Today we get back to the launch of the new cryptocurrency conceived from an idea of Mauro Marasca, Knight of the Order of Malta. This new virtual currency is going to be sold online through an ICO campaign.
We have already talked about this great project that needed to grow, establishing and imposing itself in the best possible way into the connected market sector.
All of this has been followed by choices that have determined large and substantial changes, as we will see shortly.
That’s why Ethicoins tokens will be based on the Binance blockchain (BSC).
Why did the team went for the Binance technology?
Those who are reading our articles on the topic, will remember that initially the choice was different: the blockchain of EOSIO in support with Block.one. (here the article )
EOS Public Network is a blockchain that operates on Delegated Proof of Stake, based on the EOSIO open source software framework. EOS allows multiple people and organizations to create and access a wide range of decentralized applications and ecosystems. In fact, in this way, EOS is not controlled by a single entity, but is driven by a cooperative community of digital asset holders.
But now, let's talk for a while about Binance Smart Chain, which turned out to be the CEO's final choice.
What led to this choice?
In your opinion, which were the key features that led to the Binance solution?
Ultra-fast trading optimization definitely turned the decision towards what became the final scenario. This very important feature overshadowed the programming rigidity of the blockchain itself.
Another very important aspect of the Binance Smart Chain, is the Cross-Chain compatibility with the Binance Chain that ensures users get the best of both worlds in terms of security, integrity and scalability.
Binance Smart Chain has been conceived as an independent but complementary system to the existing Binance Chain. Dual-chain architecture is used, allowing users to easily transfer assets from one blockchain to another.
It should be pointed out that both blockchains operate side by side. BSC is not a Layer-Two or just an off-chain scalability solution. Instead, it is a standalone blockchain that can work even if the Binance Chain goes offline.
Binance Chain's BEP-2 and BEP-8 tokens can be exchanged for BEP-20 tokens, the new standard introduced for Binance Smart Chain. If you've already read an introduction to ERC-20 tokens, the BEP-20 format uses the same features as its Ethereum counterpart.
Binance Smart Chain achieves an average of 3-second block duration with a Proof-of-Stake consensus algorithm. Specifically, it uses a model called Proof of Staked Authority (or PoSA), in which participants stake BNBs to become validators. If they propose a valid block, they receive the transaction fees included in it.
Another key aspect that tipped the scales in favor of using the BSC was its easiness of use and its security.
The tokens must be kept in their own wallet for security reasons and the configuration for BSC support is within everyone's reach.
With a view to ultra-fast trading, the Binance platform offers discounts on fees if they are paid through BNB; as well as giving the possibility of automatic conversion of balances that are too low into BNB, which otherwise would not be usable.
Finally, the similarity of the company's missions has given another important influence for the decision. Both Ethicoins and Binance aim at training people through an Academy, working for the good of the Planet, respectively, with their respective Foundations.