Catoshiblog
Published in

Catoshiblog

Where has Catoshi been hiding?

A long period of silence….

“Did they rug?”, “Has the dev team given up?”, “Has the team moved on?”. If any of these three questions crossed your mind these past weeks, no one would blame you. In almost every long-term project, there comes a point (one of many) where the hurdle seems almost insurmountable. We faced ours when a string of multi-chain projects started getting hacked.

Importance of Security

Chainswap: Hacked on July 2nd and July 10th, 2021, losing a total amount just under $9 million.

Thorchain: Hacked on June 29th, July 15th and July 23rd, 2021, losing a total amount of $13 million.

Poly Network: Hacked on August 10th, 2021, losing a total amount of $610 million, although majority of the funds were returned.

Popsicle Finance: Hacked on August 3rd, 2021, losing a total amount of $25 million.

Believe us, we could have made the list above, larger.

Bridging protocols are complex systems of smart contracts, node scripts, vaults and Ui. There are so many routes that a hacker might use to exploit it. The protocols that got hacked were $100m+ projects. Some of these projects were exploited due to carelessness. At Catoshi, we want to make sure such an event never occurs.

This period has not been a happy time, but it was vital for us. Building a secure product is imperative and should never be rushed no matter what. Fortunately, it’s now time to look forward at what Catoshi has in store. But first, a little housekeeping.

Contracts, Contracts, Contracts

Past weeks have been confusing for many. V1 contract launch, then V2, then $CZATS, then V3… it became overwhelming, we know.

It’s time to clear the air now.

Catoshi is a multi-chain project. On each blockchain, Catoshi will have a token to represent it. On Ethereum, it is $CATSV3, on the Binance Smart Chain it is $CZATS. Through our bridge locking mechanism, even if Catoshi was spread across multiple chains, both total and circulating supply will remain the same, just spread across multiple blockchains.

$CATSV3 Contract address: 0xe18284bf967e6e98e81b7a169769055d0298f92c

$CZATS Contract address: 0x05b2713e3050f5dafdd9c187d9ee6d26aaf2b8e0

So what do I do if I have $CATS V1 or $CATS V2?

Please visit our telegram group. We have different options available depending on whether or not gas fees are an issue for you.

Now that’s out of the way. On to the good stuff!

More bridges, More onboarding, More governance

We are sure this is what everyone has been anticipating.

As the BSC-ETH bridge is now online, please expect to see some projects bridging over!

Also, we will be releasing our BSC-FTM bridge in a few weeks! Expect to see more projects bridging over when that occurs!

Over time, as the platform grows, the plan is to increase decentralisation. We will build a DAO to give Catoshi holders more say over the governance of the protocol.

On top of that, our hard work is slowly bearing more & more fruits. Overcoming pre-launch challenges has not only strengthened the security of the bridge, but also given us greater understanding of what it takes to succeed as a multi-chain project. Now that we have a functioning platform, we are finding that other teams are approaching us, looking to make use of the knowledge and experience we have gained.

New possibilities for collaborations are appearing! 😊

The Crossing Referral Program

Now here is the part where community members can show their proactivity and financially benefit.

Catoshi has begun its referral program: The Catoshi Bounty

If you (yes…. you, the reader) know any project you believe would benefit from our bridging services. Please contact the developers of your chosen project, have us connect with them. If the project you referred utilises our bridging services, you will receive $500 worth of Catoshi and a special NFT (for referees only)!

Trust us when we say, you will want to keep a hold of the referee NFT…

We will be making a list and recognising every member that has made a successful referral. You all should have seen by now, how well Catoshi rewards those who work hard…. Make sure you get yourself on that list!

To finalise. We have been through the storm, it wasn’t easy, it didn’t feel great. But we have overcame and it is now time to look forward to the sunshine. More and more developments and crossings will occur… it’s only up from here.

Thank you for sticking with us.

Believe in Satoshi, Believe in Catoshi.

-Cat

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Catoshi

Catoshi

Providing cryptocurrency bridging solutions, helping project choreographically craft their own unique multi-chain pathway to success.