BEMT is the leading crypto-asset of BEM Foundation and it will soon immigrate to Binance Smart Chain (BSC) network with a cross-chain bridge. It will benefit the user in many different aspects that we will discuss together with HOWs and WHYs in this article.
This migration happens to further expand usage of BEMT with help of available features of the BSC network.
Binance Smart Chain Features and Benefits
Binance Smart Chain has become an alternative to Ethereum and has attracted the crypto community since its launch in the second half of 2020.
Binance Smart Chain is designed to be scalable and crucially offers lower transaction fees than TRON with the same efficiency as Ethereum. BSC has even overtaken Ethereum to become the largest ecosystem in the blockchain industry and outpaces its rival transaction volume. Also, BSC is compatible with the popular Ethereum Virtual Machine, so migration of the projects from other EVM compatible networks to Binance is easy and smooth.
Binance Smart Chain makes NFT marketplace creation for tokens within reach. Several Ethereum and Tron projects have begun to migrate to BSC. BEM foundation is seeking to expand its ecosystem with the migration to Binance Smart Chain.
Why is BEMT being migrated to BSC?
Currently, BEMT Network is based on the TRON network, and despite the popularity of TRON, it has been plagued by significant problems. TRON’s current management is a little behind from its peak, which has led to some issues on its network like changing its dex as you may be aware of.
Even though the BSC network is younger than TRON, it is more popular, powerful and with a whole lot bigger community and activity.
Being on the BSC network makes it possible to list BEMT on PancakeSwap and with the listing on PancakeSwap, it will be possible to use its features for further implementing BEMT in the upcoming developments. Also, using BSC will make it easier to list BEMT on Binance and other major exchanges.
Using BSC features for the NFT marketplace will pave the way for BEMPIRE’s upcoming blockchain because both BSC and BEMPIRE are Ethereum based.
BSC network has better compatibility with other major networks compared to TRON. Also, BSC is also compatible with most of the heavily used crypto-wallets and you can use dApps in most wallets to connect to the BSC network, while this is not the case for TRON in many of the famous crypto-wallets.
How the migration to BSC for BEMT will take place?
BEM Foundation has made a bridge contract ready which will be available on our website (Beminfo.io). With this Bridge Contract, you can easily transfer your tokens from TRON to BSC.
All you need for transfer is a BSC-based wallet address (or an Ethereum based wallet, no difference). And a hash rate for proof of transfer, then you will have all your BEMT transferred from TRON to BSC.
The transfer process is made to be easy and quick. Further walkthrough instructions are available on the transfer page to make the process even smoother for you.
BEMT as a BEP20 Token
One of the major ways that the BEM Foundation wants to leverage the Binance Smart Chain is by launching a BEP-20 version of BEMT Token. The token will have similar functionality to the current TRC20 token and allow users to access features within the BSC ecosystem. BEMT holders will be able to stake the BEP-20 tokens to earn yields and make swaps on popular BSC exchange PancakeSwap.
The highly scalable nature of BSC means that BEM Foundation can build Dapps and other products within a blockchain that has quick confirmation times and low transaction fees. BSC community will also be able to access a decentralized virtual reality world and enjoy the benefits of purchasing virtual space using the BEMT BEP-20 Tokens.
DeFi on BSC network is borderless. Borderless DeFi means, when a BEP20 token on BSC is launched, the users must be able to move it across different chains. Interestingly, cross-chain infrastructure has been built on top of the Binance Smart Chain. The chain is inherently compatible, the BEP2 and BEP20 tokens can easily be moved around.
In addition to this, Binance Smart Chain – Ethereum bridge is also available. It enables the movement of pegged assets across chains.
With the peg-in process, the users swap their crypto assets to the pegged tokens on BSC in an equal proportion. Similarly, the peg-out will help users swap out their crypto assets from BSC. This peg-in and the peg-out process require users to pay gas fees in BNB. Thus, the users need to make sure they have some BNB in their wallets to pay the gas fees.
Upcoming Developments for BEMT
BEM Foundation team is working on several products that are expected to be launched in 2022. One of these products is the highly anticipated BEMPIRE blockchain system, others are including, a dedicated exchange and dex, a tourism and metaverse token, an NFT market, a payment gateway and many more.
The migration to the BSC ecosystem could prove to be a major game-changer for the platform in its quest for adoption.