HALO Network
Published in

HALO Network

Binance Smart Chain And The Recent Trends On The Network

HALO Network’s main decentralized exchange, HOSWAP has been deployed on the Binance Smart Chain (BSC). This move has gotten tongues wagging and lots of people second-guessing. But why this move? We will find out in this piece. Read on!

The Choice Of BNB Smart Chain

BNB Smart Chain (BSC) came into being a couple of years ago as a smart contract supported chain, which is to exist in parallel to its older sibling, the BNB Chain. The blockchain’s support for smart contracts means decentralized applications can thrive, allowing developers to create applications that serve the crypto space.

Having projects launched on the BSC offers a deluge of opportunities. Here are some reasons why developers opt in the BSC network:

  • Lower transaction fees

The deployment of HOSWAP on the BSC comes as no surprise to many since the chain is renowned for its low fees — an attribute that has endeared it to the HOSWAP hierarchy.

Though BSC is a fork of the Go ETH code, the network uses a Proof of Stake Authority (PoSA), an improved version of the POS consensus. It’s thanks to this change that the BSC delivers on low transaction fees, which has made the chain attractive to users. Ethereum might have a first-mover advantage, but the high transaction fee on that blockchain has seen it take the backseat as far as retail is concerned.

  • Truly decentralized

A lot of people erroneously believe the BSC is firmly in the grips of Binance Exchange. This couldn’t be farther from the truth. With the BSC using the PoSA consensus, validators are brought into the picture. This opens the chain to more decentralized governance. However, not just anyone can be a validator considering the sensitive role they play in keeping the chain going. Potential validators are subject to scrutiny from the centralized exchange, which isn’t out of place.

  • Fast Network Speed

A boggy blockchain affects the speed of operations conducted on such a chain. That’s one area where the BSC has an advantage over many other chains; blocks are generated faster, resulting in an impressive network speed.

BSC uses a staking model, which is known to influence block generation positively. The improved speed of the network is something the average dapp developer seeks out. So it’s no surprise to see the blockchain becoming the dApp battleground of the crypto space.

  • Ethereum Compatibility

The Ethereum chain remains the most popular chain, and the BSC hopes to attract some of that crowd. By duplicating the source code of the Ethereum chain, Ethereum-based decentralized applications can be deployed on the BSC. It’s the one reason why DEXs like HOSWAP can be easily deployed on the BSC seamlessly. That Ethereum compatibility appealed to the HOSWAP team, and it’s why the dApp is currently live on the chain.

By being EVM compatible, the BSC is friendly to solidity developers. And that counts for something in a decentralized digital ecosystem dominated by solidity-based applications.

  • Support for DeFi and NFTs

Another reason why HOSWAP opted for deployment on the BSC is the blockchain’s support for DeFi dapps and NFTs. The chain is built to allow the growth of DEXs and other DeFi applications. The BSC is scalable, which gives it an edge over other chains. The blockchain also supports digital collectibles like NFTs as confirmed by the availability of the BEP-721 token, a non-fungible token.

HOSWAP is on the edge of evolving into an NFT marketplace, so a blockchain with the support for these digital collectibles is needed. BSC fits right in with that narrative.

  • Security

The choice of BSC for the deployment of HOSWAP is also tied to its security. With decentralization, security concerns are often on the list. What’s with the growing number of exploits and hacks?

DeFi applications are often conscious about the security of a blockchain since user assets are often the target of attacks. Since network validators of the BSC are vetted by the centralized exchange, Binance, HOSWAP got launched on the blockchain. With the crypto exchange hovering around the chain like a hawk, the odds of the chain going berserk in the security department is rather low.

The Purpose Of HOSWAP Launch On The BSC

Despite how enticing it is to launch HOSWAP on the BSC, the deployment is geared at meeting a purpose or two. It wasn’t just down to the compatibility of the blockchain and its inherent favourable attributes, other salient points made this launch on the BSC quite appealing.

  • An expanded reach

HALO Network’s traffic might be spiking, but it’s far behind what’s obtainable on the BSC. Binance is one of the most popular centralized exchanges, so it’s no surprise that it drew some attention to the BSC. Add the EVM compatibility, and the crypto crowd came calling. At its peak, the BNB Smart Chain handled more than 13 million transactions in 24 hours. That’s an amazing stat for a chain that’s barely two years old. HOSWAP intends to expand its dragnet to this blockchain, which is a good move.

  • More collaborations

Being on the same chain with other DeFi protocols puts HOSWAP on a better footing for more collaborations. In this digital space, partnerships are important. With lots of dapps on the BSC, it’s certainly a good opportunity for HOSWAP to team up with other projects so users are better served.

What To Expect On HOSWAP BSC

With HOSWAP on the BSC, users can expect a more competitive DEX that’s ready to deliver. All the features that made HOSWAP popular on HALO Network are coming to its BSC version.

With the low fees on the BSC, users will get to enjoy the many offerings of HOSWAP.

Conclusion

HOSWAP has now launched on the BSC, bringing the numerous benefits of the DEX to users on that blockchain. Things are bound to get interesting in the coming days. Are we seeing a likely challenger for PancakeSwap’s dominance on the BSC? It’s possible. HOSWAP has the tech to put that DEX on its toes. Time will tell what scenario plays out.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store