Scotty Beam – The complete explanation of this cross chain NFT portal =

Who or what is Scotty Beam? Discover the first cross-chain bridge that allows you to transport NFTs from one blockchain to another.

“Beam me up Scotty” is one of the most famous quotes in TV history and comes from the SciFi series StarTrek. “Beaming up” is a great trick of the Star Trek crew that allows them to teleport people or things to other dimensions. The Scotty Beam platform will now do the same with your NFTs.

How this works and why this is an important innovation for the growth and value of NFTs, we will look at in this article.

View quickly

 

  • View quickly
  • The possibilities and limitations of NFTs and blockchain
  • What is Scotty Beam?
  • How does NFT teleportation work – step by step?
  • Technology behind NFT teleportation
  • roadmap
  • SCOTTY tokens
  • Scotty Beam NFTs
    • Team
    • Investors
    • Partners
  • Conclusion

This video explains exactly what the problem is when a CryptoPunk, a Bored Ape and a Pudgy Penguin want to visit another blockchain.

 

The possibilities and limitations of NFTs and blockchain

NFTs, by the end of 2021 everyone will have heard of this. If only for the spectacular prices that are paid for some. Non-Fungible Tokens are tokens that are unique, of which only one or one collection has been made. This unique token can be used as a work of art or collector’s item. Want to know more about what NFTs are exactly? Everything about NFTs is explained in detail in this extensive blog. NFTs also play a major role in the expansion of the metaverse. Because NFTs can also be used as tools or virtual real estate within a metaverse or blockchain game. Furthermore, NFTs can have the function of a key. These keys give you unique access to certain services or communities. The possibilities with NFTs are therefore expanding more and more, but what ensures the unique functioning of NFTs now also seems to be a blockade for optimal functioning: the blockchain.

A blockchain is a data storage method that offers groundbreaking possibilities due to its technology. Data is stored transparently and no third party is needed to verify the data of a transaction or execution of a smart contract. So this has incredible benefits. You can read exactly how this blockchain technology works in this article. However, blockchain also has a drawback: it is by nature not interoperable with other blockchains. This also applies to NFTs. You can therefore not just trade an NFT built on the Ethereum blockchain on a marketplace built on the Solana blockchain. Furthermore, you cannot use this NFT in a metaverse built on Binance Smart chain, for example. You also need a wallet for the storage of your NFTs that is made for the blockchain on which the NFT is built.

Another disadvantage of this non-cross-chain mobility of NFTs is that the validation of NFTs is also not reliable. You cannot prove that the NFTs you bought and own are in another blockchain. In addition, artists or NFT collectors do not have the resources or tools to make NFTs cross chain, i.e. movable from one blockchain to another.

To solve these problems, we now have Scotty Beam, the awesome hamster, who can teleport our NFTs to another blockchain in a matter of moments.

IMG

What is Scotty Beam?

Scotty Beam wants to make NFTs cross chain . For this, Scotty Beam primarily wants to create a teleportal or bridge so that you can move NFTs cross chain. In addition, Scotty Beam wants to open a marketplace and gallery that can be used cross chain. So here you could, for example, trade a CryptoPunk built on Ethereum with someone for a SolPunk (if you want to for some reason). Furthermore, the platform will have a token validator, with which the value and authenticity can be determined on different blockchain and the authorship is also embedded.

How will Scotty Beam handle this project? In the first place, the cross chain bridge or teleportal is made usable for all NFT types. Then the marketplace integration takes place and finally the collaboration with artists and creators can take place.

How does NFT teleportation work – step by step?

Scotty Beam is not only a smart hamster, but also a patient hamster. He updates everyone via Medium about the platform and how it now works with the NFT teleport. This example concerns a teleportation from your Metamask wallet from the Ethereum network to Binance Smart Chain. But this is of course also possible with another wallet. You then go through similar steps. Scotty explains here together with partner Equinox at lightning speed, how exactly this works.

 

Before you start teleporting, it is advisable to check a number of things, namely:

  • Whether your Metamask wallet is unlocked.
  • Make sure you are on the right network, you can select this by following Account → settings → networks → ETH main network.
  • Also make sure you have enough currency in your wallet to make the transaction.

Once that’s all in order, open Scotty Beam’s app and start teleporting!

