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Binance Smartchain 2021 Roadmap: Illustration of Vision and Trend

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Update time : 2021-05-29 14:43:47
Since its launch in September 2020, BSC has quickly attracted a large number of users, decentralized projects, and various types of on-chain data have grown significantly. It was launched at a time when the public's enthusiasm for liquid mining and other DeFi (decentralized finance) activities was high, and the total transaction volume reached 1.2 billion US dollars in just one month after the launch.

Since then, BSC has continuously made new developments and achieved the following milestones:

● In mid-December 2020, Trust Wallet issued TWT on BSC and launched an airdrop event, issuing TWT tokens worth millions of dollars to Binance users. According to data from BSCScan.com, the TWT-related daily transaction volume on BSC reached 470,000 TWT.

● In January 2021, Binance's new coin mining platform launched the BSC-based token BTCST, which anchors Bitcoin's computing power. This token is equivalent to 0.1Th/s computing power plus its income, and has the characteristics of tradable and high liquidity. At present, 10.43 million BNB, 18,600 Bitcoin, and 186 million BUSD have participated in BTCST pledge mining, with a total value of US$1.255 billion.

● As of January 2021, BSC has supported 42 types of encrypted assets, with a total value of cross-chain assets of US$1.37 billion, and a total market value of Binance Btoken of US$556 million.

● The projects on the BSC chain have begun to form a closed-loop ecosystem, including infrastructure such as wallets, oracles, insurance, payments, development tools, data tools, NFTs, and trading markets. BSC has launched more than 100 projects, of which nearly 60 have very high user and transaction volume.

● There are a total of 850,975 active addresses on the BSC. BSC processes 473,000 transactions per day, which is about 40% of Ethereum's. The average miner fee per transaction is as low as $0.07, which is 2-3% of the Ethereum miner fee.

For BSC milestones, please read this article.

From a single spark to the general trend: BSC vision

When BSC was first launched, its main goal was to provide Ethereum compatibility as a blockchain running parallel to Binance Chain, and unlock the pledge mining potential of BNB. Due to the rapid development of the BSC ecosystem, the community has begun to plan a more ambitious vision.

This year, BSC's goal is to build a cross-chain financial infrastructure and unlock the Internet of value.

Here, there are two keywords that need to be explained:

● "Building a cross-chain financial infrastructure" refers to the establishment of solutions that support more interconnection between blockchains. To this end, our goal is to build more bridges between DeFi and CeFi (centralized finance).

● "Unlocking the Internet of Value" refers to the BSC bridging service that enables different dApps to interact and transfer assets.

The concept of Web 3.0 has aroused more and more discussions. This is a brand new information sharing paradigm that can continuously connect the digital world and the real world. Web 3.0 will include blockchain technology, as well as innovative technologies such as augmented and virtual reality, 5G networks, geographic positioning, IoT devices and sensors, and artificial intelligence/machine learning.

What role does BSC play in this prospect? BSC aims to make the interconnection and asset transfer between different blockchains more convenient and faster, and will also support dApp and more application cases. Together, these ecological applications will form our concept of the Internet of Value. The Internet of Things technology realizes the automation of communication between smart devices, while the Internet of Value can realize the rapid and convenient transfer of assets and decentralized services.

Contribute to: Realize the BSC vision and support the development of Dapp

In order to realize this vision, the BSC team is looking for different growth scenarios and is cooperating closely with multiple projects in the BSC ecosystem. We summarize BSC's vision for this year into 4 core missions:

1. Strengthen important infrastructure and services. We want to ensure that the network has first-class security, make APIs and other tools easy to use, Wallet Direct and other solutions can achieve cross-chain transactions and CeFi-DeFi bridging.

2. Establish a secure, trustworthy, and integrated DeFi infrastructure. BSC's solution must meet the needs of institutional DeFi, so as to attract more assets and application cases from the real world.

3. Explore low-threshold areas. Focus on specific market segments such as games and community (fan) tokens.

4. Cultivate a strong developer community. Incubate and accelerate original innovation and outstanding developers.

The BSC team adopts a decentralized approach to develop the ecosystem, so that projects, developers, enterprises and other entities in the BSC ecosystem can make the best use of it.

 "Our role is to be a matchmaker, that is to say, we will provide high-quality underlying infrastructure and services, provide guidance for high-quality and high-quality projects, and optimize growth models through resources such as BSC, seed funds, Binance ecology, and communities. Perform quick verification." A BSC spokesperson said.

Specifically, we are currently studying the dApp segments that we believe will be more important this year:

1. Algorithm. BSC supports the popular use of algorithmic digital assets.

Recommended projects: ditto (flexible supply token on BSC), bdollar (algorithmic stablecoin on BSC)

2. Various aggregation solutions. Solutions that aggregate and integrate multiple sources of revenue and trading platforms play an important role in promoting the maturity of DeFi.

Recommended projects: beefy (revenue aggregator), Bearn.fi (cross-chain intelligent revenue and liquidity aggregator), OpenOcean (DEX full aggregation protocol), Xend (provide DeFi services for credit unions, cooperatives, etc.)

3. Cross-chain and multi-chain. As mentioned above, to realize the interoperability of digital assets in multiple networks, one of the important factors is to develop solutions that can connect different blockchains.

Recommended projects: BTCST (tokens anchoring Bitcoin computing power), Anyswap (cross-chain trading platform), NerveNetwork (cross-chain asset network), PolyNetwork (cross-chain network), renVM (multi-chain solution)

4. Gamification. Games are one of the early application scenarios of blockchain networks such as BSC.

Recommended projects: Blink (game token), Rocketgame (decentralized game platform)

5. Community and social tokens. The use of NFT and special tokens on BSC provides unique solutions for online communities and social networks.

Recommended projects: Chilz (fan token), Realy (luxury NFT platform)

6. Synthesis. BSC also supports the creation of synthetic assets or assets that combine multiple derivatives.

Recommended project: Mettalex (derivatives trading platform)

7. Institutional DeFi. BSC provides developers with appropriate tools to help them develop advanced DeFi services such as liquid mining.

Recommended project: Allianceblock (decentralized capital market)

8. Infrastructure and tools. The core of developing applications on BSC is to help developers deploy smart contracts, monitor data and other solutions.

Recommended projects: Bitquery (blockchain data), PARSIQ (cross-chain monitoring), Tenderly (smart contract monitoring), BSCscan (blockchain browser), ChainIDE (smart contract deployment), Mywish (smart contract creation), Nownodes ( Blockchain infrastructure)

In addition, the BSC team conducted research on a variety of private chains and alliance chains with poor liquidity of physical assets, and found a large number of high-quality assets that are worth more user investment. "BSC also has real-world application scenarios such as stocks and real estate, and you will soon be able to see them on BSC." The BSC team said.