Here’s the thing…

Basechain doesn’t just allow faster and cheaper transactions with blazing fast confirmation times…

It makes your dapp accessible to as many users as possible — right from the beginning — with true blockchain interoperability.

…Today may just be your lucky day 😉

Now, let’s go over…

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.

Just in case you are not in the loop with what all the fine folks at Binance have been up to, let me catch you up to speed.

A while back (April 2019) — Binance launched their own proprietary blockchain called Binance Chain and started porting all of its services to its new ledger — along with a cross-blockchain token swap from Ethereum mainnet to 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

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.

After the launch of Binance Chain — the ERC20 BNB is being converted into native BEP2 BNB tokens on the main network through their exchange platform at binance.com — which is a convenient way to perform the initial token swap.

According to Binance…

If your ERC20 BNB tokens are on binance.com, you don’t need to do anything as the token swap would be automatic.

But, if you have your ERC20 BNB tokens in an external wallet, you’ll need to deposit them into a binance.com wallet and withdraw BEP2 BNB.

Which brings us to the new BEP2¹ standard 😉

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.

To give you some context…

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

Thus — adding Binance Chain to our fleet of interoperable blockchains is an absolute no-brainer.

Plus, dapp developers no longer need to worry about choosing between an ERC20 or BEP2 standard — because now their tokens can be BOTH.