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.

In other words — you are witnessing the nascent stages of Basechain becoming a multichain network.

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Withdrawing BNB from Loom Wallet via MetaMask

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.

“…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

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.

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.

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

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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 😉

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.

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.

  • 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.

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

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