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Here’s how you can launch your own token like BEP20 on Binance chain

Republished by Plato

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If you ever get this question how long we have come in the Blockchain ecosystem ever since the inception of bitcoin in 2008, the unbelievable number of Blockchain platforms available in the market is the perfect answer. Both the private and the public Blockchains have grown far beyond expectations, making it possible for the world to implement various use-cases and reach a state where Blockchain has become an essential part of every sector. One such platform is Binance chain and BEP20 is a token standard on the Binance Smart Chain. In this blog, you will get to know to launch your own token like BEP2O on Binance chain.

Binance is most commonly and popularly known for its cryptocurrency exchange which has accommodated our crypto trading requirements since 2017. With its superior services and advanced interface, Binance has become one of the best crypto exchanges in the world. You are sure to find the name “Binance” on any website if you search for the best crypto exchanges. There are more than 1889 individual cryptocurrencies available on the Binance platform. 

While the world knows Binance for its crypto exchange, only a few people are aware of the fact that Binance has its own Blockchain network called Binance Chain. The native coin of the Binance Chain is Binance Coin(BNB) and the network is primarily focused on providing speed and flexibility in the Blockchain ecosystem.

What Is Binance Chain

In April of 2019, Binance community initiated a project called Binance Chain primarily to bring more freedom and flexibility for their traders which other Blockchain platforms failed to accommodate. Another focus of this chain is to provide a platform for people or projects looking to raise money or liquidity.

Contrary to the other Blockchains, Binance Chain has been built with features that will create the perfect environment for exchanges. Binance DEX is the decentralized exchange module developed on the top of the Binance Chain. The Binance DEX further allows the exchange of digital assets by leveraging the Binance Chain. 

Coming to the features of Binance Chain, an instant transaction facility is probably the most important one considering its primary use case of facilitating crypto trading. Binance chain has a one-second block time which is much faster when compared to other Blockchains. 

This Blockchain also provides the functionality of smart contracts to further optimize and standardise the trades. Being a community-driven project, Binance Chain can be deemed as one of the best Blockchain platforms for use cases involving crypto exchange.

How Does Binance Chain Work?

The Binance Chain works on the Proof of Stake algorithm or more specifically, the Proof of Staked Authority(PoSA). In this consensus mechanism, the participants who hold the BNB or Binance Coin become a validator on the Binance Chain. Becoming a validator means that they can earn on the Blockchain by receiving transaction fees in exchange for validating blocks. 

The tokens available on the Binance chain are pegged to the actual cryptocurrencies which means that if you buy 1 BTCB you are actually buying 1 BTC. In addition to this, as the main purpose of Binance Chain is to support crypto trading, it also provides support for various wallets which can be used by the user to store their assets. A few of these wallets are Trust Wallet, Meta Mask, Ledger, and Trezor.

What is BEP20 and how it fits into the scenario?

The success of any public Blockchain is subject to its ability to accommodate the development of tokens. Basically, if a person can create a token on a Blockchain he can incorporate that Blockchain for his use-case because every use-case is, either directly or indirectly, dependent on the payment structure. 

As of now, ERC20 token is the most commonly used token for various purposes. Even the prominent stable coins such as Tether(USDT) and USDC are of ERC20 token type which is specific to the Ethereum Blockchain. This has created a monopoly of Ethereum in the crypto world. However, the ERC20 token has a new and worthy opponent, the BEP20 token standard.

BEP20 is a token standard on the Binance Smart Chain and it extends the ERC20 token standard. However, BEP20 is not the first token standard developed by Binance. While BEP20 is on the Binance Smart Chain, the Binance Chain has the BEP2 token standard. But keeping in mind that both ERC20 and BEP2 are being used currently in many use-cases, the BEP20 token standard has been made compatible with both.

The BEP20 token has specifically been made for the Binance Smart Chain to provide a better and improved token standard on a Blockchain which is more flexible and fast. The tokens built using BEP20 can be used for numerous use-cases as they can represent anything on the Binance Smart Chain such as shares of a business or bonds in form of a stable coin. Other possible implementations of BEP20 token are creating a native asset using a BEP20 token in a specific use-case or to even peg the BEP20 tokens from other tokens to make them usable on the Binance Smart Chain. 

It is worth considering that the BEP20 tokens work in a similar fashion as BEP2. Their transfer is subject to a fee in terms of BNB which acts as the incentive model of the consensus algorithm. Therefore, any transfer of the BEP20 token will have a transfer fee in BNB which will be given to the validators. 

What exactly is Binance Smart Chain here?

