Category Archives: Binance Smart Chain
Crypto Strategist Says Binance Coin (BNB) and Bitcoin Cash (BCH) Flashing Bullish Signals Here Are His Targets – The Daily Hodl
A widely followed crypto strategist is bullish on two popular altcoins amid relatively calm price action for the markets.
Starting with Binance Coin (BNB), the pseudonymous analyst Kaleo tells his 593,300 Twitters followers that the native token of the Binance Smart Chain is a bargain at a price of below $250.
According to Kaleos charts, BNB could revisit the $300 price level and potentially hit the April high of slightly above $340 sometime in the last four months of 2023.
BNB back to $300
But you wouldnt bullieve it.
BNB is trading at $248 at time of writing.
The pseudonymous crypto strategist says that Binance is currently receiving little attention but that will change once it surges.
The funny thing is no one is talking about BNB right now but, when it finally does take off here in a bit its big enough that EVERYONE will be.
And everyone will talk about how obvious it was in hindsight.
But somehow it isnt obvious now.
Next up is Bitcoin Cash (BCH). Kaleo says that when paired against Bitcoin (BTC), Bitcoin Cash possesses more upside potential.
After sitting on the sidelines for a few days, I punted another BCH long.
Really like the way its looking vs. BTC here for the potential of seeing one last leg higher.
Bitcoin Cash is trading for 0.00926000 BTC ($218.19) at time of writing. The 15th-largest crypto asset by market cap has surged by around 140% in less than a month from a June low of 0.00386000 BTC ($117.21).
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Discover Emerging Opportunities With BNB Chain And Uwerx(WERX) – The Portugal News
Over the past few years, presale events have been gated for specific users, and not many crypto enthusiasts have been lucky to make money out of it. Presales have great precedents in the market because they are the least risky opportunity in a market known for high risks and volatility. Uwerx has some excellent prospects toward launch, and being a massive utility project, there are some exciting trends to watch out for.
However, lets discuss some available opportunities with the BNB Chain first.
BNB Chain is a network powered by the utility token of the Binance centralized exchange Binance Coin (BNB). The network has some affiliations with the exchange, but Binance tries to establish that its an entirely separate entity in a bid to differentiate the decentralized platform. BNB Chain was formerly called the Binance Smart Chain, and its an EVM chain that offers more scalable options to Ethereum.
It was the rave of the market in the 2021 bull market as users migrated from Ethereum (ETH) to the more scalable BNB Chain. Most existing projects bridged their networks to BNB Chain to allow cheaper access to their ecosystem. The network is one of the many values built around the BNB token, although activity has been somewhat low recently. You can expect excitement in the bull market when the demand for alternative EVM networks rises.
BNB Chain has scheduled an upgrade called the Luban hard fork, and its targeted at improving security on the network, which is a necessary feature in the landscape. With the BNB Chain at the top of the market, you can always bet on it to benefit from price uptrends in the next few months.
As Uwerx releases more pages and sections of its platform in its alpha phase, users have scurried to get the last bit of WERX tokens available on the Stage 5 presale. A price increase is imminent, so why not get the cheaper tokens in the current round? Uwerx released additional pages from its platform, like the login and signup, job creation page, contract initiation, activity dashboard, and many others.
This is in preparation for its beta launch, where users can test the network and provide feedback on Uwerx. These released features appear intuitive, and despite being a Web3 platform, it makes it easy for users to get used to the functionalities like its an existing platform.
Uwerx introduces several new features users are looking to adopt, and its competitive edge is a huge advantage for its long-term vision in the gig market. WERX is the native token for governance and utility, selling for $0.05245 on presale.
With price predictions at $3, this is a potential 100x profit and is the least you can make from the presale. Enter the WERX presale now and claim a 15% bonus.
Presale: invest.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
Website: https://www.uwerx.network
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Discover Emerging Opportunities With BNB Chain And Uwerx(WERX) - The Portugal News
Multichain, Missing $120 Million Of Cryptocurrencies And Its CEO … – Forbes
Computing and malware concept. Hacker using computer with digital business interface. Double exposure
Its software malfunctioning and CEO missing, moribund blockchain bridge Multichain suffered the additional indignity of a $120 million hack and announced that it would not resume operations.