  • Click Connect Wallet . After this you have to select two things: which network you want to transport your NFT through and you have to select Metamask to link.
  • Follow the steps in your Metamask wallet to make the connection.
  • Click on the Go to NFTs button, this will open your NFT gallery.
  • This will allow you to select the NFT you want to teleport.
  • Press Go to Teleport .
  • Now you select where you want to teleport to. In November 2021, the platform is still under development, so you can only choose from Binance Smart Chain and Polygon Chain. Other networks are likely to follow shortly.

After that, two things have to happen: You have to give Scotty permission to move your NFT with the Teleport and you have to approve the transaction in the blockchain as well.

  • To do this, click Continue in the Transaction Confirmation screen.
  • Now you will open Metamask and here you must also confirm the transaction. This will take a while.
  • A pop-up will now appear with the question: Confirm teleportation? By clicking on I confirm Scotty , you confirm this.
  • Metamask will now open. Here you also have to approve the transaction.

You have now almost completed the procedure successfully . A pop-up will appear with Almost Ready . What is important now is that you claim your teleported NFT . To do this, switch your Metamask wallet to the network you are teleporting to and connect your wallet to Scotty Beam.

  • Now you can click Go to NFTs .
  • Click on Claim NFTs and then you have to click on I confirm Scotty . Claiming your NFTs is very important, otherwise the teleportation will not be considered successful.
  • You must also confirm the transaction in your wallet.
  • Now you can go to Go to NFTs and you can now admire your NFT in your Binance chain gallery.

In this short video you can see the different steps as mentioned above visually.

 

Technology behind NFT teleportation

So now you know how the teleportation of an NFT works in practice. And you could of course call this pure magic, but it is also nice for the overall state of mind to know what the technology behind this entails.

Before the teleportation takes place, all NFTs are first registered at Scotty Beam’s Space Dock. A cross-chain AI Oracle will then check all data from an NFT. An oracle is a mechanism that can verify and link data from different blockchains or data on chain and off chain. Data that is checked within the Space Dock are origin, history, royalty agreements, etc. This way it is checked whether this is really the NFT with the appropriate data. If all this is correct, the NFT will receive a DCoA , a Digital signed Certificate of Authenticity.

Now the NFT is locked into a smart contract. This will create a clone of the NFT. Just as a clone contains DNA codes from an original and is therefore an extra version of an original instead of a copy, the NFT is cloned and can be teleported to another blockchain. The clone also contains a secure link connecting the clone and the original NFT. Data such as a change of ownership can be confirmed with the original NFT.

Suppose a buyer wants to buy the NFT via another network, then the first clone is automatically burned, i.e. destroyed. A new clone, suitable for the new network, is then sent. During this process, the original NFT is unlocked to update owner info and create a new smart contract. So it cannot happen that you have NFTs clones coexisting for every network.

Even though you won’t be teleporting, Scotty Beam’s Dock comes in handy in other ways as well. The approval with a DCoA is a validation that you are dealing cross-chain with the real NFT tokens.

roadmap

The team behind Scotty Beam is working hard to help these plans enter the blockchain world as soon as possible. Precise dates are not given. But the plans of the end of 2021 and in the first half of 2022 are planned to be largely implemented. The roadmap so far looks like this:

  • Teleport in operation – in November 2021 the first NFTs have been teleported. Teleportation is only possible with a few blockchains, this number will continue to expand. Scotty Beam’s smart contracts have also had an extensive audit in the fall of 2021 and have passed.
  • Verification of tokens possible.
  • Exchange NFTs cross chain.
  • Partnerships with NFT exchanges to enable cross-chain auctions.

SCOTTY tokens

To run the platform, Scotty Beam also has its own token: SCOTTY. The intention is that you can pay fees with SCOTTY for teleporting, validating an NFT and for the exchange.

Furthermore, you can stake the SCOTTY tokens to receive a discount on fees and multiplication of profits when staking NFTs from partners of Scotty Beam. The staking is important to keep enough liquidity for the platform and also to keep the price of the token stable. You can also use the SCOTTY tokens to buy Scotty Beam collector NFTs, which will also give you a discount. Some are given as a gift after a certain period of striking. The Scotty token itself is built with Ethereum, BCS and Polygon.

