We experimented with a few options like Proof of Authority (PoA) and Layer one Delegated Proof of Stake (DPoS), which requires the creation of its own native coin. We planned on launching the DPoS chain, just like the BNB smart chain and Twenty Million (20M) coins were to be created and in its place, 20M BLAST tokens would have been burned.
However, the final decision was made to let go of the Layer one DPoS chain and go for a True Layer two chain, in order to avoid the creation of any additional coin or token. We believe the best way to operate is to have one Coin or one Token per platform/ecosystem. SafeBLAST ecosystem will only have the BLAST utility token and nothing else. Although most Layer two chains have their own native coin or token, we were able to draw inspiration from the BASE Blockchain and create a secure and scalable Blockchain without additional coin or token creation.
There was even a suggestion to also name the previously mentioned DPoS Blockchain coin, as BLAST. But we didn’t want to end up in a situation where users will be trying to figure out what BLAST is for. Or a scenario like SHIB, LEASH and BONE, where every created product in the ecosystem has a new token. We love the SHIB community and this is just an example for informational purposes only. There will be no situation where one token or coin will take priority or dominance over the other, inside the same ecosystem. There’s only one BLAST token – period.
Now that the path is clear, we intend to add additional use cases to the BLAST token in the near future. This will include things like using BLAST for payment on the future token bridge transactions. Remember, the ETH bridge on BLASTchain from Layer 1 to Layer 2, is different from the upcoming Token Bridge, which will be used to transfer BLAST tokens from one Blockchain to another. The BLAST Blockchain release is less than two weeks away. Stay Tuned.
