It’s been an exciting week for RICE. After burning 70,000,000 RICE tokens on Ethereum, we have successfully minted 20,000,000 new ones on Binance Smart Chain as a native BSC BEP-20 token to release the full potential of the fast-growing Binance Smart ecosystem.
What is Binance Smart Chain?
Binance Smart Chain (BSC) is a blockchain developed by the Binance Chain community that runs along with the Binance Chain (BC). Unlike Binance Chain, Binance Smart Chain boosts smart contract functionality and compatibility with the vast Ethereum ecosystem via the Ethereum Virtual Machine (EVM).
The design aim of BSC was to achieve high transaction capacity while adding smart contracts into the ecosystem, enabling users to create DApps and other DeFi products. The BSC Network is powered by BNB – a native token Binance ecosystem that uses a proof-of-stake (PoS) consensus model.
Binance Smart Chain’s BEP-20 token uses essentially the same format as the Ethereum protocol’s popular ERC-20 tokens.
Currently, there are already 60+ DApps operating on Binance Smart Chain, with the majority focusing on decentralized finance solutions.
Why is Binance Smart Chain?
Binance Smart Chain is fully EVM (Ethereum Virtual Machine)-compatible and has support for most of the tools used by Ethereum developers such as Metamask, Remix, Truffle, Ganache-CLI, and others. Binance Smart Chain is already compatible with infrastructures such as ChainLink and Band Protocol Oracles.
For RICE, we’re able to leverage this incredible feature to enable our protocol to run simultaneously on multiple blockchains with almost zero effort, giving users extra value.
High speed, low transactional costs
Binance Smart Chain’s consensus mechanism is Proof of Staked Authority (PoSA), which combines features from Delegated Proof-of-Stake (DPoS) and Proof-of-Authority (PoA). This consensus algorithm is built on a network of 21 validators and can generate a block approximately every 3 seconds, which will significantly improve the speed of DeFi protocols built on the Binance Smart Chain compared to the Ethereum blockchain that can produce a block in approximately 20 seconds.
With a gas price of 20 gwei on average, sending 5 BEP-20 tokens worth about $150 should cost roughly $0.005. In fact, sending ten or even a hundred times that amount still shouldn’t cost more than a few cents.
Lower fees will also encourage users with very small amounts of money to engage in DeFi protocols, thus increasing overall transaction volume in the protocols.
With meager fees, RICE will enable users in developing countries to have unrestricted, quick, and cheap access to the digital assets market to earn high interest.
Cross-Chain Asset Transfers
Multiple infrastructures have been deployed on Binance Chain and Binance Smart Chain to enable users and developers to move assets between chains. This creates room for choice and flexibility. The two platforms include native cross-chain connectivity, and a built-in transfer protocol, allowing BEP-2 tokens to be easily exchanged between the two networks. This enables interoperability without the need for a trustworthy 3rd party.
RICE will support multiple currencies across different blockchains due to the cross-chain asset transfer feature of the Binance Smart Chain.
RICE’s BEP-20 Smart contract address
BSC native tokens require their own smart contract. Before interacting with any RICE BEP-20 token, ensure that contract address is correct: