Loom Basechain & Loom Wallet Are Now Interoperable with Binance Chain — Bringing an ERC20–BEP2 Bridge and Smart Contract Functionality to Binance 🖇️
Update:
- Basechain was formerly known as PlasmaChain. Read the official announcement.
Recently, we launched Loom Wallet — which is a kick-ass interface to manage your Basechain assets easily.
…and since we are in the business of making the lives of dapp developers easy peasy lemon squeezy — I got even better news for you today 😉
Loom Basechain & Loom Wallet are now interoperable with Binance Chain.
Just in case you are late to the party…
Basechain is a production-ready interoperable hub that connects to all major blockchains like Ethereum, Cosmos, EOS, TRON, and now Binance.
In other words — you are witnessing the nascent stages of Basechain becoming a multichain network.
If all blockchains were peanut butter — Basechain is the jelly.
Here’s the thing…
Basechain doesn’t just allow faster and cheaper transactions with blazing fast confirmation times…
It makes your dapp accessible to as many users as possible — right from the beginning — with true blockchain interoperability.
…Today may just be your lucky day 😉
Now, let’s go over…
A Brief History of Binance Chain
Since we’ve already integrated with Ethereum and TRON — (…and Cosmos Hub and EOS integrations coming soon!)— now is the perfect time to add Binance Chain to our fleet of blockchains.
Just in case you are not in the loop with what all the fine folks at Binance have been up to, let me catch you up to speed.
A while back (April 2019) — Binance launched their own proprietary blockchain called Binance Chain and started porting all of its services to its new ledger — along with a cross-blockchain token swap from Ethereum mainnet to Binance Chain.
“…As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.
Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin…”
Now, you might already be familiar with the Binance Coin (BNB) — which i̶s̶ was an ERC20 token on the Ethereum network, and was used by Binance users to pay for trading fees and a whole slew of other cool stuff.
After the launch of Binance Chain — the ERC20 BNB is being converted into native BEP2 BNB tokens on the main network through their exchange platform at binance.com — which is a convenient way to perform the initial token swap.
If your ERC20 BNB tokens are on binance.com, you don’t need to do anything as the token swap would be automatic.
But, if you have your ERC20 BNB tokens in an external wallet, you’ll need to deposit them into a binance.com wallet and withdraw BEP2 BNB.
Which brings us to the new BEP2¹ standard 😉
The BEP2 standard describes a set of rules for token management within the Binance Chain ecosystem.
So, you might be asking yourself…
So what? What’s the point of Loom being interoperable with Binance Chain? 🤔
It’s a good question.
To give you some context…
We are integrating with major blockchains so that dapp developers can access ALL users on ALL of the biggest ecosystems, instead of having to choose (or bet future success) between blockchains — by simply building their dapp on Loom from the start.
Because, as you may already know — our biggest and grandest goal is (and has been) to empower developers to easily build and deploy their dapps at scale with as little effort as possible.²
Thus — adding Binance Chain to our fleet of interoperable blockchains is an absolute no-brainer.
Plus, dapp developers no longer need to worry about choosing between an ERC20 or BEP2 standard — because now their tokens can be BOTH.
The functionality we are building out on Loom will allow developers to easily build cross-chain tokens that exist on both networks.
Users will be able to send their BEP2 tokens to Basechain and have them converted to ERC20 tokens, which they can withdraw to Ethereum mainnet and vice versa.
So if your dapp has Ethereum users who want to use their tokens on Uniswap³, they will be able to do so — while also taking advantage of all the benefits of having a BEP2 token on Binance Chain.
Bada bing bada boom 🙃
Now now… contain your excitement — because we ain’t done yet, partner.
Here’s MY FAVORITE part of this integration…
You see…
Binance Chain doesn’t have the ability to deal with smart contracts by design — but Loom does 😉
So — any dapp using BEP2 tokens can simply move their tokens to Loom and do all sorts of smart-contract-nerd-jitsu, DESPITE Binance Chain not being compatible with smart contracts.
Remember good ol’ Mr. Nakamoto who invented Bitcoin? — that was all cool and dandy, until…
…That Mr. Buterin fella invented Ethereum with programmable smart contracts.
Bitcoin didn’t have smart contract functionality until Ethereum came about.
In other words…
Loom is the Ethereum to Binance Chain’s Bitcoin 😉
Phew — congrats for sticking with me for this long, I appreciate it.
Let’s get practical — What kinds of user-facing dapps can I build with this integration?
So now we know all the technicals, but you may be wondering what’s possible with the Loom–Binance integration.
What kinds of dapps can actually be built with this?
Well, it’s literally limited by your imagination, but if you need some help kickstarting it…
Here are some ideas:
- A distributed freelancer website that uses the BNB token but has all of its bookings on Loom.
- A multi-collateral stable coin that makes use of various assets, like BNB, ETH, and more.
- A fast-paced game that uses BNB as its currency but has the game logic running fully on Loom.
- A social network with BNB currency and the user actions verified on Loom.
- A decentralized token swap service that allows users to exchange ERC20 assets with Binance Chain’s BEP2.
So many possibilities…
Just a little creative thinking could bring about the next killer app to grace blockchain land.
Now to recap, let’s go over…
The Benefits of Loom Integrating with Binance Chain — at a Glance:
- The token creator will be able to easily mint both ERC20 and BEP2 tokens, and have them be swappable in both directions on Loom Basechain.
- Developers will be able to use smart contract features on Loom, despite Binance Chain NOT having any compatibility for smart contracts.
- Dapp users will be able to deposit to and withdraw from Binance Chain via Basechain.
- Any dapps you launch on Loom will be accessible to Binance Chain users using their native wallets, and will also be compatible with all BEP2 assets.
- Your dapp and its users will be able to transfer BNB to and from Binance DEX. (*Other BEP2 tokens coming soon)
Like I said — the point of all of this is to make developers’ lives easier by giving them access to ALL of the major blockchain platforms, so they don’t have to choose a chain or silo their dapp into one particular chain based on a prediction.
By building your dapp on Loom, you have access to ALL users on ALL major chains, as well as both ERC20 and BEP2 standards — so you can spend most of your time actually building your dapp.
After all — that’s what REALLY matters.
Loom Network is the multichain interop platform for scaling high-performance dapps — already live in production, audited, and battle-tested.
Deploy your dapp to Loom’s Basechain once and reach the widest possible user base across all major blockchains today.
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