Bitcoin pulse, guides and news: What happened with Bonfire since the previous team left Bonfire?

Sunday, October 9, 2022

What happened with Bonfire since the previous team left Bonfire?

This post is for holders, who were holding Bonfire or still holding Bonfire and don’t want to go through all comments or project updates to become up to date. Also for new investors, this is a lot of information (for DYOR) about Bonfire.

Why the previous team left the project?

Situation: The previous team “left” the project because of the so-called development issues.

The development issues were:

* No funds for development

* BNB Exploit

* Locked liquidity and not able to migrate the liquidity pool to V2

* 10% tax

* Not being able to change the rules of the smart contract because of the renounced contract.

The team thought they really couldn’t do anything with the renounced contract. They tried to solve the so-called development issues, together with getting funds for development with a new token (EMBR). Because they don’t had own investment for liquidity, they came up with the solution that Bonfire holders could buy into their presale first instead of an airdrop. Because they pretended they were working on Bonfire for months and claimed they had the solution for the renounced contract but we’re working on EMBR already, the community felt betrayed and misled. This event resulted in a massive sell-off, which many call the rug pull.

What then? The last team handed over all the social media channels to Jordy Sassen (top holder and active community member). Jordy Sassen is the founder of Bonfire Group BV. He announced in the community that he will work on a Bonfire with new plans. Within a month, he announced in the community that Dr. Christof Spanring would be officially hired by Bonfire Group, and they start working at the beginning of 2022 together on the Bonfire project.

So who is Dr. Christof Spanring, and what will he do for Bonfire? Dr. Christof Spanring is a computer scientist with a lot of experience in computer science, blockchain research, and development. He worked for years as a researcher for Bitpanda, a reputable Bitcoin broker in Europe who was also involved in the Pantos project. While working for the Pantos project as a researcher, he did a lot of research about Multichain and Cross-chain blockchain transactions. With the future blockchain space heading into multichain/cross-chain, Christof is exactly what Bonfire need to build what they are planning to build.

Dr Christof Spanring linkedin: https://at.linkedin.com/in/christofspanring

What are the new plans? Jordy Sassen and Christof Spanring announced they want to make from Bonfire a multichain virtual world (so-called Metaverse). They are going to build a steady WEB3 foundation from scratch. They announced they would have a solution for the renounced contract, and they can make a use case for Bonfire.

But how? Because of the renounced contract, Bonfire was dead, or? The last team thought that because of the renounced contract, nothing was possible with Bonfire anymore. The last team thought the BNB exploit was a major issue and holders’ funds were at risk, but after an extensive audit, the conclusion was that the BNB exploit was only a minor issue and no funds were at stake. It was even possible to turn the BNB exploit into a strength of Bonfire by creating a smart contract to gain more Bonfire tokens each swap (The Bonfireswap router implemented in the Bonfireswap). Also, the locked liquidity in V1 seemed only a user-experience issue because Pancakeswap hid the V1 pool behind an extra disclaimer and warning, which has been solved with the development of the Bonfireswap interface.

Audit "BNB exploit": https://www.metapulse.ai/audit/bonfire.pdf

Audit Bonfireswap interface: https://www.metapulse.ai/audit/bonfire_wo1.pdf

Ok, but I still don’t understand how this solved the renounced contract. The fallacy about the renounced contract is that it should be solved. The renounced contract is one of the biggest strengths of Bonfire. The renounced ownership of the smart contract intends that nobody can change things anymore. The liquidity pool has approximately 6700 BNB (+/- $1,800,000). With every transaction, the liquidity pool is growing (5% of every Bonfire transaction goes to this liquidity pool). Also, from every transaction, 5% will be distributed amongst all holders holding Bonfire, which means everyone is earning a passive income out of every transaction made with Bonfire. Because the burn wallet has the biggest holdings in Bonfire (40% burned already), the burn wallet receives the biggest share out of the passive income that will be divided amongst all holders, which means that from every transaction, the supply of Bonfire is significantly decreasing.