De tokenomics van SCOTTY zijn:

  • Team: 12%
  • Reserve: 18%
  • Liquidity: 5%
  • Community: 35%
  • Advisors: 5%
  • Seed fundraise: 5%
  • Private sale: 10%
  • Strategic sale: 8%
  • Public Sale 2%

De totale supply is 7,5 miljard tokens.

There have now been four sales rounds. In the Seed round , where the funding is intended for the development of the project, USD 562,500 was raised and 37,500,000 tokens were sold. The strategic round raised USD 1,875,000 and sold 75,000,000 tokens. After that was the private sale which raised USD 1,800,000 and sold 60,000,000 tokens. The last public sale raised USD 600,000 with 15,000,000 tokens sold. This IDO took place on 9 and 10 November.

The SCOTTY tokens are available through decentralized exchange PancakeSwap. SCOTTY was listed at PancakeSwap in early November. The price of SCOTTY tokens can therefore only be analyzed over a short period of time, but has already made some jumps within this. The token started at a price of 0.22 USD and hit the All Time High of 0.344 USD the next day. The price has since collapsed and hovers around 0.19 USD at the end of November.

IMG

Scotty Beam NFTs

Scotty Beam has released a series of NFTs himself. The NFTs are a kind of utility NFTs that may also provide access to new projects or drops in the future. At the moment there are 3 types of Scotty Beam NFTs:

  • KYC Survivor NFT – You received this NFT for participating in the community sale on KaizenFinance.
  • 6 months staking NFT – You get this NFT after 6 months staking of SCOTTY tokens.
  • 3 Month Strike NFT – You get this NFT after 3 months. For the time being, these are given as a reward for Staking.

The NFTs are currently tradable on TofuNFT and Babylons.

IMG

Team

Scotty Beam is a hamster and a smart one too. But who or what else is involved in the project remains a bit unclear . The fact that you don’t know who the inventors behind a project are also seems to be less important in the blockchain world. Can you then trust a platform, i.e. can you trust a hamster with your NFTs? All that is currently known is that Scotty is a hamster of Scottish origin who loves football. But whether this is enough for you to have confidence in a project? Of course you have to find your own answers for this. And if there are no impressive CVs or Linkedin pages to be seen, it comes down to the project itself, the communication about it, the community and partners.

In any case, it will not be a matter of communication. Scotty tells us how things are going almost daily through the various channels. New partners are introduced and they also communicate enthusiastically about the collaboration. They are generally all newer projects that also have to prove themselves and that of course creates a bond, but still leaves room for some uncertainties.

Can Scotty Beam and partners deliver on their promises? Most projects do have an enthusiastic and growing community and that is what makes Scotty Beam’s project strong. Within a short time, the handy hamster already has a small 40,000 followers. Furthermore, the hamster uses Telegram for communication.

IMG

Investors

It is already clear from the successful sales rounds that there are some investors who see profit in an NFT portal. There is therefore a nice row of investors, 34 in total. They are mainly investors from blockchain technology. Many are also involved in other successful projects. For example, Magnus Capital, one of the investors, is also a partner with DAO maker and Origin protocol. Dutch Crypto Investors is a home-grown investment company. They invest in Scotty Beam, but also in promising projects Netvrk and Aleph Zero.

Partners

In addition to investors, Sotty Beam also has a number of partners with whom it collaborates. In November 2021, this will be a total of 17 partners. These are mainly NFT or gaming platforms. As mentioned earlier, these are generally new projects that are promising, but have yet to prove themselves.

IMG

Conclusion

Scotty Beam comes up with an ingenious innovation that makes NFTs interoperable on multiple blockchains. The project is not yet fully operational, but does what it promises at the moment. Because it offers the solution to a problem that is becoming increasingly urgent with the growth of the popularity of NFTs and blockchain games, this could be a very successful project in 2022.

Would you like to know more about the Scotty Beam or the trends in NFTs? Continue the conversation in our AllesOverCrypto Facebook group with more than 100,000 members. You can also quickly find the answer to a question about crypto or blockchain in our FAQ. If you google your question + AllesOverCrypto you will also find answers quickly.

 

Be the first to find the latest crypto trends?

Become a Crypto Master and maximize your profits!

Discover the latest trends here!

 

IMG

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2024 Cryptocoin Budisma.net