CFT IS MOVING FAST: THE INCREDIBLE ADVANTAGES OF BECOMING AN ERC-20 TOKEN
Cryptoforecast is continuing his advance towards new milestones. In this long run, we are working on a new, important developement stage: the passage of Cryptoforecast Token (CFT) from omni layer to ERC-20 token (on ethereum blockchain).What does this mean? What will be the great advantages for cryptoforecast community?
Let’s step back: what is OMNI? OMNI is a ”layer” built on bitcoin. It is an application that works with bitcoin. For use it, you have to adopt an omni addres (less common in use than a bitcoin address) and you have the transfer costs (in terms of fees and time) of bitcoin. Do you remember all bitcoin fees drama? Yes? Well! When you use CFT, you are deeply involved in this problem. At the moment (1st march 2018) bitcoin fees are low, but this is not guaranteed in the future (cross fingers guys!).
Also, OMNI wallet is a great problem: do you know someone who has a OMNI wallet? Mmm.. It is not so widely adopted. This means that users have great problems in storing CFT on a private wallet, and exchange have an extra task to complete in order to list CFT.
All these problems are going to be solved with the passage to Ethereum blockchain. The 50.000.000 supply of “omni”CFT will be reduced to 25 million CFT token on ETH blockchain. The smart contract will also be opened to the possibility of token burn, if this will became opportune.
Transfer cost will decrease — at the moment ETH is, by far, faster and cheaper than BTC. You can find in the graph below a clear comparison between BTC and ETH fee for a normal transaction (7-day average figures) from December 2017 to now. Blue line is BTC (the present of CFT), red line is ethereum (the future of CFT). This transaction fee, and long time required, also makes harder to subscribe our forecast service (look at CryptoForecast Official Website): Whit passage to ECR-20, this will not be a problem. Do you need of other comments? Well, continue to read the article because the really cool things are still coming.
Also, this smart move will allow a greater adoption. Why? Not only because ETH is cool (this is cryptokitties strategy, not our!). It is simply because an exchange that wants to list CFT now needs of an OMNI wallet. This is a very delicate question and requests some maintenance efforts. But, if CFT becomes an ethereum token, this completely changes: an exchange that wants to list CFT only needs of an ethereum wallet. Do you know an exchange without an ETH wallet? No? Well, what a surprise! Every exchange has an ETH wallet and will easily be able to list the CFT’s new token. CFT token will be able to be listed on new exchanges and, by this way, will probably greatly grow. Also, be a smart contract on ETH blockchain will allow to easily enter into decentralized exchanges. This is not so important for overall market quotations, but it is very important for users: if you don’t believe in centralized exchanges, you have an available alternative. You are free to choose your investment tools.
How can I Receive and store my new ECR-20 token?
Process is automatic: you put your CFT on Omni wallet, you send to a certain address and you sign the transaction with the ECR-20 address where you want to receive them (more details coming soon).
For storing out of an exchange (this is a more safe option, you need of an Ethereum wallet that supports ethereum smart contracts. You can find a list here (https://coinsutra.com/best-smart-contracts-wallets-ethereum/). When new CFT token will arrive, we will provide a more detailed list of available wallet (in some wallets, you have to complete some extra task in order to use some smart contracts…)
Other news are incoming — including new webapp and new interface with completley new analysis tools. We want to give the best services to our users. Passage to ethereum token will also make payments in CFT less expensive — a good opportunity to subscribe our services, or simply to use token for every use you can imagine. We strongly believe in our project and we hope you can take advantage of what we are developing and building day by day. Have a good day guys!