The Binance Smart Chain is often deemed as an extension to the Binance Chain. While the Binance Chain was primarily built for faster and efficient trading of cryptocurrencies, it resulted in a congested network. The Binance community soon realised that their Blockchain could not accommodate both the high trading volumes as well as decentralised applications. As a result, the Binance Smart Chain was created so that the two worlds could be separated. Now, the high trading volume is handled by the Binance Chain while the decentralised applications are built on the Binance Smart Chain and both chains complement each other. 

Any decentralised application on the Binance Smart Chain that needs high trading of cryptocurrencies can utilize the advanced functionality of the Binance Chain while the tokens listed or built on the Binance Chain can experience more usefulness and a wider application as they can be used on the Binance Smart Chain.

At the heart of this cross-chain compatibility is the token standard of the Binance Chain and the token standard of the Binance Smart Chain. The fact that BEP20 tokens can be swapped for BEP2 tokens and vice versa is the reason for seamless cross-chain compatibility. The easiest way to do so is perhaps via the Binance Chain Wallet extension, though more methods will undoubtedly emerge over time.

How To Create Your Own Token Like BEP-20 On Binance Chain

The first and foremost thing to consider before you create your BEP20 token on the Binance Smart Chain is to define the use of your token and the functionalities it will facilitate. As the BEP20 token is like an extension of the ERC20 token standard, it requires some predefined functions and characteristics that are imperative to include in the smart contract. These are:

  • Token Name: When creating a token, you’ll need to choose your token name perfectly E.g. “Your Token”
  • Token Symbol: The next thing, for all tokens symbol, is much needed one, so you have to decide your token symbol E.g. “YT”
  • Token Decimal Places: If the token has 8 decimal places it means that the fraction part of the tokens will be “100000000”
  • Total Supply: You need to provide the number of tokens that be supplied in your use-case. This number should be well thought as it determines the circulation of the token and affects the value of the token
  • Balance Of: It is a predefined function that returns the token balance of the account to the authorized person address

These are just the basic functions that are the must-haves for creating a BEP20 token on the Binance Smart Chain. Other than these, depending on your use-case, there may be a number of functions that also need to be defined for example for staking the token or for the transfer of the token. 

Code Repo : 

The development of such a token with advanced functionalities should be carried out by experienced developers. Especially in the current scenario where the DeFi world has experienced numerous attacks and millions of dollars have been lost due to poorly developed contracts and tokens. The seasoned developers at QuillHash can quickly develop your token on the Binance Smart Chain, adhering to the best practices and ensuring a safe future for your use-case, free from any potential hacks.

QuillAudits is accomplished in smart contract development and audit. To get a free consultation call with experts, click on the button below

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Source: https://blog.quillhash.com/2021/01/20/heres-how-you-can-launch-your-own-token-like-bep20-on-binance-chain/

Blockchain

Coinbase CEO Brian Armstrong Urges for Fair Crypto Regulations

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Ahead of the long-anticipated public listing for his company, Coinbase’s CEO Brian Armstrong asserted that US regulators are wrong in believing cryptocurrencies are primarily used for illicit transactions. He added that the industry wants to be treated on the same playing field as traditional finance when it comes down to legislative frameworks.

Armstrong on Crypto Misconceptions

The belief that digital assets are mainly used for illegal transactions has been going on for years, perhaps since bitcoin’s usage in some dark web marketplaces starting almost a decade ago. Regulators have used it as a good bashing point, and US-based watchdogs have been at the forefront of those attacks.

US Treasury Secretary, Janet Yellen, has repeatedly outlined the alleged massive usage of bitcoin and other cryptocurrencies for terrorist financing, Ponzi schemes, buying illegal goods, and everything in between. Naturally, the Treasury’s FinCEN department proposed quite restrictive legislation, which, however, has been indefinitely postponed.

Brian Armstrong, the CEO of the largest US-based crypto exchange preparing for its direct listing today, touched upon these concerns during a CNBC interview. However, he asserted that cash and even the highly-regulated banking sector are more frequently utilized in illegal transactions than crypto.

He referred to a report published today by the recently launched Crypto Council for Innovation indicating that “less than 1%” of all digital asset transactions have illicit roots. Simultaneously, PwC estimations showed that the percentage is more than 4x higher with the traditional economy, and more specifically cash.


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“The data we have just indicates that crypto is really not uniquely crime written. In fact, the data suggests it’s better than cash in that regard.”

Treat us Equally

Armstrong further outlined the significance of adequate regulation for his company, especially now that it will become public, but also for the entire industry. He suggested that the US should treat the crypto space as other financial sectors.

“We want to be treated on the level playing field with traditional financial services at the very least and not have any kind of punishment for being in the crypto space.”