The team behind the bridge announced in late May that it was unable to contact its CEO and co-founder, who goes by the single name Zhaojun, after rumors of his arrest in China appeared on Twitter. Zhaojun, who founded the company alongside DJ Qian, held the only access codes required to fix technical issues with the protocol.
Multichain said it was experiencing unusual activity on Thursday evening and added that assets had been moved to an unknown address abnormally. Blockchain security firm Peck Shield found that the stolen funds included several stablecoins, including tether, Circles U.S. dollar coin (USDC USDC ) and dai and tokens like chainlink (LINK LINK ), wrapped bitcoin and wrapped ether, the latter two of which are versions of those coins that represent the value of each coin in a different chain. The funds were transferred into six different addresses, three of which were subsequently blacklisted by Circle, according to PeckShield.
The cross-chain bridge connects blockchains, including Ethereum ETH , Bitcoin and even Dogechain to each other. Most impacted were tokens going from the Fantom FTM blockchain into either Ethereum or the Binance Smart Chain. That liquidity pool on the Mulitchain bridge suffered the largest exploit as about $118 million were transferred out of it. Transfers out of the Dogechain and Moonriver blockchains also were affected.
Multichain currently has $1.26 billion worth of cryptocurrencies locked into its system, according to DeFi Llama. All bridge transactions are currently stuck on source chains as the company halted operations. Multichain did not respond to Forbes request for comment.
Previously known as Anyswap, Multichainwas first hacked in 2021 when attackers siphoned $8 million worth of stablecoins out of the protocol. The road for the bridge protocol has not been easy since. In May, days before Multichain announced it could not reach Zhaojun, Binance said it would halt deposits into Binance Smart Chain from 10 Multichain-associated bridged tokens after users reported delayed and stuck transactions.
Binance CEO Changpeng Zhao, said that the latest hack did not impact Binance users, citing Mays decision to close deposits and adding in a Tweet that the exchange had already swapped all assets associated with Multichain bridges
Multichains token is down 6% to $2.81 a piece since the hack was first reported by the team. It traded above $7.50 in the days before the company lost contact with Zhaojun.
Cross-chain bridges were a once-popular way to connect two blockchains. The bridge would hold the token from one chain and create a wrapped token of the second chain, each transaction temporarily worth double. The high amount of liquidity held in bridge protocols make them extremely susceptible to hacks, and in 2022 accounted for nearly $2 billion worth of stolen funds,70% of all crypto hacks in the year.
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Multichain, Missing $120 Million Of Cryptocurrencies And Its CEO ... - Forbes
Binance Coin Steals the Spotlight Amidst Bitcoin’s Dominance Surge – Crypto News Flash
Amid the recent crypto market rally, the worlds largest cryptocurrency Bitcoin (BTC) has shown strong momentum and consolidation. However, one altcoin thats currently on investors radar is Binance Coin (BNB).
On-chain data provider Santiment has identified Binance Smart Chains BNB as one of the altcoins that continues to attract considerable attention. This suggests that it could be a favorable choice for traders seeking price movements in the current market conditions.
Binance Coin (BNB) faced strong correction over the last month after the U.S. Securities and Exchange Commission (SEC) slapped a lawsuit on the crypto exchange Binance. The Binance Coin (BNB) has corrected 20 percent over the last month giving investors the opportunity to do bottom fishing.
The analysis considered the social activity of BNB and other shortlisted altcoins. Although BNB experienced a decline in social dominance in recent months, it remained more active than many other altcoins. The dip in social metrics aligned with the rise of BTC dominance. However, the attention BNB received was evident in the level of hodling over the past three weeks.
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Since early June, the average age of BNB coins has been increasing, indicating a rise in the number of hodlers. Currently, it is at its highest level in four weeks. Additionally, the Market Value to Realized Value (MVRV) ratio has been steadily rising, with a notable spike at the end of June, pushing it to a new monthly high.
Courtesy: Santiment
The recent increase in the MVRV ratio indicates a sudden rise in profitability for BNB holders. It is worth noting that the trading volume of BNB does not reflect a significant surge during this period, suggesting that large investors, known as whales, maybe the ones purchasing BNB.
BNB experienced a healthy 13 percent rebound from its lowest price point to its highest point in the past seven days. This upward movement could set the tone for BNBs performance in July, particularly if it attracts more whale activity. As of now, BNB is trading at $244, which is close to its lowest level in 2023.
