Binance Smart Chain partnership: BCdiploma team follow-up
In september, following an exchange with Binance teams, more than 1000 blockchain certificates were issued using the EvidenZ framework and sent to Masterclass alumni.
1100 Masterclass certificates issued
This was done a few days after the release of the Binance Smart Chain mainnet. Given this context, what is more logical than to issue these certificates on this new blockchain, launched by the world’s leading exchange provider? This was developed and deployed in a few days by the EvidenZ-BCdiploma team, taking advantage of the power of EvidenZ’s cross-chain engine.
What does “on the Binance Smart Chain” mean?
A quick reminder: EvidenZ is a technology capable of certifying value data thanks to the blockchain. What does “certify” mean? It is being able to identify the issuer of the data and to guarantee that the data is authentic: that it has not been altered or modified since it was issued.
Specifically, the data of more than 1000 Masterclass certificates were certified and stored directly on the Binance Smart Chain blockchain. The certificates of authenticity were generated by BCdiploma’s DApp and delivered to the Masterclass alumni: here is an example.
What does this mean technically?
EvidenZ’s technological approach is unique: unlike the vast majority of market players, EvidenZ does not certify a data footprint — a “hash” — but the encrypted data itself. This approach was the subject of a patent published in the US in July 2020. It allows:
- to decentralize the maximum amount of data, which is not stored in a vault or centralized storage, but rather onchain.
- an unequaled level of security and durability thanks to the blockchain which guarantees that the data can never be altered
- A maximum adoption by end-users by allowing one-click access to certificates via a simple URL
Specifically, here is the technical process that allowed Binance to issue its certificates:
Step 1: Binance’s identity has been registered in the EvidenZ smart contract on the Ethereum blockchain. This lists all the entities authorized to issue with the EvidenZ framework. During this process, a unique blockchain address has been assigned to Binance, which can be found in the proofs attached to the certificate or accessed directly onchain via a blockchain explorer such as MyCrypto
Step 2: $BCDT have been sent to the EvidenZ contract to allow the Binance address to be able to issue credits for its certificates. Remember that the number of $BCDT required used in this operation depends notably on the number of certificates to be issued.
Step 3: The BCdiploma DApp was used to issue the certificate data on the Binance Smart Chain. In this process, Binance’s certificate data was uploaded, encrypted, stored in BSC transactions and a unique URL link was generated and emailed to each certificate holder.
Step 4: Each Masterclass Alumni has received an email with a link to their certificate.
Step 5: Once shared on social networks, the link allows the certificate to be accessible by anyone and to verify its authenticity.
What to do next with this implementation and partnership?
Although Binance’s blockchain is still young, it benefits from the Ethereum technology on which it is based in part. As such, it is highly relevant to the EvidenZ ecosystem:
- Compatibility with smart contracts and EVM allows a quick and easy implementation if the framework has integrated a cross-chain approach, such as EvidenZ, right from the design stage.
- The PoSA consensus mode combining PoA (Proof Of Authority), which designates block validators in a network, and DPoS (Delegated Proof Of Stake), which enables governance within a decentralized network, is an interesting alternative to POW, particularly in terms of energy consumption, a major issue for some institutional players and a key concern for the BCdiploma-EvidenZ teams.
- Given this consensus, gas costs are more limited and contained than on ETH: a real issue after the explosion of costs generated by the DeFi wave.
In the upcoming months, BSC could be proposed as an alternative to Ethereum as a blockchain to store the encrypted data of certificates generated by EvidenZ. The first step in a larger collaboration with the crypto giant? Who knows?
EvidenZ.io website, the ultimate Blockchain Digital Credential framework: https://www.EvidenZ.io
Follow EvidenZ on Twitter: https://twitter.com/MyEvidenZ
Join us on Telegram: https://t.me/BCdiploma
