One-Way Transfer of BTC to Hacash
The one-way transfer of BTC from Bitcoin layer 1 to Hacash can take advantage of all the functions of Hacash layer 1, and can also be used as a stable adjustment of HAC purchasing power.
One-way transfer is not begin yet
Go live and run the one-way transfer test net by the community Hacash.com team:
BTC One-Way Transfer Testnet http://testnet.hacash.com/
Bitcoin technology is extremely difficult to upgrade, the technology is old and the design is immature, and the underlying architecture is too limited to support the development of decentralized finance
The sustainability of the Bitcoin economic model is in doubt. 21 million is almost finished, the future account security risks, more serious is that no new money is generated, the economic system has become a closed system, difficult to attract new users, can not sustain long-term prosperity. Moving onto the inheritance chain solves the sustainability problem.
BTC is not the best choice for everyday payment currency. The fixed total amount and rigid output lead to its bias towards stockpile expectations and huge price fluctuations, which cannot bear the monetary function of the unit of account and is not suitable for daily large-scale payments. The issuance rules of BTC cannot be broken, and only a newly created currency with a better mechanism can assume the payment function.
Help Hacash grow explosively. One-way transfer can create the next top hot event in the industry, which can greatly attract the attention of the industry and quickly promote the upgrade of the Bitcoin paradigm, so that the Bitcoin paradigm can lead the mainstream development of the industry again.
Hacash chain are better. It is better than Bitcoin in terms of technical architecture, economic model sustainability, fairness, monetary theory, anti-51% attack, privacy, etc., and it is not weaker than Bitcoin in the most important degree of decentralization, PoW paradigm, no official team, and strong technical simplicity and stability.
Technology: Only one-way can achieve 100% decentralization to ensure asset security. Any heterogeneous chain bidirectional cross-chain scheme requires the introduction of a cross-chain bridge manager (single-controlled or multi-signed), so that BTC is centrally managed.
In terms of economic model: the transfer of BTC will also increase the issuance of HAC, as the core mechanism of currency issuance of hacash, and as the risk compensation for the early transfer of BTC. If there is not one-way, 1) the currency issuance model of Hacash is not stable, which will lead to an infinite cycle of additional issuance of HAC; 2) The risk compensation essence of the additional issue of HAC is not established, there is no risk if it can be transfer back, and there is a risk if it cannot be transfer back.
Hacash value inheritance: By inheriting the value of Bitcoin (allowing BTC to run on Hacash's chain and participate in various DeFi and applications), facilitating the early development and rapid consensus of Hacash can ensure the sustainable survival of Hacash in the early stage, and more importantly, realize the important mission of Hacash: The BTC one-way transfer is the most significant incentive mechanism for Hacash and is the core foundation of the historic goal of compatibility and inheritance of Bitcoin. If BTC can be rolled back, Hacash will only be an ordinary Bitcoin sidechain, unable to accomplish the above historic goals.