Courtesy: TradingView
In the second week of June, both the Relative Strength Index (RSI) and the Money Flow Index (MFI) indicated an influx of liquidity into BNB. This raises the question of why BNB is among the altcoins attracting more attention. One possible explanation is that BNB serves as the native cryptocurrency of a prominent network.
Historically, the Binance Smart Chain (BSC) has been widely utilized during bull markets, indicating its strong utility and potential for increased usage in the future. Therefore, there are expectations that the BSC will continue to be one of the most utilized networks in the next bull market.
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Binance Coin Steals the Spotlight Amidst Bitcoin's Dominance Surge - Crypto News Flash
As the Theta Network Price Rises More Upside Could be Limited – BanklessTimes
Theta Network token has done well in the past few days even as Bitcoin remains in a consolidation phase. The token rose to a high of $0.7890, the highest level since July 5th. In all, it has jumped by more than 37% from the lowest level in June, giving it a market cap of more than $787 million.
Theta Network is a unique blockchain network that seeks to disrupt the video and entertainment industry. It is powered by Theta Blockchain, a solution that was launched in December last year to provide infrastructure for the media industry.
Theta Metachain is described as an interconnected network of blockchains that allows permissionless horizontal scaling for the Theta Blockchain. These blockchains include the popular ones like Binance Smart Chain, Ethereum, and Avalanche.
Theta has a similar goal to Filecoin, a network that aims to move the world to a decentralized cloud infrastructure. Instead of relying on centralized video streaming platforms, it hopes that anyone with free storage can share their network and earn some money from it.
Theta is also in the non-fungible token (NFT) industry through its Theta Drop platform. While this platform was launched with a lot of hype, its market share has been a bit limited. Instead, the industry is currently dominated by the likes of OpenSea and Rarible.
It is not clear why Theta Network token has jumped in the past few days. Since there have been no major news, my assumption is that the token is just being pumped. A likely sign of this is that its volume has been a bit little during this time.
Data compiled by CoinGecko shows that the daily volume of Theta has averaged less than $10 million in the past few weeks. This is a small number for a coin valued at over $750 million.
The 4H chart shows that the Theta price has been in a bullish trend in the past few days. It has managed to move from a low of $0.700 on Wednesday to almost $0.80 today. The token is slowly approaching the upper side of the ascending channel shown in green.
Theta has moved above the 25-period and 50-period exponential moving averages (EMA) while the Relative Strength Index (RSI) has drifted upwards. Therefore, I suspect that the coin will pull back after rising to the upper side of the channel. If this happens, the next price to watch will be at $0.75.
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As the Theta Network Price Rises More Upside Could be Limited - BanklessTimes
H1 Report: The Top Three DEXs by Volume – CryptoTvplus
According to the insightful H1 market report, the bear season has brought about some noteworthy effects on Decentralized Exchanges (DEX). Not surprisingly, the trading volume across DEXs has witnessed a steady decline over the course of the quarters in H1.
According to the round-off report for the first half of the year by Coinmarketcap, the highest trading volume occurred in March among the top 15 DEXs. Although this volume remained consistent in Q2, it actually decreased by 24% compared to Q1. Q1 recorded a total of $249 billion, while Q2 saw $189 billion.
Among the DEXs, the top three were Uniswap, Pancakeswap, and Curve-Finance. Uniswap, being the most dominant decentralized exchange, held a significant market share of 57.5%. Notably, Uniswaps monthly volume matched the spot volume of the prominent centralized exchange Coinbase.
Uniswap revolutionized the market with automated market makers (AMMs) on Ethereum. PancakeSwap focuses on the Binance Smart Chain with lower fees and efficient trading. Curve Finance specializes in stablecoin trading, prioritizing stability and liquidity. These exchanges cater to different DeFi needs.
In H1 2023, Uniswap, PancakeSwap, and Curve Finance dominated the market, accounting for approximately 82% of the total market share. PancakeSwap held 12.7%, while Curve Finance held 11.5%.
While CEXs has faced numerous regulatory compliance challenges, causing waves of fear, uncertainty, and doubt in the market, it remains more popular than DEX solutions.
