Frequently Asked Questions
1. What is SatoshiChain?
SatoshiChain is an EVM-compatible blockchain that uses Bitcoin as its base layer token, denominated in Bitcoin’s smallest unit, the Satoshi.
2. What is a Satoshi?
A Satoshi is the smallest unit of a Bitcoin, equivalent to 1/100000000 of a Bitcoin, similar to how a dollar breaks down into 100 pennies.
3. Why call it SatoshiChain?
We chose the name SatoshiChain because we are using Bitcoin’s Satoshis as the gas fee for the chain and to pay homage to the original creator of Bitcoin, Satoshi Nakamoto.
4. What makes SatoshiChain unique compared to other EVM-Compatible blockchains?
SatoshiChain uses Bitcoin as the base layer token, removing the need for a secondary token such as Ethereum to pay for gas, all transactions and gas are paid in Bitcoins Satoshis.
5. Is SatoshiChain compatible with Ethereum-based tools and services?
Yes, since SatoshiChain is EVM-compatible, it can work seamlessly with most Ethereum-based tools and services. For example, developers can use existing Ethereum development tools, and users can interact with SatoshiChain using wallets like MetaMask.
6. How does SatoshiChain ensure the security of its platform?
SatoshiChain employs multiple security measures, such as rigorous testing, auditing, and continuous monitoring of the network, to guarantee the safety and integrity of its platform. We also encourage the community to report any vulnerabilities or potential security risks they may find.
7. What stage is SatoshiChain currently in?
SatoshiChain is in the final stages of its initial testnet.
8. When will SatoshiChain launch?
SatoshiChain Mainnet is set to launch on June 1st, 2023.
9. Can I participate in the testnet?
We encourage everyone to participate in the testnet. More information about connecting to the testnet can be found at https://satoshichain.medium.com/connecting-to-the-satoshichain-testnet-a697ffec0963
10. What tokens do I test with?
Testnet tokens are Satoshis, or SATs on the testnet. They have no value and are strictly test tokens. Accumulating the most Satoshis through the faucet will not increase your airdrop allocation of the SatoshiChain Governance Token ($SC). The test tokens are meant to be used for testing the chain.
11. I have been testing the chain, but my tokens are gone!
Don’t worry, your progress has been saved and will be considered for your airdrop allocation. Airdrop allocation refers to the distribution of tokens to users based on their participation and contribution to the network. However, you will start fresh on the new testnet. This offers an excellent opportunity for users to try out the latest iteration of the chain in preparation for the Mainnet launch.
Remember that testnet tokens are solely for testing purposes. Your airdrop allocation will depend on your chain usage, not the number of Satoshis you have collected.
12. Is there an Airdrop?
Yes, we have allocated 19% of the total supply for airdrops to testers and early adopters of SatoshiChain.
13. What’s the algorithm for the Airdrop?
We are not disclosing the algorithm for the airdrop to prevent gaming of the system.
14. Will there be a token swap for existing ERC-20 tokens to the SatoshiChain Governance Token $SC?
Yes, users can currently sacrifice other ERC-20 tokens for an allocation of the $SC supply. Currently, there is a 100% bonus (Meaning users who sacrifice $100 worth of BTC, ETH, BNB, etc. will receive $200 worth of $SC, subject to the vesting schedule). More information can be found at https://satoshichain.net/get-tokens/
15. Will there be staking and rewards for securing the SatoshiChain network?
Yes, users can stake their SatoshiChain Governance Tokens ($SC) to help secure the network and earn rewards. More details on staking, including the requirements and potential rewards, will be announced closer to the Mainnet launch.
16. How can developers build and deploy smart contracts on SatoshiChain?
As SatoshiChain is fully EVM compatible, any ERC-20 contract is deployable on chain with a few simple adjustments. Solidity and Remix are wonderful examples of tools already available for contract creation.
17. Where can I learn more about SatoshiChain?
You can find a comprehensive Gitbook about SatoshiChain at https://satoshichain.gitbook.io/satoshi-chain/
18. How can I stay updated on the latest news and developments for SatoshiChain?
To keep up with the latest developments and join the growing community, be sure to connect through the following channels:
19. What are the plans for the future development of SatoshiChain?
There is a detailed roadmap laid out at the bottom of every page on the SatoshiChain website, you can see it here: https://satoshichain.net/
Christopher Kuntz, co-founder of SatoshiChain