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Label Foundation integrates with the Binance Smart Chain through the MultiBaas Bridge powered by Curvegrid

Label Foundation is thrilled to announce the beginning of integration with Curvegrid, a well-known Tokyo-based MultiBaas blockchain middleware platform for developing dApps between multiple blockchains. Through this partnership establishment, LABEL Foundation will be able to leverage the cross-chain bridge built by Curvegrid in order to migrate to the Binance Smart Chain. Originally founded as Ethereum-based Dapp, LABEL Foundation seeks to become the multichain NFT infrastructure, and the integration with Curvegrid will enable this initiative by bringing their multichain endeavor to the next step. LABEL Foundation will be looking for different ecosystem expansion opportunities within the BSC and beyond it.

LABEL Foundation to migrate to the BSC

It is a highly acknowledged fact, that the future of the blockchain industry is bound to become chain agnostic and the multichain endeavor shall be pursued by all the leading Dapps in the sphere. LABEL, being originally founded as Ethereum-based Dapp, seeks to become the multichain NFT infrastructure in both short-term and long-term perspectives in order to allow users to have free access to their digital assets and IPs on multiple networks. Through the partnership established with Curvegrid, LABEL will leverage the cross-chain portal solution enabled on their MultiBaas bridge, which first brings the $LBL token to the Binance Smart Chain Network.

MultiBaas allows independent developers and enterprises to bring their DApps to the market in a fast, facilitated, and cost-effective manner. Moreover, it allows building a cross-bridge between multiple blockchain platforms and powers the MultiBaas Bridge. MultiBaas Bridge is a cross-chain digital asset portal that is used as an ultimate solution for moving ERC20, ERC721, and ERC1155 tokens between compatible blockchains.

LABEL will provide bridging protection for a cross-chain bridge to Binance Smart Chain (BSC) using Curvegrid’s multi-blockchain platform, and tap into Curvegrid’s suite of enterprise tooling to build, explore, and manage smart contracts relevant to LABEL’s products on various blockchains.

Having a partner like Curvegrid that could power the transfer of LABEL assets through its cross-chain digital asset portal significantly facilitates the entire procedure and makes the double-edged transition very possible. Therefore, the technical partnership between LABEL and Curvegrid will be concentrated on leveraging the tools and experience of the Curvegrid team in order to offer the most practical cross-bridge solution inside of our metaverse.

“We firmly believe that Curvegrid has a unique expertise and professionalism in the effective abstractions for gaining technical leverage across multiple distributed ledger technologies,”

— Hyungsoon Choi CSO at LABEL

“The future of blockchain is multi-chain, and we’re excited to partner with LABEL Foundation to help them realize their vision of building a dynamic, cross-chain global content incubation platform.”

— Jeff Wentworth, Co-founder at Curvegrid

Partnership Details

As a part of this partnership agreement, LABEL will be one of the early adopters of the MultiBaas Bridge. This will initially support bidirectional transfers between the Ethereum Mainnet and Binance Smart Chain. It is secured by on-chain and off-chain multifactor and multi-signature authentication. To be precise, LABEL platform users will be provided with the opportunity to mint assets, move them to another blockchain, and bring them back to the Ethereum Network if they’d like. Here’s the generic view on the asset transfer flow:

  • Transfer and lock: The asset owner sends the ERC20, ERC721, or ERC1155 asset to a well-known MultiBaas Bridge smart contract address.
  • Event-triggered: MultiBaas Bridge monitors the events on the smart contract, and once assets are locked and secured in escrow, initiates the transfer workflow.
  • Sign: The appropriate burn and mint transactions are signed by an enterprise’s wallet or multi-signature wallet.
  • (A) Burn (if applicable): The asset is burned (removed) from the source blockchain. (Only applies to assets with a variable supply.)
  • (B) Unlock/mint and transfer: The asset is unlocked or minted (created) on the destination blockchain and transferred to its destination.

About Curvegrid

Curvegrid Inc. is a blockchain software technology company based in Tokyo, Japan. Curvegrid’s MultiBaas blockchain middleware makes it fast, easy, and cost-effective to build production-grade decentralized applications (DApps) on multiple blockchain platforms.

The LABEL platform builds up an ecosystem that establishes a fair and decentralized incubating system, that purports to provide the content creators in the MOOC industry easier access to the investment, promotion and distribution of their IP rights, hence aims to improve an unfair profit structure that exists in the sphere, striving to prevent copyright infringement cases across the industry.

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Revolutionary MOOC platform that allows invest/create/learn and trade content on the blockchain-based incubation platform.