Binance Chain, a community-driven blockchain software system developed by Binance and its global community, recently completed a new upgrade, named after Florence Nightingale, and introduced a novel feature in the upgrade, the launch of the BEP8 token.
The BEP8 token, which is also called the “mini-token,” marks a major milestone in the enhancement of Binance Chain. This new token protocol accommodates many small, promising projects that are hindered by the current cost of getting a BEP2 token. The BEP8 token has use cases when it comes to small or micro-projects, intellectual properties, and other small token economies.
Compared to BEP2 tokens, it is more convenient and affordable to issue and list BEP8 tokens. Users can spend as low as 3 BNB to create BEP8 tokens. The way the mini-tokens function can be compared to the Small and Medium Enterprise (SME) boards in traditional stock markets.
The BEP8 token also provides the following features:
-
Compelling blockchain use case possibilities in fields such as microfinancing, copyright tokenization, community incentives, and more.
-
Direct listing against BNB and/or BUSD without needing to go through the voting process of validators.
-
Opportunity to get elevated to BEP2 token when the mini-token gets enough liquidity and maturity.
Improvements on the recent Nightingale update:
-
Easier Listing and Trading for BUSD Pairs. In this update, users can propose for the listing and trading of any BEP2 token with BUSD, without needing a prior proposal for a BNB trading pair. This is expected to help with making Binance DEX more liquid.
-
Amended order expiration span on Binance DEX. With a new update on Binance DEX, orders that contribute to overall liquidity can benefit from a longer expiration period, which is now extended from 3 days to 30 days. This benefit is applicable to orders at the best 500 price levels.
Binance Smart Chain: Flowing Closer to Mainnet Launch
Ever since Binance Smart Chain was introduced in April as a parallel blockchain to Binance Chain that will enable the creation of smart contracts, the team behind its development has consistently worked on turning the whitepaper into a working solution. Thanks to a developer community of several hundred people, who actively contribute to development on Github and the Binance Chain forums, the community and Binance are able to advance this project.
In late May, the Binance Smart Chain team rolled out the first testnet, named Rialto. It features support for developing decentralized apps and the use of Proof of Staked Authority consensus, as well as the ability to stake and delegate BNB for election on Binance Smart Chain validators and to bind tokens across two blockchains for seamless transfer of tokens.
“Binance Smart Chain has attracted a lot of attention from communities and more than 20 integrations in progress from different categories,” said the Binance Chain team.
Recently, the team rolled out an update to the Binance Smart Chain testnet. The update, called Chapel, replaced the Rialto testnet to introduce better security and new features on Binance Smart Chain.
What’s next for Binance Smart Chain?
The team is planning to launch newer versions of the testnets next month. This August, the Binance Smart Chain testnet will have a new version called Millau. After that, sometime in the third quarter of this year, the team will be able to launch the mainnet of Binance Smart Chain, which will finally unlock the potential of creating smart contracts and more utility for the current and upcoming tokens on the Binance Chain ecosystem.
The continued development of the Binance Smart Chain testnet fulfills the Binance Chain community’s mission to create the leading decentralized cryptocurrency marketplace. The dual-chain architecture of Binance Chain and Binance Smart Chain empowers projects to build their own decentralized apps and digital assets on one blockchain, while also taking advantage of the fast trading performance offered on Binance DEX.
These major developments in Binance-branded blockchains such as Binance Chain and Binance Smart Chain will further increase the use of BNB in the long run. This can advance not only the utility and potential value of BNB but also the wider reach of blockchain technologies in general.