The mainnet for the VSC network is about to go live. It is looking like the timeline is within the next 30-45 days.
This is a sidechain that is a long time coming. Over the next 12-18 months, after release, we should see the functionality surrounding the Hive ecosystem really expand.
In this article we will discuss some of the features that will be operational immediately along with some of the longer term plans.
VSC Mainnet Going Live: 30-45 Days
To start, we are looking at 3 major features which will be available to users. The network is going to have a frontend that provides access. Again, over time, things will expand to provide different wallet capabilities along with the ability to build upon the network.
Let us take a look at each of these:
EVM Wallet Compatibility
The first feature that should garner attention is the integration of EVM wallets. This means that one can access some Hive features using a Ethereum account. At the same time, there is the direct ability to hold Hive coins (HVE and HBD) in that wallet.
This is an important feature when looking at future rollouts which will be explained when we cover some of the roadmap. It will tie into onboarding and DeFi.
Smart Contracts
VSC will provide developers with smart contract capability. This means that, like the EVM, projects can design their own contracts to suit their purposes.
Obviously, this expands what platforms or applications choose to incorporate. We see the success of the Ethereum chains and how they draw a great deal of development.
One of the keys is the language. Ethereum developed its own language called Solidity. Anyone who is building on there has to be familiar with it.
VSC is following the trend towards web assembly. Languages such as Golang and Assemblyscript are available. This means coders will operate in languages they are familiar with. On top of that, all the libraries associated with these languages are available.
Staked HBD
This is a big step into decentralized finance (DeFi). The ability to stake HBD while maintaining transferability is big.
Anyone who follows the crypto space knows how much attention staking is getting. Hive already offers this to a degree with HBD in savings. The challenge here is the lack of transferability. Once the HBD is staked, it cannot be moved.
With the feature VSC built, HBD can be staked on the network and transferred to other wallets in that state. There is no need to move tokens to liquid form.
Here we are looking at a derivative that can be used for payments, collateralization and other financial features.
Benefits Of VSC
VSC is developing a system similar to Hive with regards to network access. Unlike the traditional EVM, which has direct transaction fees, VSC will use a non-transferable token system similar to resource credits. Anyone who used the Hive blockchain is familiar with this.
The one difference with VSC is that, instead of HIVE, HBD will be the coin used to generate the resource credits. This means that we have a system without direct transfer fees (although that option can be selected).
Why is this important?
One of the biggest drawbacks to many networks is the cost to access. Over the years, Bitcoin and Ethereum prices can get rather elevated when the networks are busy. The latter is trying to address this yet it is still problematic.
Many of the Ethereum forks have much lower fees. This is a step in the right direction and certainly valuable for financial transactions. However, as we extend outside that realm, we see issues. People will not pay even a portion of a cent to leave a comment or upvote a video.
Roadmap
One of the goals of VSC is to open Hive up global liquidity.
Eventually, a series of tokens will be added. As we can guess, the EVM arena is the first target. After that, would will see Bitcoin, Litecoin, and potentially other forks of that network. Hopefully, people see the value of a "wrapped Bitcoin" in this situation.
Another feature on the roadmap is a decentralized exchange (DEX). There is not a lot of use in having a series of tokens if nothing can be done with them. A DEX is a crucial component to any network.
VSC is going to set on up complete with automated market makers (AMM). This should help to reduce the spread on many coins, including HBD and HIVE.
With a primary focus of onboarding, community tokens, and liquidity access, the future features will enhance these areas. Each will be valuable as the vision of the network unfolds.
The Vision
It is easy to see VSC as a bridge for Hive. In the near term, this is what it accomplishes. This extends Hive to the rest of the crypto world, allowing for bilateral activity. Users of Hive can reach the outside world while capital, both human and monetary, can enter.
If we step back, we have to overlook just the financial component. Ultimately, the goal of VSC is for it to be a hub for Hive. In this manner we can see payments, DEX, and, most importantly, applications built on it. The latter could be in any sector, including gaming or social media.
Another way of viewing this is a blending of three networks already in operation:
- Thorchain/Maya - swaps
- Lightning Network - payments
- EVM - smart contracts
VSC blends seeks to blend these.
As mentioned earlier, the importance of Bitcoin on the network is for payments. Again, when looking at a resource credit based system, there are zero direct transaction fees.
Sticking along these same lines, one of the future plans the connection to fiat via integration with the V4V application. This will allow fiat onboarding to Hive.
In Conclusion
Moving from testnet to mainnet is always a big step. The forecast is we will see this operational in early April. Providing infrastructure is never easy. Development is often slow and unrewarding.
Smart contract accessibility is a must. VSC will bring this to Hive through its sidechain. Applications that build on it can use Hive for all authentication, removing that burden.
As any developer will tell you, once the mainnet goes live, then the real fun begins.
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I have seen this update by you on X as well and people are excited about it
It would be great to see this implemented. This will give another dimension to Hive as a blockchain.
will be really interesting to see, been following closely since I saw @vaultec make a post about it some year ago!
gunna be so sick to see all this work come to life
Think many hiveans are excited about this launch!
How Much ARP for HBD Staking?
15% (same as hive) + 5-10% fee of the 15%
Yasss finally going to be interesting to see what I can build on there. I've actully been holding out and not building on Hive-Engine just because I wanted to see if VSC was going to be a better option.
Can't wait to see it going live: I really hope it will bring more attention to Hive and new cool features for us, users!
There is no news today that would be more important than this! Great times await us #Hive 🚀
The future is bright
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