Binance Smart Chain for real estate token issuance and transactions
Greetings from the Elysia team!
Since the beginning, Elysia has been using the Ethereum network to issue real estate tokens and deploy smart contracts for transactions and settlements. However more recently we were faced with scaling issues due to high transaction fees on Ethereum which affected some of our customers who were investing in small sums/installments.
It is important to note that as a peer-to-peer marketplace for trading real estate ownership, it is crucial to keep intermediary costs at a minimum, and in our case fees associated with using a public blockchain network should not be more than 0.1% of the total value transferred.
In this regard, we have decided to use Binance Smart Chain (BSC) for our next real estate token issuance and have integrated swap features onto the Elysia app so that our customers minimize costs associated with buying real estate tokens with other digital assets.
After a month of testing, we were able to reduce asset tokens’ gas price by 80% and also experienced faster transaction speed. New features after BSC update can be found below;
- Binance Coin (BNB) support: Buy real estate ownership using BNB! Elysia app shows users their BNB balance and supports BNB deposits and withdrawal features.
- Asset token issuance on BSC: Real estate tokens will not be issued and deployed on the Binance smart chain. We modified some variables to match BSC’s block time and the basic reward logic in favor of staking BNB.
Please be advised that this is an add-on feature and will not affect the previous ERC tokens and transactions on the Ethereum network. The current update does NOT mean you will be able to convert your current ERC20 based EL deposits to BSC, but due to popular demand we will also be implementing Ethereum Mainnet EL — BSC bEL bridge or use Binance Bridge to support EL token migration soon.
In the meantime, we have created a step-by-step video to explain how you can use BNB to purchase real estate tokens through our app.
Details on the new update can be found in the keynotes. Download the app to buy Asset Blue #3 Now: Android (bit.ly/34Vvyjp) and IOS (apple.co/2HGi8iu)
Best Regards,
Team Elysia
