Loom Basechain & Loom Wallet Are Now Interoperable with Binance Chain — Bringing an ERC20–BEP2 Bridge and Smart Contract Functionality to Binance 🖇️

dilanka
dilanka
Jul 22, 2019 · 6 min read
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Update:


Basechain is a production-ready interoperable hub that connects to all major blockchains like Ethereum, Cosmos, EOS, TRON, and now Binance.

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Withdrawing BNB from Loom Wallet via MetaMask

A Brief History of 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…”

Binance Team

The BEP2 standard describes a set of rules for token management within the Binance Chain ecosystem.

So what? What’s the point of Loom being interoperable with Binance Chain? 🤔

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.

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E.g. If I were to go ahead and create my very own Dilanka Coin, it could easily be swapped between the ERC20 version and the BEP2 version.
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When you no longer have to worry about choosing between ERC20 or BEP2 because Loom got yo’ back.

Binance Chain doesn’t have the ability to deal with smart contracts by design — but Loom does 😉

Let’s get practical — What kinds of user-facing dapps can I build with this integration?

The Benefits of Loom Integrating with Binance Chain — at a Glance:

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Deploy your dapp on Loom Network — quickly and at scale.

Loom Network

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