Binance coin and Binance Smart Chain — two ecologies relevant to Juiice technology

Binance coin and Binance Smart Chain — two ecologies relevant to Juiice technology

As most readers of our blog will know, cryptocurrency and -tokens run on blockchains. The most well known is of course the Bitcoin network, closely followed by the Ethereum network of nodes, the leading Layer-1 smart contracting platform.

A big difference between the Ethereum and Bitcoin blockchain network is that the latter with its native coin of the network — the famous bitcoin (BTC)- is predominantly used as a digital currency and store of value, the former from the start also offered next to ETH (the Ethereum network native coin) the option to issue smart contracts, that e.g., facilitate ERC2.0 tokens or non-fungible tokens (NFT).

An example of an ERC2.0 token is Binance Coin (BNB) that was developed to provide liquidity on the Binance cryptocurrency exchange by pairing them with other cryptocurrencies as a so called cross-asset against other crypto or fiat (BUSD) or for payment for fees. Today BNB runs as platform coin on the Binance Chain blockchain network and no longer is a token on the Ethereum platform.

Something similar in function we find in the Wrapped Binance Coin (WBNB) which is a liquidity token pegged 1-on-1 to BNB. WBNB is used for liquidity on the Binance DEX — the decentralized Binance exchange that operates parallel to the centralized Binance exchange. WBNB itself runs on the Binance Smart Chain, a blockchain compatible to the Ethereum Virtual Machine (EVM). As a platform clone, BSC, offers similar functionality as Ethereum Classic and Ethereum platforms, including the possibility of smart-contracting, tokens, DEX, DAO, NFT and DeFi-apps.

Due to the market size of Binance Coin and Binance USD (BUSD) -which also supports the Binance Smart Chain (BSC) via the BEP-2 protocol- the BSC platform can be regarded as robust and stable. The big advantage compared to the Ethereum network is the speed and the far lower transaction costs, while still enabling interactions, like e.g. the possibility to connect wallets like MetaMask to the smart-chain to store WBNB or BSC-tokens or decentrally exchange them on PancakeSwap or Venus.

For Juiice this is all very relevant, then the soon to be released Juiice tokens will operate on the Binance Smart Chain, just as the Juiice NFT will in the near future. By choosing for a modern, compatible, and Ethereum compatible platform, innovative developments can be integrated to offer better usability, metaverse access with apps and cross-platform trading.

* Further details on the Binance Smart Chain, you find at: https://coinmarketcap.com/alexandria/article/what-is-binance-smart-chain and to prepare yourself to store Juiice tokens: https://coinmarketcap.com/alexandria/article/connect-metamask-to-binance-smart-chain-bsc

* More information about the plans of Juiice, you can find here: https://www.juiice.io/#roadmap