Interestingly, according to the CMC report, the DEX to CEX ratio has increased to around 1:8. This can be attributed to various factors, such as advancements in DEX products and market concerns. The concerns surrounding CEX are primarily linked to regulatory developments. Other contributing factors to this ratio include a more favorable environment, lower gas fees, and a higher proportion of crypto-native participants.
In the first half of 2023, nearly 80% of the DEX trade volume originated from Ethereum and its Layer2 chains. However, BNB is quickly catching up and gaining a larger share of the DEX trading market in the second quarter.
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CertiK Completes Comprehensive Security Audit of Automated Market Maker on the XRP Ledger – Yahoo Finance
New York, July 11, 2023 (GLOBE NEWSWIRE) -- CertiK, a leader in blockchain security and auditing, is proud to announce the successful completion of a comprehensive security audit for XLS-30d, an innovative Automated Market Maker (AMM) built on the XRP Ledger (XRPL). The XRPL is a Layer 1 open-source, energy-efficient, and decentralized blockchain powered by a global developer community.
The AMM, developed under the technical specification XLS-30d proposed by Ripple has been designed to extend the exchange functionality and utility for XRPL token holders and builders on the XRP Ledger. CertiKs audit was an extensive process, meticulously examining the underlying smart contract architecture for potential vulnerabilities and assessing the overall security of the AMM implementation.
"Our main goal at CertiK is to help build a safer, more secure blockchain ecosystem," said Jason Jiang, Chief Business Officer at CertiK. "XRPLs AMM implementation represents an important evolution in decentralized exchange functionality, and we're honored to have been able to ensure it meets the highest standard of security."
Key features of the XLS-30d AMM, as validated by CertiK, include a protocol native build, a continuous auction mechanism, single-sided liquidity provision, no Miner Extractable Value (MEV) or front-running, and CLOB DEX integration.
The XRP Ledger's inherent advantagesextremely low transaction cost, fast block times, fair transaction orderingmake it suitable for all participants within the AMM ecosystem. The XLS.30D proposal reflects the XRPLs advanced capabilities and broad utility.
CertiK's audit confirms that the AMM built on the XRPL meets the highest standards of security, demonstrating CertiK and Ripples shared commitment to advancing the security and reliability of the global blockchain ecosystem.
About CertiK
CertiK is a pioneer in blockchain security, leveraging best-in-class technology to protect and monitor blockchain protocols and smart contracts. Founded in 2018 by professors from Yale University and Columbia University, CertiKs mission is to secure the Web3 world. CertiK applies cutting-edge innovations from academia to enterprise, enabling mission-critical applications to scale with safety and correctness.
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One of the fastest-growing and most trusted companies in blockchain security, CertiK is a true market leader. To date, CertiK has worked with nearly 4,000 enterprise clients, secured over $360 billion worth of digital assets, and has detected nearly 70,000 vulnerabilities in blockchain code. Clients include leading projects such as Aave, Polygon, Binance Smart Chain, Yearn Finance, and Chiliz.
CertiK is backed by Insight, Partners, Sequoia, Tiger Global, Coatue Management, Lightspeed, Advent International, SoftBank, Hillhouse Capital, Goldman Sachs, Coinbase Ventures, Binance, Shunwei Capital, IDG Capital, Wing, Legend Star, Danhua Capital and other investors.
About the XRP Ledger
The XRP Ledger (XRPL) is an open source, public and decentralized Layer 1 blockchain led by a global developer community. It is fast, energy-efficient, and reliable. For more than ten years, it has been the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. With ease of development, low transaction costs, and a knowledgeable community, it provides developers with a strong open-source foundation for executing on the most demanding projects without impacting the XRPLs lean and efficient feature set. XRPL enables a wide variety of services and use cases including payments, on-chain finance, and tokenization. Learn more at XRPL.org.
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Top 3 Hidden Gems to Buy With $1 – Part 1 – Altcoin Buzz
Three notable tokens gaining attention even in the bear market. So these projects will have a very interesting behavior in the bull run.
So, this article will delve into the definition, uses cases, and the latest news surrounding these gems. It will provide readers with a comprehensive understanding of their significance in the evolving landscape of digital assets.
CFG plays a pivotal role in the Centrifuge ecosystem, a decentralized platform that aims to bridge traditional and decentralized finance. At its core, Centrifuge enables individuals and businesses to access liquidity by collateralizing real-world assets such as invoices, supply chain data, or intellectual property.
CFG is an ERC-20 token built on the Ethereum blockchain. It serves as the medium of exchange within the Centrifuge network, facilitating seamless transactions and incentivizing participation from users. The token allows participants to govern the platforms operations and make decisions through a decentralized governance model.
With the Centrifuge token, users can access various services such as creating and trading asset-backed tokens, participating in governance, and obtaining rewards for network contributions. This innovative approach holds the potential to unlock liquidity for businesses that have traditionally faced challenges in accessing capital.
Centrifuge recently announced the launch of Tinlake 3.0, a major upgrade to its decentralized lending protocol. Tinlake 3.0 introduces several improvements, including enhanced risk assessment capabilities, expanded collateral options, and increased efficiency in the lending process. These advancements further solidify Centrifuges position as a pioneer in bridging traditional finance with blockchain technology.
At the time of writing this article, the price of CFG is $0.338244 with a market cap of $121.3 million with a 24-hour trading volume of $1.197 million. Its all-time high (ATH) price was $15.98 on May 30th, 2021.
AXL is a token powering the Axelar Network, a decentralized protocol designed to enable interoperability across different blockchain networks. The platforms goal is to create a seamless experience for developers and users alike, allowing them to interact with multiple blockchains without the limitations of existing siloed systems.
AXL serves as the medium of exchange within the Axelar Network. It provides various utilities, including staking and delegation for network security, as well as enabling transaction fee payments and incentivizing network participants.
By leveraging Axelars technology, developers can build applications that interact with multiple blockchains simultaneously. This interoperability enhances scalability, facilitates cross-chain transfers, and fosters collaboration across disparate blockchain ecosystems. Axelar aims to accelerate the adoption and evolution of decentralized applications by overcoming the current fragmentation within the blockchain space.
Axelar has been making strides in expanding its network partnerships to foster cross-chain interoperability. The platform recently announced collaborations with notable blockchain projects, including Ethereum, Binance Smart Chain, and Solana. These partnerships will enable seamless communication and asset transfers between these diverse ecosystems, facilitating the development of cross-chain applications and enhancing the overall user experience.
At the time of writing this article, the price of AXL is $0.3729 with a market cap of $120.8 million with a 24-hour trading volume of $4.8 million. Its all-time high (ATH) price was $1.15 on Sep 27th, 2022.
CTSI is a token powering the Cartesi platform, which bridges the gap between the world of blockchain and off-chain computation. Cartesi allows developers to create complex decentralized applications (DApps) that can utilize large amounts of data and execute computationally intensive tasks outside the blockchain, without compromising security and decentralization.
CTSI is the native token of the Cartesi ecosystem. It incentivizes participants to contribute to the network, allows for staking and delegation, and facilitates transaction settlements within the platform.
The Cartesi platform utilizes a technology known as Rollups to secure off-chain computations and achieve consensus on the blockchain. This approach not only improves scalability and efficiency but also expands the range of applications that can be built on blockchain technology. By empowering developers with a more flexible and powerful environment, Cartesi aims to foster the widespread adoption of DApps.
Cartesi has been focused on enhancing its infrastructure and developer tools. The platform recently launched the Cartesi Machine, a Linux-based virtual machine that allows developers to execute complex computations off-chain while maintaining the security guarantees of the blockchain. This breakthrough innovation opens up exciting possibilities for creating sophisticated DApps that were previously impractical on traditional blockchains.
At the time of writing this article, the price of CTSI is $0.1586 with a market cap of $117.4 million with a 24-hour trading volume of $27.8 million. Its all-time high (ATH) price was $1.74 on May 9th, 2021.
The Centrifuge, Axelar, and Cartesi tokens exemplify the diverse and innovative applications emerging within the blockchain space. These token power platforms address critical challenges in the realms of decentralized finance, cross-chain interoperability, and off-chain computation.
As these projects continue to evolve, they have the potential to reshape entire industries by unlocking liquidity, fostering collaboration between blockchains, and enabling the creation of complex decentralized applications. Keep an eye on the latest developments surrounding Centrifuge, Axelar, and Cartesi, as they represent cutting-edge advancements in the world of blockchain technology.