He also joined Kraken’s CEO, Jesse Powell, saying that the world’s largest country by nominal GDP risks falling further behind other nations, such as China, in terms of crypto and blockchain adoption.

“China has really embraced cryptocurrency and blockchain in a big way – starting from about six years ago. They are substantially far ahead.” – Armstrong added.

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Source: https://cryptopotato.com/coinbase-ceo-brian-armstrong-urges-for-fair-crypto-regulations/

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Blockchain

MakiSwap Raises $1.4M to Build AMM Platform on Huobi Eco Chain

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[Press Release – St, John’s Antigua, Barbuda, 14th April, 2021]

MakiSwap, the number one decentralized exchange on Huobi Eco Chain (Heco), has raised $1.4 million in seed and private funding to build the most robust and feature-rich automated market maker exchange and yield farming platform on Huobi Eco Chain.

The oversubscribed round was led by Inclusion Capital, which incubated and supported MakiSwap in its development efforts. Other participants include Kenetic Capital, LD Capital, NGC Ventures, Polygon Network, DAO Maker, Momentum 6, AU21 Capital, Xend Finance and others. Jawad Ashraf, Founder of Terra Virtua, also joined the round as an individual investor.

MakiSwap is the leading AMM on Huobi Eco Chain, a high-performance blockchain supporting the Ethereum Virtual Machine. Heco was launched by the Huobi Global exchange and was met with formidable community support in China and the Asia-Pacific region. Heco projects are now shifting their focus to the global market, looking to bring in DeFi users from other regions and other blockchains.

MakiSwap was developed by Unilayer, a cross-chain DEX aggregator and DeFi ecosystem. The exchange offers unique features for an AMM designed with the professional trader in mind, including limit orders, advanced charting tools, analytics, and more. MakiSwap also features lucrative yield farming opportunities designed to incentivize users to make the jump into the new protocol and blockchain.

“We’re extremely excited to launch MakiSwap on Huobi Eco Chain and to the public, we do see a big potential for HECO to capture a lot of market share compared to other blockchains in the near future,” said Geo, Founder of Unilayer and MakiSwap.

“Makiswap is leading a new wave of Defi by empowering Huobi’s ECO chain community with key tools and infrastructure. We are excited to support Makiswap in helping to transform global finance through Defi.” Jehan Chu, Founder and Managing Partner, Kenetic

MakiSwap is powered by the MAKI governance token, which will be airdropped to holders of Unilayer’s LAYER token on Ethereum and Binance Smart Chain.

About MakiSwap

MakiSwap is the leading AMM exchange on Huobi Eco Chain, developed and launched by Unilayer, a cross-chain liquidity aggregator and unified interface for decentralized exchanges. MakiSwap’s governance token is MAKI, distributed fairly to all holders of Unilayer’s LAYER token. MakiSwap includes an advanced set of features like limit orders and advance charting to offer the best experience for professional DeFi traders.

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Source: https://cryptopotato.com/makiswap-raises-1-4m-to-build-amm-platform-on-huobi-eco-chain/

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Blockchain

The Message Coinbase Embedded in Bitcoin’s Blockchain on Listing Day

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Paying homage to Satoshi Nakamoto and his message embedded in the Bitcoin Genesis Block in 2009, Coinbase has done the same today. On the day they’re set to become a publicly traded company, the exchange asked a large Bitcoin mining pool to embed a note in the Bitcoin blockchain in regards to the latest stimulus bill. 

  • When launching the Genesis Block of the first-ever cryptocurrency in January 2009, the anonymous creator(s) embedded the following message referring to the financial crisis at the time: 
  • “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” 

  • More than twelve years later, Coinbase has followed the example set by Bitcoin’s creator. The exchange announced they had asked the mining pool F2pool to code the following text: 
  • “TNYTimes 10/Mar/2021 House Gives Final Approval to Biden’s $1.9T Pandemic Relief Bill.” 

  • The commonalities between the two messages spread more than being embedded on the Bitcoin blockchain. Both have referred to the economic struggles in 2009 and 2021 led by the aforementioned banking crisis and the COVID-19-induced crisis.  
  • More specifically, both messages have touched upon the governments’ somewhat controversial measures in trying to fight the consequences of the fallouts. Coinbase’s note cites this article published by the New York Times, which outlined the latest stimulus package aimed to alleviate some of the financial pain from the pandemic.  
  • The largest US-based crypto exchange has chosen today to pay homage to Nakamoto because of the significance of this day. As previously reported, Coinbase is set to become a publicly traded company on August 14th, 2021, through a direct listing. 
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Source: https://cryptopotato.com/the-message-coinbase-embedded-in-bitcoins-blockchain-on-listing-day/

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