BlockchainDe-centralizationTechnology

Enabling Cross Blockchain tokens swap: Everything you need to know about converting ERC20 to BEP2

Since the time Binance chain was launched on March 2019, it created a lot of hype amount the Blockchain Developers and the projects since Binance is itself a big name in the industry.

Binance, the leading global cryptocurrency exchange and ecosystem, joins the community in celebrating the launch of Binance DEX, a decentralized exchange running on the Binance Chain. As part of Binance’s effort to push the industry forward, the Binance DEX development team invites projects to participate in and issue new tokens on the native blockchain. With the Binance Chain mainnet launch, Binance Coin (BNB), the seventh largest cryptocurrency by market cap to date, has migrated from ERC-20 to BEP-2 to become the native asset on Binance Chain, where BNB is used to assist network transactions. Wallets initially supported on Binance Chain include Trust Wallet, Ledger, Enjin, Magnum Wallet, CoolWallet, Coinomi Wallet, Atomic Wallet, ZelCore Wallet, Infinito Wallet, Math Wallet, Ellipal Wallet, Guarda Wallet and Exodus. Users now have access to the Binance Chain Explorer, web wallet, public data nodes and APIs, and trading will begin at a later date.

The launch of Binance DEX follows a two-month testnet period, during which nearly 8.5 million transactions were made across a simulated trading competition, coding competition and bug bounty program, with several new updates and enhancements implemented. As a testament to the community-led nature of Binance DEX, many of the new features and open-source tools that have emerged on the mainnet are contributions made by the Binance community.

About Binance Chain

Binance Chain is a blockchain software system initially 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://www.binance.org/

Why DEX? And Why Binance DEX?

A DEX is a great manifestation of Binance’s mission to spread the freedom of money. With a DEX, a person fully holds his crypto funds and directly plug into the network to trade without needing to provide personal information. Unlike centralized exchanges that may be subject to downtimes, a DEX is kept running by nodes distributed around the world and codes that execute functions.

The Problem

Platforms like Ethereum, Binance and EOS have created an ecosystem where developers can create and deploy their applications. The networks get constant updates which add stability and a whole slew of features and extensions to increase development on their own individual chains. These chains compete against each other in the crypto ecosystem trying to bring more and more developers and users inside their ecosystem.
The underlying principle that developers utilize is the transfer of tokens from one account to another on the same chain implemented according to their own rules. These tokens can’t travel outside the chain.

The Solution

MultiChain swap developed by Ginete Technologies aims to solve this issue by acting as an intermediary layer with which any token configured on the platform can be converted to any token pegged on a specific chain. Such a system enables seamless transfer of token across chains bring interoperability to the chains and allowing applications to now interact across chains and develop dApps that are operable across multiple chains. By using Multichain swapper, it’s easier to transfer ERC20 to BEP2 tokens, i.e. Ethereum to Binance swap or BEP2 to ERC20 i.e. Binance to Ethereum swap (Vice versa).

The Swapping Engine

Internally the swapping engine handles the incoming and outgoing transactions to each chain in a unique manner, so the all the transactions happen atomically.

Conclusion

MultiChain Swap acts as bridge between multiple chains and brings interoperability to the crypto ecosystem and the ability to exchange assets across chains in a seamless manner.
It gives the projects with tokens either on Ethereum Blockchain or EOS blockchain to easily swap to Binance Chain (BEP2) to trade their tokens on Binance Dex seamlessly without any hassles. The tokens can be completely migrated to Binance(BEP2) or can be converted in some amount and then can reverse swap their tokens to the original blockchain.

Checkout the whitepaper of the Multichain Swapper attached with this blog and shoot us a message and our team will be happy to help you. You may also reach us at info@ginete.in