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CertiK Co-Founder Professor Ronghui Gu Honored with VMware Systems Research Award – Benzinga
New York, July 13, 2023 (GLOBE NEWSWIRE) -- CertiK is proud to announce that its co-founder, Ronghui Gu, who is also Tang Family Assistant Professor of Computer Science at Columbia University, won the highly regarded 2022 VMware Systems Research Award.
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VMware is a global leader in cloud infrastructure and virtualization technology. Established by VMware's academic sector, the Systems Research Award aims to acknowledge and support promising emerging research in computer science systems. It shines a spotlight on groundbreaking research that has the potential to significantly advance the field of computer science.
Professor Gu is recognized for his fundamental contributions to the theory of systems verification. His work, translating theoretical results into real-world applications for creating bug-free and secure system software, has found novel applications.
Professor Gu's most distinguished work is his Ph.D. thesis conducted at Yale University. This pioneering work involved the intricate task of certifying the CertiKOS operating system kernel, a complex endeavor encompassing everything from compilers to the fundamental building blocks of the operating system.
Gu's advisor, and also co-founder at CertiK, Professor Zhong Shao says, "Certifying an operating system is a huge task, involving models of many components ranging from threads and processes to physical and virtual memory management. Ronghui was a main driver to make the CertiKOS vision become a reality: he addressed the complexity of concurrency, and he got the proofs done for a realistic system."
Professor Greg Morrisett, Dean and Vice-Provost of Cornell Tech, says, "I think CertikOS is a tremendous leap forward, not so much in the artifact itself, but rather in the methodology used for constructing the proofs (though the artifact is also cool)."
"Ronghui's work represents an important data point in the evolution of formal verification technique," said VMware Fellow Pratap Subrahmanyam, as quoted by VMWare. "Making otherwise esoteric technologies accessible in practical settings is one reason we value Ronghui's research." VMware Fellow Christos Karamanolis added "Ronghui's depth, breadth, and focus on the advancement of formal methods including both core platforms and emerging areas such as Quantum Computing is remarkable and representative of the kind of systems research focus we value in making this award."
Reflecting his originality, potential for future impact, and the significance of his findings, the VMware University Research Fund will provide a grant of $125,000 to Columbia University in support of Professor Gu's continuing research.
In 2018, Professor Gu and Professor Zhong Shao, Chair of Yale University's Department of Computer Science, co-founded CertiK, a leading provider of blockchain security solutions. Leveraging advanced formal verification, AI auditing technologies, and expert manual checks, CertiK monitors the security of blockchain protocols and smart contracts.
The recognition of Professor Gu by the VMware Systems Research Award underscores the advanced level of sophistication that computer science academia has brought to the Web3 arena. Previous recipients of this esteemed award include professors of computer science at Stanford, MIT, Purdue, and Carnegie Mellon University.
About CertiK
CertiK is a pioneer in blockchain security, leveraging best-in-class technology to protect and monitor blockchain protocols and smart contracts. Founded in 2018 by professors from Yale University and Columbia University, CertiK's mission is to secure the Web3 world. CertiK applies cutting-edge innovations from academia to enterprise, enabling mission-critical applications to scale with safety and correctness.
One of the fastest-growing and most trusted companies in blockchain security, CertiK is a true market leader. To date, CertiK has worked with nearly 4,000 enterprise clients, secured over $360 billion worth of digital assets, and has detected nearly 70,000 vulnerabilities in blockchain code. Clients include leading projects such as Aave, Polygon, Binance Smart Chain, Yearn Finance, and Chiliz.
2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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CertiK Co-Founder Professor Ronghui Gu Honored with VMware Systems Research Award - Benzinga
What Is a BEP-20 Token. Discover the power of BEP-20 tokens … – Medium
In the dynamic world of blockchain technology, digital tokens play a crucial role in facilitating secure and efficient transactions. One popular token standard that has gained significant traction is the BEP-20 token. In this article, we will explore the fundamentals of BEP-20 tokens, delve into the concept of token smart contracts, discuss their security aspects, highlight platforms that enable token creation without the need for coding skills, and examine the potential impact of BEP-20 tokens on the blockchain ecosystem. Join us as we unravel the full potential of BEP-20 tokens and their role in shaping the future of decentralized finance.
