonymous nickname and asks for funding promising that one day they will deliver a DAO, a prediction's market, a DEX.
With a reputation at stake, investors will feel more confident to invest and support a project. Without putting reputation on the line, doubts emerge as the true intention of developers is unclear.
The issue is new anons making promises of remarkable developments when they only submitted an unattractive NFT collection (which they call art), and all the above while asking for 1400 BCH for the collection.
The red flags are obvious whenever we meet such projects. Suspicions will clear only when they deliver what they promised. Until then, it is a huge gamble for investors.
Even if this is a known person within a small circle of a community, it only generates suspicions on the actual purpose as to why they are afraid to put their reputation at stake.
Investing risk contains several factors we should explore and strategies to exercise, as any investment can lead to a loss.
Always DYOR and be reasonable. If something doesn't look right, then the risk increases exponentially.
Cashtokens Web Wallet
Users should be aware when searching for a CashToken wallet as fake wallets/services have already appeared.
Besides Paytaca which we explore here, a "legit"CashTokens (non-custodial) browser wallet is :
CashTokens Webwallet, by Mathieu Geukens
We can easily create a new wallet and store our seed phrase.
Electron Cash also integrated Cashtokens with the latest version (4.3.0).
All Bitcoin Cash wallets support self-custody and promote economic freedom. More wallets will follow and support the exchange of tokens and NFTs on the Bitcoin Cash network.
Closing Thoughts: Why CashTokens Matter
(on Twitter)
The Emerald DAO by @bitcoincashautist inspires confidence in the new capabilities of the most robust decentralized blockchain, Bitcoin Cash.
Imagine Ethereum but without the high fees and clogged network.
(On DeFiprime)
This failure of Ethereum will never occur on Bitcoin Cash. Developers and users will always find reliable fees of less than $0,01 with instant transaction speed (no RBF, 0-conf).
Imagine Solana or Polygon, but decentralized, faster, and cheaper when transacting.
(on Twitter)
All Ethereum clones (Solana, Avalanche, Polygon, BSC) suffer from the vulnerability of centralization. A team controlling the network (a network that sometimes needs a reset) is not where the future lies.
Imagine Polygon and Solana, but with decentralized miners securing the network and validating transactions.
Cashtokens unleash the untapped potential of Bitcoin Cash.
If anyone has Cashtokens to give away here is my Address:
bitcoincash:zr4gpnc5y7rl760nalgca5lgj6423qjrmypgq4j70c
Useful links:
CashTokens Official Website
CashTokens on Reddit
CashTokens on Telegram
Bitcoin Cash (info)
Bitcoin Cash (org)
Bitcoin Cash (CoinGecko)
Cover picture on Pixabay
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Is not possible use electroncash 4.0.3 for this