Aergo is joining the Binance Chain family
We are integrating Aergo with the Binance Chain and have proposed a listing on the Binance DEX.
Dear Aergo community and Binancians,
We are very happy and excited to inform you that the Aergo team has begun integrating the Aergo token with Binance Chain. In addition to that: we have proposed a listing on the Binance DEX, in our determination to contribute to the liquidity and exposure of the Binance Chain ecosystem. Please help us out and give your support by sharing, liking, and commenting on the thread!
Proposal for Listing Aergo (AERGO) on Binance DEX
3. Your name and position Hunyoung Park, Board Member & CTO 4. A one-sentence pitch about your Project Aergo is a fully…
Note that we will not be doing a migration of the entire Aergo token supply onto the Binance Chain, but rather, we will be adding the Binance Chain to the list of public blockchains that Aergo supports. This is possible because one of Aergo’s key functionalities is interoperability. There will now be three different blockchains that the Aergo token exists on. Read this article for more details on it all.
Three token types
The first thing to go over is the different types of Aergo token states. With the integration of the Aergo token into Binance Chain, Aergo will now exist in three forms: ERC-20, native coin, and now, BEP2. As a recap, let’s go over the three token types:
- Native coins (utility) will be used for utility on the Aergo platform: staking in block producer elections on the main network, utilizing dApps, executing smart contracts and transactions, and so on. You can get these now on swap.aergo.io using your ERC-20 Aergo tokens.
- ERC-20 tokens (liquidity) will be used for liquidity purchased through exchanges. Aergo ERC-20 tokens are currently available and traded on exchanges such as Upbit, Bittrex International, KuCoin, Gopax, Korbit, and more.
- BEP2 tokens (liquidity) will be used for liquidity purchased through the Binance DEX. Aergo will be available after the Binance Chain validators approve the listing proposal, which you can find here.
For those who are new, let’s do a quick intro
What is Aergo? Aergo is a fully open-source enterprise blockchain operating platform that leverages and extends both public and private blockchain, and cloud architectures, empowering organizations with the scalable architecture they need to transform business and create new global networks in any industry. Our mainnet is live right now, and there are already many large-scale companies using the technology.
With full support for smart contracts based on Lua, developers can build any decentralized application or service they want on our platform. Aergo provides a hybrid (private + public) architecture which doesn’t constrict the possibility of what applications can be built. It also offers developers familiar tools like SQL so they can easily adopt the technology. You’ll be able to handle data and code smart contracts easier than you ever have on a blockchain before.
Aergo was founded on the foundation of Blocko’s blockchain technology, which was gifted to the Aergo foundation. For the past five years, that technology was deployed for over 40 enterprises, public bodies, and banks in Korea. Many international customers are working to build large-scale IT solutions on our platform. You can read more about some of these projects here.
We are working to create the most practical — enterprise-ready — blockchain platform. And to aid in achieving our grand vision, we are happy to announce our support for the Binance Chain.
Why are we integrating with Binance Chain?
Let’s start with a bit of a recap. Naturally, there are multiple blockchain networks in the grand Aergo ecosystem. This is because Aergo is being built as an enterprise-scale platform for custom deployments of private or public blockchains for developers and for businesses.
Aergo travels across chains through ‘bridges’
We facilitate communications between these blockchains through our Merkle bridge, which is a design for interoperability between blockchains. It’s optimized in terms of speed and cost-effectiveness for transfers between sidechains but has support for other public blockchains such as Ethereum.
Basically, our Merkle bridge lets you send Aergo coins that you hold on your Aergo mainnet account to your Ethereum wallet, whereby the Aergo coins turn into Aergo ERC-20 tokens. It changes the form, but it remains the same asset.
As a result, it will inevitably exist on multiple public blockchains
This means that the Aergo token will inevitably exist across many public blockchains in the crypto ecosystem.
It’s important to keep in mind that despite existing on many networks through bridges, the total supply will always remain consistent. It will be the exact same token across different public blockchains. The total supply will always be 500,000,000.
By manually integrating the Aergo token on different blockchain networks, we are letting users of Aergo capture the benefits of multiple chains early on.
Binance Chain could be a serious contender in the exchange space
The Binance team has done an incredible job at uniting projects into the Binance ecosystem. This may be exactly what is needed to build a seriously practical and liquid decentralized exchange. And there could perhaps be no better candidate to create a decentralized exchange for real-world adoption than the Binance team, being the largest cryptocurrency exchange in the world.
The Binance Chain movement is a cause we want to get behind
We want to support the Binance Chain’s powerful cause. More than being just a short-term gain in user exposure or liquidity, the time we spend integrating with the Binance Chain is a long-term investment in its bright future. The leading global cryptocurrency exchange is expediting the Binance Chain’s vision.
We also want to support the move towards decentralized peer-to-peer asset exchange. Numerous exchanges have been hacked for billions of dollars throughout the existence of cryptocurrency. On decentralized exchanges like the Binance DEX, users retain full control of their funds; rectifying that sort of risk.
It’s already gained significant traction
The Binance Chain movement has been very successful since it’s inception just a short while ago. As of writing, there are close to 50 tokens trading on the Binance DEX; with dozens of more tokens currently awaiting listing approval from Binance Chain validators.
The traction that Binance Chain has gained already acts as further justification that the Binance DEX could be a serious contender in the future.
The integration will expose Aergo and Binance Chain to more liquidity and more users
The integration with Binance Chain is a win-win. Issuing the Aergo token on the Binance Chain will create more liquidity for the Aergo token, and it will expose the Aergo token to a potentially significant gateway of future blockchain users. More exposure and more liquidity can only help foster our ecosystem even further.
Now, to complete the process, there are a few next steps we need to cover:
- Gaining approval for our listing proposal from the Binance DEX community. Provide your support by liking, commenting, and sharing! You can see the proposal here.
- Opening our token swap service for Aergo token holders to swap between ERC-20 tokens and BEP2 tokens. This will come before the day of the listing, once the listing for Aergo on the Binance DEX is confirmed by the Binance Chain validators.
If you’re interested in learning more about Aergo, below are some recent updates as well as some links to join our community.
Some of our recent highlights:
- Hyundai AutoEver announced that its new blockchain platform for 54+ Hyundai companies will anchor to the Aergo mainnet.
- We presented at one of the biggest blockchain telco forums of the year with over 150+ telecom industry professionals attending.
- We are working on a super-cool in-house space exploration dApp for Aergo.
- Our strategic partner, Blocko, is actively onboarding new customers onto the Aergo platform. It last announced that its product line will solely be built on Aergo. This is important: because Blocko has some notable clients including many Korean government entities, Hyundai/Samsung companies, stock exchanges, and more.