BEP-20 is a token standard on the BNB Smart Chain (BSC), a rapidly growing blockchain network. Similar to other token standards such as ERC-20 on Ethereum, BEP-20 defines a set of rules and functionalities that tokens must adhere to in order to ensure compatibility and interoperability within the BSC ecosystem. BEP-20 tokens can represent various digital assets, including cryptocurrencies, utility tokens, and even digital representations of real-world assets. The adoption of BEP-20 tokens has surged due to the increasing popularity of the BNB Smart Chain and its vibrant ecosystem.
At the core of BEP-20 tokens lies the concept of a token smart contract. A smart contract is a self-executing contract with the terms of the agreement directly written into code. In the context of BEP-20 tokens, a token smart contract defines the rules and behaviour of the token. It specifies essential details such as the total supply, token symbol, decimals, and functionalities like transferring tokens between addresses, checking balances, and more.
The power of token smart contracts is that they automate transactions, removing the need for intermediaries and enabling peer-to-peer interactions. By leveraging the security and transparency of blockchain technology, token smart contracts provide a trustless environment where transactions are executed without the risk of censorship or manipulation. The programmable nature of smart contracts opens up endless possibilities for innovative token use cases, such as decentralized finance (DeFi) protocols, non-fungible tokens (NFTs), and tokenized assets.
Security is of paramount importance in the blockchain space, and BEP-20 tokens aim to provide robust safeguards. The BNB Smart Chain, on which BEP-20 tokens are built, employs a combination of consensus mechanisms and cryptographic techniques to ensure the integrity and immutability of transactions. The BSC network utilizes a Proof-of-Staked-Authority (PoSA) consensus algorithm, which combines Proof-of-Stake (PoS) and Byzantine Fault Tolerance (BFT) mechanisms to achieve fast and secure consensus.
Furthermore, BEP-20 tokens inherit the security features of the underlying BNB Smart Chain, which benefits from the battle-tested security measures of the Binance ecosystem. However, it is essential for token issuers and users to follow best practices, such as conducting thorough audits of token smart contracts, adhering to secure coding standards, and adopting proper security measures when handling private keys or interacting with token contracts. Additionally, engaging in reputable decentralized exchanges and using hardware wallets can further enhance the security of BEP-20 token transactions.
Not everyone is well-versed in programming or smart contract development. To address this, several platforms have emerged that allow individuals and businesses to create BEP-20 tokens without writing code. These user-friendly platforms provide intuitive interfaces and customizable templates, making token creation accessible to a wider audience. Lets explore some of these platforms:
Coinscope: Coinscope revolutionizes token creation by providing a simple, cost-effective, and user-friendly platform on the BNB Smart Chain and other networks. With Coinscope, anyone can produce a personal token for various purposes, including fundraising, utility token creation, or personal projects.
Coinscope offers a range of token features to customize your token according to your needs. With just a few clicks, users can set their own taxes, dividends, and rewards for investors, tailoring the token to their specific requirements. This flexibility allows for the creation of unique tokens that align with individual goals and preferences.
CoinTool: CoinTool is a user-friendly token creation platform that supports various token standards, including BEP-20. It offers an intuitive interface to define token details, such as name, symbol, and total supply, and generates the token smart contract instantly.
These platforms empower individuals and businesses to tokenize their assets, launch crowdfunding campaigns, or create utility tokens with ease, unlocking the potential for innovative decentralized applications and fostering tokenization-driven economies.
BEP-20 tokens have revolutionized the way we interact with digital assets on the BNB Smart Chain. By adhering to a token standard and leveraging the power of token smart contracts, BEP-20 tokens provide a secure, transparent, and programmable foundation for various blockchain applications. The BNB Smart Chains growing ecosystem, coupled with the simplicity of token creation platforms, has democratized the tokenization process, enabling anyone to participate in the digital economy.
As the blockchain industry continues to evolve, the potential of BEP-20 tokens becomes increasingly evident. From decentralized finance and digital collectibles to innovative tokenized solutions, BEP-20 tokens offer endless possibilities for developers, entrepreneurs, and users alike. Embrace the power of BEP-20 tokens, harness the benefits of tokenization, and be part of the transformative journey toward a decentralized and inclusive financial future.
Originally published on http://www.cyberscope.io
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What Is a BEP-20 Token. Discover the power of BEP-20 tokens ... - Medium