In partnership with Binance, Blockmason is excited to launch Blockmason Credit Protocol Token (BCPT) on Binance Chain, a blockchain software system developed by Binance and the community, and the forthcoming Binance Decentralized Exchange (DEX), as one of the first tokens to be available to users. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain, offering low latency and high throughput with one-second block times and one-second confirmation finality.
BCPT is a utility token which is required to enable the recording of data through the Credit Protocol to programmatic blockchains, such as Ethereum. As a developer of base-layer blockchain technologies, the Blockmason team is always looking for ways to expand the usability of our innovations. Launching BCPT on Binance Chain allows us to explore a new blockchain venue, assess the potential and suitability of cross-blockchain Credit Protocol transaction recording as well as the scaling of transaction capacity beyond what is currently capable on Ethereum. As Binance Chain grows, the Credit Protocol and BCPT will grow with it, presenting new opportunities for decentralized app developers and users alike.
Binance DEX carries over the best features of Binance.com in a decentralized setting while offering the benefits and security of a DEX. On Binance DEX, users maintain control of private keys and funds, ushering in a new era of peer-to-peer trading. Listing BCPT on Binance DEX ensures that DApp developers and others who build Credit Protocol-powered DApps that interact with Binance Chain will be able to obtain BCPT for their needs.
The initial migration of BCPT from ERC20 to BEP2 will begin in the days following the Binance Chain mainnet launch. Once the 12-hour migration period has started, deposits and withdrawals of BCPT on Binance.com will be disabled until the process is complete. Once complete, Binance users will be able to withdraw BCPT to BEP2-compatible wallets. Note that ERC20 BCPT held in private wallets or on other exchanges will not be impacted.
About Binance Chain
Binance Chain is a blockchain software system developed by Binance and the community. Binance Chain is a community-driven development project with many developers and contributors from all over the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain. https://binance.org/
Blockmason is a world-class developer of blockchain technology, focused on building the foundational base-layer frameworks that support the blockchain revolution. Their first product, the Credit Protocol, provides a standardized, secure and reliable means for recording and permanently storing mutually-confirmed debt or credit obligations on the blockchain. Lndr, the first decentralized mobile app powered by the Credit Protocol, leverages the blockchain to allow friends to quickly record and settle casual debts and IOUs in dozens of currencies. Link, their latest innovation, simplifies development, improves user experience and increases the adoption of decentralized apps. To learn more about Blockmason, Link, the Credit Protocol, Lndr and their other technological developments, visit https://blockmason.io.