With the high fees on Ethereum it's a no-brainer to deploy our token and Dapp on Binance Smart Chain. This will provide tremendous savings in transaction fees when collecting a Freedom Dividend, transferring the token, and using the Dapp. Moving forward FDC will be supported on both Ethereum and Binance Smart Chain. Here is how this will be done.
A wrapped version of the FDC token will be launched on Binance Smart Chain in the coming weeks. This will be known as WFDC. With WFDC you will be able to do everything you can do with FDC. This includes collecting a Freedom Dividend on Binance Smart Chain with a much lower transaction fee.
WFDC will be backed 1 to 1 to FDC. Having WFDC backed 1 to 1 is important so there is no inflation of the total supply of FDC. This will be done through a smart contract bridge where you can swap FDC to WFDC cross-chain and vice versa. This cross-chain bridge will utilize Chainlink to accomplish cross-chain communication.
Also, WFDC can only be created if FDC is sent to the smart contract bridge, so this is how the 1 to 1 backing will be enforced. Our FDC Dapp will also be launched on Binance Smart Chain in the coming weeks. This launch on Binance Smart Chain increases the interoperability of Freedom Dividend Coin. I'm excited to see this project and community continue to grow!