The Evai development team recently completed integration with the Binance Smart Chain—providing an abundance of utility for the EVAI token. But what is Binance Smart Chain, how does interoperability work, and why does it help the Evai ecosystem?
In its most basic form, interoperability or cross-chain compatibility allows two separate blockchain protocols to communicate and transfer information.
Without interoperability, a blockchain network exists in a silo, unable to intrinsically transfer value or issue smart contracts with other ecosystems. Cross-chain compatibility unlocks this potential, creating a bridge between two distinct blockchain networks and allowing a host of new possibilities.
For tokens that don’t extend comptablity to other ecosystems
What is Binance Smart Chain?
Not unlike the ethereum blockchain, Binance Smart Chain (BSC) is a programmable blockchain capable of hosting smart contracts. BSC also boasts cross-chain compatibility with Binance’s other blockchain, Binance Chain—the network underpinning the ecosystem’s native token, Binance Coin (BNB).
The BSC runs parallel to—and is interoperable with—Binance Chain, appending additional functionality to the Binance ecosystem.
Rather than compiling functionality into a single cohesive network, the separation of the two chains allows Binance to prioritise transactions speeds on the original Binance Chain while enabling smart contract functionality on the parallel BSC.
By separating the two chains, Binance avoids the same congestion faced by the ethereum network in which spates of transactions can often cause performance bottle-necking.
Why did Evai choose to integrate with BSC?
Because Evai exists as an ERC-20 token, it is already interoperable with similarly compliant tokens and dapps within the ethereum ecosystem.
However, eyeing the innovation emerging from Binance, Evai took steps to ensure compatibility between the EVAI token and BSC. In doing so, we’ve opened up an entire wealth of future collaborative possibilities including facilitating the seamless transfers of value between Evai and Binance token standards (BEP2 and BEP20) as well as any protocols and platforms supporting those standards.
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Evai aims to establish the world’s first independent ratings service for evaluating the true worth of cryptocurrencies. The platform combines economic research, machine learning, and AI to pioneer a new approach to crypto ratings.
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