One of the most ambitious healthcare projects has successfully concluded its IDO on the OccamRazer launchpad. Ambition aside, the project has immense potential considering it has partnered with pharmaceutical giants the likes of Roche and Eli Lilly, as well as other important healthcare or blockchain organizations such as the University of Zurich Blockchain Center, Gifu University, Swiss Tropical and Public Health Institute and many others. It comes as no surprise that the dHealth tokens with the token ticker DHP, which were offered via the IDO—sold out in just five hours.
Such an interest could be simply explained by the fact that the dHealth project has been in constant building and improving mode since its founding in late 2017. dHealth even has its own blockchain that is based on Symbol technology—which was launched in March 2021. Projects that have been built for so long and so intently, without performing an ICO or IDO in its infant stage—are a rare sight in the crypto industry. This fact may very well be the reason behind the overwhelming interest in their utility tokens called DHP tokens.
The dHealth ecosystem is a complex one, and rightfully so. If dHealth is to achieve all its goals, some of which are, for example, realizing the Health2Earn model and assisting researchers & healthcare in becoming better and more efficient—it is inescapable that the ecosystem will be complex. The complexity of the ecosystem primarily originates from the fact that it utilizes three different blockchain technologies. Let us dive deep into how exactly each blockchain interacts with one another, and what are their exact purposes.
Tokens & Blockchains
The blockchains that are integral parts of the dHealth ecosystem are—dHealth’s own blockchain, Ethereum and Cardano blockchain.
The first blockchain that was utilized, and which essentially founded the dHealth ecosystem—was of course the dHealth’s own blockchain which was initialized in March, in the year of 2021.
The dHealth blockchain is a fork of the Symbol blockchain which is NEM’s second-generation blockchain technology. Even though the Symbol technology might not be as well known as Cardano or Ethereum, it is extremely powerful and practical, which is exactly why they are using it as a foundation for their ecosystem. The token ticker for dHealth’s tokens that reside on their blockchain is DHP and it is often referred to as ‘native DHP’.
The second blockchain that was implemented into their ecosystem was Ethereum—which was utilized for the launch of the project via the IDO on the OccamRazer launchpad. DHP tokens residing on the Ethereum blockchain are called ERC20 DHP tokens. ERC20 DHP tokens are strictly utilized for the purpose of creating a liquidity funnel, as most of DeFi liquidity is found on the Ethereum blockchain.
That is why they opened a Uniswap Pool where interested parties can buy or sell ERC20 DHP tokens via the Ethereum blockchain. You can buy or sell ERC20 DHP tokens by accessing this link. For those who wish to avoid high gas fees on the Ethereum blockchain, there are two alternatives for ERC20 DHP trading!
One can either purchase or sell ERC20 DHP tokens via MEXC central exchange which is available on the following link, or one can purchase or sell the tokens via the SushiSwap exchange which utilizes a Layer2 solution—via the following link.
Lastly, the Cardano blockchain has not yet been utilized, but it is planned. The Cardano blockchain will play an important role in the dHealth ecosystem because Cardano offers a myriad of benefits that the dHealth team is very eager to benefit from.
To further clarify—dHealth is building reusable framework components on top of the dHealth protocol which maintains the dHealth blockchain. These components may use all kinds of technology, for example, a utilized component can use Cardano‘s smart contract language—with ADA DHP or a component can utilize Cardano smart contracts but at the same time record the contract metadata to dHealth; Or we might have a component that operates strictly by utilizing the dHealth blockchain and native DHP.
All these blockchains will be bridged, which means a user will be able to easily transfer tokens from one blockchain to another. This does not however mean that there will be more tokens than stated. When transferring tokens from one blockchain to another, the tokens from the blockchain that they were transferred from—will be locked and essentially will not exist!
Staking & Bridges
The consensus algorithm performs on the Symbol blockchain, hence—staking is performed on the Symbol blockchain. In other words—only native DHP can be staked to receive block rewards, while ADA DHP and ERC20 DHP cannot be staked. Staking DHP tokens is highly recommended as half of the DHP total supply is allocated for block rewards, whilst 85 % of block rewards are provided to stakers. Block rewards will be distributed over the next twelve years, after which only transaction fees will be distributed to stakers.
There is, however, a prerequisite for staking—in order to stake DHP tokens, one needs to acquire at least 2000 native DHP tokens. Staking is done via the dHealth’s wallet—which you can download via the following link: http://wallet.dhealth.cloud.
To learn how to stake, watch the video that is accessible via this link. To re-emphasize—neither ERC20 DHP tokens nor ADA DHP tokens can be used for staking! On a side note, you can utilize ERC20 DHP tokens to liquidity mine the ETH/DHP Uniswap liquidity pool. Liquidity mining is available on the following link.
All potential liquidity miners should first perform in-depth research on Impermanent Loss—if that phenomenon is unknown to them. If one wishes to avoid the expensive Ethereum solution to purchase ERC20 DHP tokens, there is a Layer2 WETH/DHP pool on SushiSwap, which is accessible via this link.
Now, to return to the immensely important matter—staking & bridging. At the moment there are no bridges that are operational, which means that if one purchases ERC20 tokens, which are the only tokens currently purchasable, one will not be able to stake them—and get impressive staking rewards.
dHealth plans to deploy a bidirectional bridge between dHealth’s blockchain and Ethereum blockchain, which will allow DHP ERC20 token holders to transfer their tokens to the dHealth blockchain and stake them. Implementing a bidirectional bridge means that users will be able to transfer tokens both from the dHealth blockchain to Ethereum blockchain and vice versa.
The plan is to do so in a matter of three months, however, the dHealth team does not want their ERC20 token holders to miss out on the amazing opportunity to stake—during this three-month period. This is why they are considering implementing a one-directional bridge much sooner, wherein this one-directional bridge will enable the transfer of tokens from the Ethereum blockchain to the dHealth blockchain, but not vice versa.
There is much more to the dHealth ecosystem such as its use cases and vision, however, these go far beyond the scope of this article. Should you have any questions regarding their technology or the ecosystem, it is best to contact their friendly community managers that are always available on their Telegram Community Channel.
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