I understand. The Bonfire contract, with the renounced ownership, is like a steady bulletproof bunker; nobody can change the rules or access the liquidity. But what about the tax? The new Bonfire team is planning to make a use case for Bonfire. But because Bonfire has a 10% tax on every transaction, it’s hard to implement Bonfire as an ecosystem currency. Every time losing 10% if you transfer Bonfire will be very bad. Because they still want to make a use case for the original Bonfire without abandoning the contract, they came up with a solution: wrapped Bonfire.

Wrapped Bonfire? Could you explain more to me? So the Bonfire team wants to make use of the original Bonfire. Because of the strong liquidity pool with around 6700 BNB in it (and growing with every transaction), the rules of the Bonfire smartcontract, the supply already has been burned in combination with the renounced ownership of the contract, the original Bonfire is perfect to work with. The new Bonfire team wants to use the original Bonfire and its strengths for the future plans. To achieve that, they created the so-called Bonfire wrapper.

What is the Bonfire wrapper? The Bonfire wrapper is a complex designed smart contract ecosystem to wrap Bonfire to any other token contract. This way, it will be possible to introduce other tokens making all use of the original Bonfire. Bonfire should be locked first in the Bonfire wrapper smart contract, and only when Bonfire has been locked in the smart wrapper contract will a token from another token contract be minted and distributed to the user. When the tokens will be unwrapped, the wrapped Bonfire tokens will be burned first, and only then will the Bonfire be swapped back for BNB and returned to the user. The cool thing about wrapped Bonfire is that all the different wrapped Bonfire tokens still receive passive income from the transactions made with Bonfire.

How does this in any way solve the 10% tax issue? The Bonfire team introduced Boncash, which will be the official wrapped Bonfire token. Boncash has 0 tax on transferring BonCash. Also, BonCash has lesser decimals, which means a “smaller” supply of 100 million BonCash, which makes it easier to work with Boncash.

Ok, but how to get Boncash? The Bonfire team developed their own Bonfireswap interface, with custom smart contracts integrated for interacting with the Bonfire Liquidity pool and wrapping and unwrapping Bonfire. In the Bonfireswap interface, users can wrap Bonfire to Boncash (10% tax applied) and swap BNB to Boncash directly. The wrapping process takes place without the user experiencing it. Because the Bonfire wrapper contract is swapping the BNB for Bonfire and locks the Bonfire after the swap, paying double tax will be avoided.

Ok, But is this all safe? Bonfire locked in a smartcontract. What about hackers? The Bonfire team is doing everything in its power to ensure the safety of the Bonfire wrapper. Different smartcontracts related to the Bonfire wrapper have been audited by Certik (a very reputable Audit company in the blockchain space) and Metapulse.

Links audit reports:

Certik Bonfire Token wrapper, Multichain Tokenfactory, Bonfire Token tracker and BonCash: https://www.certik.com/projects/bonfire-world#audit

Metapulse Bonfire Token wrapper: https://www.metapulse.ai/audit/bonfireworld.pdf

I have Bonfire. Do I need to wrap my tokens? If you want, you can decide to wrap Bonfire. This costs 10% because a Bonfire transaction is involved in the wrapping process. If you don’t want to wrap your Bonfire to Boncash, that’s fine. Because it, in fact not matter if you hold Bonfire or Boncash. You can always decide later, when the Bonfire World is finished, to wrap Bonfire to Boncash (or other wrapped Bonfire tokens). You can also decide to buy Boncash with BNB directly to avoid paying two times the tax.

And for what will Boncash be used? Boncash will be the metaverse currency in the Bonfire World. Because Boncash has no transfer tax, it will be applicable for all kinds of different use cases (payment currency, casino currency, in-game currency, etc.). Because Boncash has no tax, it can also be re-wrapped to all kinds of other wrapped Bonfire tokens in the BonfireSwap versions without paying the tax.

What more has the Bonfire team planned? The Bonfire team is focused on different blockchains to attract diverse audiences because the Bonfire World will become a multichain ecosystem. To achieve that, they want to bring Boncash also to other blockchains. Users can buy Boncash on different blockchains using the original Bonfire liquidity pool on the Binance Smart Chain. The first will be Ethereum, but more blockchains are on the agenda.

So all the development issues are solved now, and the Bonfire team can start building a use case for Boncash, right? Yes! The so-called development issues are all solved by the new team. After that, they will continue with the focus on the Bonfire World. Because this post is about the Bonfire token self.