Blockmason, a developer of blockchain frameworks including Blockmason Link and Lndr, is launching its Blockmason Credit Protocol Token (BCPT) on Binance Chain.
The Credit Protocol serves as a foundation for building applications involving accounting, payables, receivables, or tracking debt and credit obligations. One party sends a request to another, whereby the request is confirmed and recorded within the Credit Protocol’s smart contract.
BCPT is the utility token that enables the recording of data through the Credit Protocol to programmable blockchains, such as Ethereum. Indeed, BCPT presently exists as an ERC-20 token on the Ethereum blockchain. The new token, a BEP-2 token on Binance Chain, will be one of the first to be available on Binance’s new decentralized exchange.
According to a press release issued on Tuesday, the company is launching the token on Binance Chain to “explore a new blockchain venue”, while assessing cross-blockchain Credit Protocol transaction recording, and examining scaling beyond what is currently available to them on Ethereum.
It is, therefore, unlikely the launch will see a full move away from Ethereum — Binance does not offer the same smart contract capabilities, for example. Rather, the launch of BCPT on Binance Chain will seek to expand interoperability and usability of blockchain technology as a whole.
Last week, social media platform Mithril announced it was migrating its MITH token from Ethereum to Binance Chain. It is expected that many tokens that lack utility beyond purely payments will follow suit; whether to acquire new funding, or simply as a result of Ethereum’s limited transaction capacity.
Interoperability between blockchain platforms is a must for global adoption of the technology. Indeed, many organisations and developers are working towards achieving exactly that.
Last week, it was announced that the EEA launched a blockchain-neutral Token Taxonomy Initiative seeking to develop a clear definition of tokens.
Blockchain game development platform Enjin have taken huge steps towards encouraging interoperability: joining the Foundation for Interwallet Operability last week, and announcing their intention to fully support Binance Chain on April 19.