$BEACH is migrating

  • Aug. 15, 2022

$BEACH is an innovative DeFi token which internalises the health of our planet and oceans into every single transaction. Not only are the emissions of a $BEACH transaction lower than traditional card payments, but we give a % of every transaction to Blue Carbon and Clean Oceans initiatives worldwide. So every time you pay with $BEACH you are making a positive difference in the world.

 

We are fast approaching our first birthday and already we have funded the clearing of over 100,000kgs of trash from the oceans, mangrove restoration in 3 countries, sea turtle conservation in another, as well as providing over 3000 days of employment to people in coastal communities including refugees, recovering addicts and homeless people. Oh, and we funded a guerilla gardening project in Lebanon. And we’ve provided over 1000 meals to children in the Philippines. Okay I’ll stop now.

 

All that good work is funded by the transactions tax of our two tokens, one ERC (on the Ethereum blockchain) and the other BSC (Binance smart chain). These can be bought on Uniswap and Pancakeswap respectively (short tutorial videos can be found here and here), as well as with Apple Pay via Metamask.

 

However we have taken the decision to merge the two tokens and migrate to a fresh contract on the Binance smart chain alone. Why?

 

Emissions

 

By far our biggest concern with the Ethereum smart chain are its emissions. A single Ethereum transaction typically soaks up around 180 KWh. This is something like a four person American household using their hot water heater for around two weeks, or the typical energy use of an American television over six months. In other words, in our line of work, it’s simply unjustifiable. By contrast the emissions of a BSC transaction is 0.004 Wh - as good as zero.

 

Speed + Cost

 

As well as incurring emissions, a blockchain transaction on either ERC or BSC requires a small “gas fee”. At present the average ERC gas fee is $1.57, but as recently as May this figure was $196, and for the best part of two years it hovered around $40. Whereas a BSC gas fee rarely goes above a few cents. Correspondingly the Ethereum blockchain can typically process around 18 transactions per second. The Binance smart chain can process more like 300 transactions per second.

 

Accessibility

 

Both the above factors therefore lead to a third factor which is arguably the most important given $BEACH’s aims to become a currency used for real world transactions, accessible to anyone who cares about the planet, anywhere in the world. We have already run adoption pilots of $BEACH in small villages in the Philippines and Kakuma refugee camp in Kenya, and are in discussion about a similar pilot in Mexico. This means being able to operate in areas where network coverage is not great, processing small transactions at speed with minimum hassle. These pilots of adoption are simply not feasible or practical using the Ethereum blockchain.

 

Flexibility

 

At present “on-chain” transactions incur a contract tax of 15% for buys and 15% on sales. These contract taxes are important for several reasons. Firstly it has allowed us to fund all of our Clean Oceans and Blue Carbon community partners worldwide. Secondly it has given us the funds needed to develop Beach Action, Beach Pay and Beach Shop (launching end of this year). And thirdly it has allowed us to reward holders with a 2% burn rate (creating deflationary pressure on the price) as well as a 3% reflection rate. However, we are planning to step these fees down as more and more transactions occur within Beach Pay and Beach Shop (“off-chain” transactions), to reduce the friction needed to participate in the Beach Collective. A new contract will allow us to step down tax starting with a 10% buy and 15% sell tax and gradually lowering over time to a 0% buy tax and a 5% sell tax.

 

How do you “migrate” tokens?

 

First we will begin by pausing trading on both the ERC and BSC tokens, removing all liquidity and taking a snapshot of all market positions. I.e. if you own 0.0214% of total supply that will be recorded so that when we reboot on a fresh contract you will own precisely the same % of total supply.

 

We will then take a day or two to deploy the new contract. These things can be fiddly, and given the amount of liquidity we are removing and re-adding (around $700k) we want to give ourselves maximum time in order not to rush anything.

 

After the contract has been deployed tokens will be airdropped to all wallets. The new contract will come with a reduced supply to get rid of a few unnecessary 0’s and make calculations easier. As we are reducing the supply and combining liquidity pools please remember the token count will be lower but your share of $BEACH will be valued the same. 

 

We will be available during this whole process to answer any questions people may have as well as to keep the community updated on progress - just reach out via our Telegram group. However please keep in mind admins will never DM you first; be cautious of any messages from strangers and check with the team before ever clicking any links or opening attachments unless posted from our official pages.

 

Thanks for joining us on this exciting new phase of our development!