SpaceChain Advances ERC-20 SPC Token with Decentralized Finance Capabilities to Unlock New Possibilities in Financial Services

SINGAPORE, Nov. 30, 2020 /PRNewswire/ -- SpaceChain today announced beta access for the release of the enhanced ERC-20 SPC token (v2), which is fully compatible with Ethereum Decentralised Finance (DeFi) products capable of automating enforceable agreements in a highly immutable, permissionless system facilitated by smart contracts. The enhanced version will grant holders access to collateral and lending pools in decentralised exchanges, unlocking liquidity and growth opportunities in a fully peer-to-peer environment.

Existing ERC-20 SPC token (v1) holders can opt to upgrade their tokens on a one-to-one basis at any time with any volume, in a seamless and secure process managed by smart contracts on the Ethereum blockchain. The upgrade takes the SPC tokens (v1) and mints the exact same number of SPC tokens (v2). During the upgrade process, the tokens (v1) are either burnt or sent to the null address 0x0 to ensure permanent removal of the annulled tokens. Holders of QRC-20 SPC tokens can upgrade to the DeFi-compatible SPC token (v2) by filling in this form.

"The launch of SPC token (v2) signifies our continuous commitment to scale the way financial products are transacted and accessed today with an open alternative," said Zee Zheng, SpaceChain co-founder and CEO. "SpaceChain is at the forefront of leading the explosive growth of this new financial system that is more liberalised than ever before. We will continue to identify innovative use cases to expand the use of blockchain from simple value transfer to complex financial services and other possibilities."

The ERC-20 SPC (v2) token has successfully passed the audit by Coinspect, where the security of the token's smart contract source code, deployment, and token migration processes were evaluated. The token is now available on Uniswap, Balancer, 1inch, and HitBTC.

"We are propelling the use of blockchain technology for secure, everyday financial transactions in a regulated sector without requiring intermediaries providing the platform for trade," said Jeff Garzik, SpaceChain co-founder and CTO. "We are working towards removing the need for mundane regulatory processes, and empowering users with the freedom to manage their own asset movements anywhere in the world from their devices."

More information about the ERC-20 SPC (v2) token upgrade process can be found here.

About SpaceChain

SpaceChain fosters decentralized infrastructure for the New Space Economy. By combining space and blockchain technologies SpaceChain is making the development of space applications easier and making space more accessible. For more information, visit www.spacechain.com.

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SOURCE SpaceChain