The large number of options for implementing blockchain technology in various types of industries, including DeFi, has accelerated the improvement and development and growth of ecosystems such as Etherum, Binance Smart Chain (BSC) and Polkadot in recent years.
We can’t agree more that the growth and development of all these networks has been spectacular, but after analyzing and thinking about some careful considerations, we chose Binance Smart Chain (BSC) as the main network to develop Oracula.
BSC Overview
Binance Smart Chain is a blockchain network that originated from Binance and runs parallel to the Binance Chain — blockchain enabling creation for decentralized applications. However, unlike Binance Chain, BSC facilitates smart contract functionality and boasts compatibility with the Ethereum Virtual Machine (EVM). Overall, the BSC network empowered the creation of smart contracts along with ensuring high throughput and greater scalability.
The BSC network facilitates a reliable infrastructure for creating smart contracts and the development of decentralized applications. Although the basic opportunities of the BSC network resemble that of the Ethereum blockchain, there are several key differentiators to their infrastructure that makes Binance Smart Chain better suited to what Oracula stands for. Moreover, the additional functionalities of BSC facilitate strategic advantages to the Oracula platform and its useability.
Also, BSC has established a $100 million USD seed fund to help such projects as Oracula achieve new opportunities and develop collaborations between CeFi and DeFi. The decentralized community that built Binance Smart Chain will act as an early investor and governance party for funding.
BSC will help provide liquidity support for Oracula, as well as receive additional and tremendous support, such as access to millions of customers, media information in the ecosystem, knowledge education, incubation financing, derivatives, financial management, and other comprehensive resources and financial support from other resources in the Binance ecosystem.
Interoperability
Binance Smart Chain is used on dual-chain architecture that allows an unimpeded transfer of assets from one network to another. It is also compatible with the Ethereum Virtual Machine (EVM) and hence also makes it easier for developers to shift their projects from Ethereum to BSC.
Moreover, this factor is essential for DeFi projects, and as Oracula is exactly a DeFi Prediction Markets project, that feature allows users to have access to a huge number of use-cases.
Transaction fees
One of the key issues facing DeFi applications built on the Ethereum blockchain is the massive increase in transfer fees for transactions on its network. Let us highlight one of the key differences between Ethereum and Blockchain. For instance, it would cost $57 to swap 1 ETH to 2,040 DAI while it would take less than $10 for the same transaction on the BSC network. This makes BSC 6X cheaper for processing transactions than the Ethereum blockchain.
Transaction Speed and Scalability
One of the aspects of rising transaction fees on the Ethereum blockchain is network congestion and lack of scalability. This has caused users to wait much longer for transaction confirmations.
The Binance Smart Chain is currently one of the fastest smart contract platforms, contributing to its fast growth. Blocks are generated every three seconds compared to Ethereum’s 13 seconds, making it at least four times faster. At the moment, Binance Smart Chain is the ideal choice of achieving shorter confirmation times and higher transaction processing speed while being programmable to create smart contracts.
Cross-chain compatibility
Aside from the $100 million fund, BCS is also connecting DeFi and CeFi in many other ways. The Binance Smart Chain community will help developers connect BSC with other public chains. Through the secure custody service of the Binance CeFi platform, tokens on other public chains can be connected to the Binance Smart Chain, including BTC, ETH, and other ERC20 tokens (LINK, USDT, DAI, and more), as well as XPR, BCH, LTC, ADA, DOT, XTZ, EOS, ONT, etc. Cross-chain compatibility increases token liquidity, utility, and value.
Conclusion
Binance Smart Chain provides us with the tools and infrastructure required for the successful development and deployment of Oracula without having to compromise on any essential factors. Moreover, it facilitates us to provide users a seamless platform for enabling the creation and management of synthetic assets. It allows us to focus on product quality and gain a strategic competitive advantage in the market.
About Oracula
Oracula stands as an entertainment DeFi platform where you can bet on sports, esports, crypto and many more while live translations of the likable event via forecasting.
With the native token $ORACULA, investors and players can gain great profit from the successfully developing industry that will never stop growing. Our ecosystem will enable secure transactions between players, investors and everyone onboard.
