BOLT’s Token Ecosystem and Interoperability

How we are creating an interoperable ecosystem between Binance Chain (BEP-2) and Zilliqa (ZRC-20)

4 min readMay 20, 2019

Dear BOLTians,

We are delighted to share a comprehensive explanation on BOLT’s Token Ecosystem and the interoperability between the Binance Chain and Zilliqa.

BOLT ‘s ERC-20 token supply will swap entirely to the Binance Chain

Our present total supply of ERC-20 tokens (995,000,000 tokens) will be swapped as a BOLT BEP-2 token, which will begin actively trading on Binance DEX (BOLT/BNB) and continue trading on Bitmax.io (BOLT/BTC and BOLT/USDT). We will announce swap details this week.

Our BEP-2 BOLT tokens can be found on the Binance Explorer here.

We will do a simultaneous issuance of 995,000,000 tokens on Zilliqa. These BOLT ZRC-20 tokens will never be allowed to be withdrawn out of the BOLT ecosystem and focused on Smart Contract utility. When tokens are used on 1 chain, the same amount is locked on the other chain. Our goal is to always keep the total token supply at 995,000,000 tokens.

How does Binance Chain exist and work together with Zilliqa

BOLT’s BEP-2 issuance is focused on the strengths of the Binance Chain, including fast confirmations and as a gateway into providing liquidity on exchanges, starting with Binance DEX and Bitmax.

BOLTs BEP-2 issuance is the only issuance that can be withdrawn outside of BOLT’s ecosystem to be traded for BNB, BTC, or USDT.
BOLT’s BEP-2 issuance will also be able to be traded for mobile data plans by users in the BOLT Wallet.
As such, BOLT’s BEP-2 issuance is the circulating supply of tokens (350,000,000 tokens) , and the same equivalent amount will be locked on the ZRC-20 issuance.

BOLT’s ZRC-20 issuance is focused on smart contract utility, such as the payment of content creators, for users to set up their own “smart” sponsored playlists, and for sponsors to execute their own advertising/smart contract utility within the BOLT ecosystem.

Users/sponsors who wish to exchange their ZRC-20 BOLTs for BNB, BTC or USDT will be credited with the BEP-2 issuance, and their original ZRC-20 tokens be locked as soon as the BEP-2 equivalent is issued.
As such, BOLT’s BEP-2 issuance will keep 150,000,000 tokens locked on the Binance Chain (from BOLT Foundation’s reserves) to run smart contracts smoothly on Zilliqa.
Over 500,000,000 tokens will exist either as a BEP-2 or ZRC-20 format, depending on whether the token is used as smart contract utility or liquidity on exchanges.

This is to maintain the total token supply of BOLTs at 995,000,000 tokens.

Combining the Power of Binance Chain’s fast confirmations and Zilliqa’s Smart Contract system

We envision BOLT running three smart contracts on Zilliqa — a video analytics smart contract, a payment engine smart contract, and a sponsor/power user smart contract.

The ZRC-20 issuance will only be issued and used within the BOLT ecosystem, and not permitted to be withdrawn outside of BOLT. Here are some examples of how it will work:

How we pay our content creators. (Video Analytics Smart Contract)

User uploads a video onto BOLT
User gets 1000 views on his/her video
Smart contract pays the user automatically 1 BOLT token for every 1000 views (numbers are arbitrary for now)
User can also choose to hold the ZRC-20 BOLT token in order to run their own sponsored playlists on BOLT, which will require a smart contract (i.e. Scilla) to operate.

How content creators/users cash out (Payment Engine Smart Contract)

In this smart contract, the user IDs get tagged with the amount of tokens they are rewarded from the video analytics smart contract
The user can choose to store the tokens (as ZRC-20) or exchange the tokens (into BEP-2)
If the user chooses the option to exchange it to BEP-2, in a similar manner like an Ethereum smart contract, we will send the corresponding amount of tokens in BEP-2 format to the user in exchange for the previous ZRC-20 version
The original amount of ZRC-20 tokens then are locked in BOLT’s custody as the same amount has been issued on the BEP-2 chain and is likely to be traded on exchanges (whether on Bitmax or Binance) or for mobile data plans (within our BOLT Wallet)
In short, ZRC-20 BOLTs are not allowed to be withdrawn outside of the BOLT ecosystem, only BEP-2 BOLTs can be withdrawn and sent to exchanges or wallets.
ZILs are used in the ecosystem for transaction fees

Another use case is running advertisements on BOLT or your own smart contract as a power content creator (Sponsor/Power User Smart Contract)

Brand/Sponsor wants to run 30 minutes worth of ads on BOLT at a fixed price of 1 BOLT per minute
Smart contract tracks that Brand’s wallet has enough BOLTs to run 30 minutes of ads.
Smart contract automatically splits advertising revenue share in BOLTs transparently between BOLT and content creator
ZRC-20 BOLTs get swapped out to BEP-2 BOLTs by the content creator or by BOLT itself to ensure liquidity provision
ZILs are used in the ecosystem for transaction fees

Thanks for being with us on this journey everyone — to BOLT!

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