Putting the ‘Chain’ in BRICS Chain: A Declaration of Independence
As someone deeply passionate about the longevity of BRICS Chain and what we stand for as a project deeply committed to revolutionizing the global financial sector through blockchain by tokenizing real-world assets and establishing a stable, transparent, and efficient environment for cryptocurrency transactions, I’m excited to share my vision for our future in hopes of gauging and aggregating feedback from our community of investors and stakeholders.
We’ve spent considerable time operating within the Binance Smart Chain ecosystem, and while it has served as a valuable launchpad, the time has come to consider a strategic migration.
Our goal at BRICS Chain is ambitious: to empower individuals and entities worldwide by bringing real-world assets onto the blockchain. To achieve this, we recognize the critical need for an infrastructure that offers unparalleled scalability, true decentralization, and robust interoperability. That’s why we’re looking seriously at the benefits of moving BRICS Chain to either the Inter-Blockchain Communication (IBC) protocol within the Cosmos ecosystem or a Layer 2 EVM with its own thriving DeFi ecosystem and staking protocols.
Here’s why this move is not just an upgrade, but a fundamental evolution for BRICS Chain and its community:
The Limitations of Centralisation and Congestion
The BSC, while popular for its low fees and fast transactions, is often criticised for its relatively centralised nature. For a project like BRICS Chain, which aims to underpin a new, decentralised financial paradigm, reliance on a single, less decentralised chain presents a long-term challenge. Furthermore, as the crypto space grows, even BSC can experience periods of network congestion, leading to fluctuating gas fees and slower transaction finality, which can hinder the seamless operation of dApps and impact user experience.
Unlocking True Interoperability with IBC
Imagine a world where BRICS Chain assets can seamlessly move and interact with dApps across a vast network of sovereign blockchains. This is the promise of the IBC. By migrating to a Cosmos-based chain in and leveraging IBC, BRICS Chain would gain:
- Seamless Cross-Chain Asset Transfer: IBC allows for the trustless and direct transfer of assets between different blockchains. This means BRICS Chain holders could easily utilise their tokens across a multitude of applications in the Cosmos ecosystem, opening up new liquidity avenues and use cases.
- Enhanced Liquidity and Reach: Broader interoperability attracts more users and projects, naturally leading to deeper liquidity for BRICS Chain. Our tokenised real-world assets could gain exposure to a much wider audience, fostering greater adoption and utility.
- Sovereignty and Customisation: Building on Cosmos SDK allows us to create an application-specific blockchain perfectly tailored to the unique needs of BRICS Chain. We can optimise for the security, throughput, and features crucial for our mission of tokenising real-world assets, without being constrained by the general-purpose nature of other chains.
Scaling and Innovation with a Layer 2 EVM
Alternatively, migrating to a robust Layer 2 EVM solution offers a different, yet equally compelling, set of advantages:
- Massive Scalability: Layer 2 solutions are designed to process a high volume of transactions off-chain, significantly reducing fees and increasing transaction speed compared to Layer 1. This is critical for onboarding institutional clients and handling the immense transaction volume anticipated for real-world asset tokenization.
- Ethereum Compatibility (EVM): For projects that have already built on EVM-compatible chains like BSC, moving to a Layer 2 EVM minimises development overhead. We can leverage existing Solidity smart contracts and familiar developer tooling, allowing for a smoother transition and faster deployment of new features.
- Thriving DeFi Ecosystems: Many Layer 2 solutions are rapidly developing their own vibrant DeFi ecosystems, complete with lending protocols, decentralized exchanges, and yield farming opportunities. This provides immediate utility and deep liquidity for BRICS Chain tokens, fostering a dynamic environment for our users.
- Dedicated Staking Protocols: A Layer 2 with its own staking protocols offers enhanced opportunities for BRICS Chain holders to participate in network security and earn rewards, further decentralising our project and aligning incentives.
- The BRICS Chain Vision: A Future of Financial Empowerment
For BRICS Chain: This potential migration is more than just a technical decision; it’s a strategic move to solidify our foundation and accelerate our mission. Whether we choose the boundless interoperability of IBC or the scalable power of a Layer 2 EVM, the core benefits remain the same:
- Greater Decentralisation: Moving away from a more centralised chain enhances the core principles of blockchain technology that BRICS Chain champions.
- Improved User Experience: Faster transactions, lower fees, and a more responsive network will make interacting with BRICS Chain dApps a seamless and enjoyable experience.
- Unleashed Innovation: A more robust and flexible infrastructure empowers our development team to build groundbreaking financial products and services, pushing the boundaries of what’s possible with tokenised real-world assets.
- Long-Term Sustainability: Building on a future-proof architecture ensures BRICS Chain’s longevity and adaptability in a rapidly evolving blockchain landscape.
I believe that by making this strategic move, BRICS Chain will be better positioned to fulfill its promise of creating a more stable, transparent, and efficient global financial system, empowering everyone, from individuals to large entities, to participate in the future of finance.