Unlocking Decentralized Finances on Bitcoin Cash: Introducing Emerald DAO On CashTokens
It feels like an eternity since I last posted here on read.cash, but only a few days have passed, and today I have some news for my readers. If you are connected to Bitcoin Cash, you may have noticed that an update has allowed for the first time the launch of two types of tokens directly on the Bitcoin Cash Blockchain: tokens and NFTs, designated as CashTokens.
This paves the way for the existence and exploration of decentralized finance projects on the Bitcoin Cash network using CashTokens, something unimaginable not long ago. It will enable a significant number of projects to stand out on the network and launch products with users and developers benefiting from low fees, speed, and financial efficiency, as the Bitcoin Cash network was designed to work in the best possible way for people.
One of the projects that is attracting attention on social media, at least on Twitter and Telegram, is the Emerald DAO, which is the first DAO project operating on the decentralized finance network of Bitcoin Cash using CashTokens. The project is created by prominent figures in the community and has a unique concept.
But what is the Emerald DAO?
To understand the project, let me first ask a hypothetical question that I'm sure every adult has had the privilege of facing in life: opening a bank account and having a term deposit. I believe that many have had or currently have a term deposit account because they are attractive and allow the client to earn a few bucks of monthly or annual profit just by leaving the money in the bank, accumulating dust.
Now, we all know that the bank is a traditional financial institution, which means that customers need to create an account using an identification document to access the services and undergo an evaluation by the bank to verify if they have sufficient funds to maintain the account. After all, only those who have something to keep open an account. With EMERALD DAO, everything works innovatively within the Bitcoin Cash ecosystem using CashTokens, and best of all, decentralized.
The Emerald DAO is a digital safe created for users to store their Bitcoin Cash for a certain period of time (in this case, until the next upgrade of the Bitcoin Cash network) and earn interest on the deposited Bitcoin Cash. The project allows deposits starting from 0.10 BCH into the safe and, in return, offers a Non-Fungible Token key that can be used to open the safe after the necessary time has passed.
The NFT serves as proof of deposit and also as a key to access the safe where the Bitcoin Cash is stored. It can be traded, stored, or transferred to third parties, thereby transferring ownership proof to others.
Still not clear? Let me summarize!
Emerald DAO is a system that allows people to deposit Bitcoin Cash and earn rewards for doing so. It functions as a safe where you can store your money for a certain period of time. When someone deposits money into the safe, a virtual safe is created with a special key (NFT) that can only be opened when the defined time has elapsed.
This key functions like a digital collectible card that the user receives, and at the end of the defined time, you have two options: burn the card to open the safe and access the deposited money and rewards, or you can keep the card as a collectible item.
Therefore, Emerald DAO is the first project of its kind to operate on the decentralized finance network called CashTokens, giving users the authority to store Bitcoin Cash for a certain period of time and, in return, receive an NFT card/key that is used to open the digital safe after the required allocation time has been reached.
It's an innovative and unique concept on the Bitcoin Cash network using CashTokens, and I sincerely hope that more projects will debut on the network, allowing more people to have access to decentralized finance, with low fees and exceptional execution speed.
Oh, you thought I was done? Not yet! After all, the protocol is new, and everything new attracts scammers and impersonators who will do anything to steal money from unsuspecting individuals, so pay attention and stay alert to the wallets that currently support CashTokens:
And one more thing, help remove the Electron Cash wallet's name that was recently mistakenly flagged by Cloudflare Radar as phishing domain and categorized as a safe and reliable domain for financial products. After all, Electron Cash Wallet is one of the best open-source wallets operating in the Bitcoin Cash space. Every support is needed.
Finally, to wrap it up, the Bitcoin Cash ecosystem has become even more robust with the deployment of the CashTokens protocol, allowing the inclusion of more people in the space and enabling a broader range of products necessary for personal financial decentralized living. And the Emerald DAO is a practical example of that: a digital safe with an NFT key to open it at the end of the required time.
Emerald DAO Minting instructions: Here.
For more concerns and Info: https://twitter.com/bchautist He's one of the Emerald DAO creators.
Stay tuned, there's always something to be shared!
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