Weekly report # 1
(Aug 6, 2021)
Greetings Falcon Community,
We would like to bring to your attention the first planned weekly report on the development of the Falcon Project ecosystem.
FNC blockchain and wallets:
Our new development team is moving forward as planned and is launching a new patched build of the FNC blockchain on our servers this weekend. This patched version will already be tied to wallets with a graphical shell in the colors and theme of the Falcon Project. In the next weekly update we hope to give you a sneak peek.
This assembly of the code was pre-tested locally and we are happy to say that no errors were found.
We can tell whether this build is final or not after some stress tests are performed.
Today we are moving according to schedule without experiencing any unexpected difficulties. The blockchain release date still falls within the previously established time frame - the third quarter of 2021.
Our cross-chain exchange bridge for FNT tokens on the Ethereum network (ERC-20) and FNT tokens on the Binance Smart Chain (BEP-20) is ready and is undergoing some final polishing of the graphical UI. Most likely, it will be available for your use by the time this article is published!
0xc52ec11337E1Fd591add3488E3B87DE90b865e6f — is a smart contract of an FNT token in the BSC network, remember it as the only legitimate one and beware of fakes!
You will be able to get a link to the bridge from the future announcement at the time of it’s official launch.
The use and execution of the bridge is as transparent as possible.
When swapping Ethereum FNT tokens (ERC-20) for BSC FNT tokens (BEP-20), ERC-20 tokens are withdrawn from circulation and frozen, and new BEP-20 tokens are automatically minted on the user's address.
During the reverse swapping, BEP-20 tokens are burned, and the user is allocated those ERC-20 tokens that were initially frozen on the exchange smart contract. This ensures that only the number of tokens that were frozen by users during the initial exchange exists on the BSC network. There is no preliminary stock of FNT on the BSC chain and thus no need to audit tokens in circulation. Comfortable. Simple. Safe.
If this is your first time using such Cross-chain bridges, then you may be confused by the commission or the presence of a minimum swap limit (also known as gas) in FNT tokens or FNC* coins, depending on the direction of the swap.
This commission has two important reasons:
Firstly, this is the compensation of the costs of operating a smart contract in the ETH and BSC networks. It is no secret that payment for transaction gas is required to perform any actions on the blockchain network, Ethereum and BSC blockchains are no exception and both consume a fee for transactions.
And secondly, it protects the exchange bridge from spam attacks and attempts to temporarily disable it by malicious intruders. And since all the costs of the swap fall on the shoulders of the initiator of the exchange, this type of attack loses it's appeal and ends up being costly for the would be attacker.
Before using the exchange think twice before migrating from one network to another if the cost of gas in one of the networks is currently too high. Perhaps you should wait a bit.
For convenience, we recommend using the Metamask browser application.
* - The cross-chain bridge will also support swapping for FNC coin and vice versa after the official release of the FNC blockchain.
In the future, we will unify this bridge with our DEX, which will further enhance the usability and scale of the Falcon Project ecosystem.
In the near future you will be able to freely migrate between the networks of our ecosystem based on your preferences!
At this point, the first weekly report can be considered finished. We will provide even more details next week.
As always, if you would like to discuss what you have read here you are welcome to join our friendly Falcon_official chat.
Thank you guys for being with us!
It's great to see your strong support and faith in our common goals for success! ✊