Since our announcement in the month of November, the YouCoin team has been working tirelessly to deploy the whole ecosystem on the BNB chain as soon as possible. We have already shared some announcements and upgrades planned for the ecosystem, and in this article, we will give you some insight into how implementing the BNB chain would impact YouCoin.
First, let us have a look at what exactly the BNB chain is and what its characteristics are. The Binance Smart Chain (BSC) is a decentralized blockchain platform that was developed as an alternative to Ethereum, with the goal of providing faster and cheaper transactions for developers. In recent years, the BNB chain has gained significant traction in the cryptocurrency industry and has attracted a growing number of projects to build on its platform.
There are several key benefits to a project being on the BNB chain:
- Lower transaction fees: One of the main benefits of the BNB chain is that it has significantly lower transaction fees compared to Ethereum and most other chains. This is due to the use of a different consensus mechanism (Proof-of-Staked-Authority) and the fact that the BNB chain has a higher block size limit, which allows more transactions to be processed per block. This makes it more cost-effective for developers to build and deploy their applications on the BNB chain. Ultimately, lower transaction fees mean more users would be willing to use a project deployed on the BNB chain.
- Faster transaction speeds: In addition to lower fees, the BNB chain also has faster transaction speeds compared to other chains. This is due to its higher block size limit and faster block times. This makes it easier for developers to build and deploy applications that require fast and reliable transaction processing, such as yield farming, gaming platforms, social platforms, NFTs, and other DeFi projects like Uloan and ULottery.
- Compatibility with Ethereum: the BNB chain is compatible with Ethereum, meaning that developers can use the same tools and technologies to build on both platforms. This makes it easy for developers to migrate their projects from Ethereum to the BNB chain if they wish to take advantage of the lower fees and faster speeds.
- Growing ecosystem: the BNB chain has a growing ecosystem of developers, users, and projects, which can provide valuable resources and support for new projects. This includes a myriad of decentralized finance (DeFi) projects, which have become increasingly popular on the BNB chain.
YouCoin is looking to take advantage of the BNB chain’s many unique benefits and capabilities and in addition to the evident advantages of the BNB which will be put to good use, the team has also planned some upgrades for the YouCoin ecosystem which we will review here.
The first phase of YouCoin’s migration to the BNB chain includes an overhaul of UPool. V1 of the original SERO chain will migrate to the BNB chain to become Upool V1. V2 and Upool of the original SERO chain will migrate to the BNB chain and become Upool V2. At first, mining pools for UCON, SERO, and ETH will be accessible, and more mainstream tokens like BTC, BNB, and DOT will be made available in the future. In YouCoin’s newly revamped UPool:
- You will be able to stake one token to earn two tokens. Also, it should be noted that UCON’s pool will be a single-currency reward pool.
- You will be able to earn high APY on both the token (like SERO and ETH) and USD, which is especially beneficial in a bear market.
- Using our referral system, you can also Invite your friends for extra income and earn cryptocurrency together.
- You can choose between two DeFi staking models; The Equilibrium Strategy and The Conservative Strategy.
- In the Equilibrium method, all the assets staked will flow into the V1 main contract pool and the release rate in this method is twice as fast as in the conservative method.
In the Conservative method, 50% of the amount staked will flow into the main contract pool and count toward earnings. The other 50% will flow into the conservative strategy contract pool and count toward the mining quota, direct power, and UMedal power. Once the 50% staked amount is doubled, it can be manually unlocked and all the rewards harvested during the staking period can be considered profit.
Once the redesign of the UPool system is completed, the team will shift its focus to YouCoin’s Super DAO and continue adding new components to our ecosystem on the BNB chain, such as ULottery, ULoan, and UGame.
YouCoiners! What is your take on the BNB chain compared to the other chains available? What would you like to see from YouCoin on the BNB chain? As always, if you have any ideas you would like to share with YouCoin, feel free to contact us at our email, through our telegram community, or any of our official channels listed below:
Website: https://www.youcoinmeta.com
Twitter: https://twitter.com/YouCoinOnline
Telegram Community: https://t.me/YouCoinOnline
YouCoin News: https://t.me/YouCoinNews
Medium: https://medium.com/@YouCoin
Reddit: https://reddit.com/r/YouCoin
GitHub: https://github.com/youcoinmeta/youcoinmeta
Email: market@youcoinmeta.com
