Dvision Network to Bridge to Binance Smart Chain for Increased Blockchain Interoperability, Less Transaction Fees
Dvision Network is extending a cross-chain bridge to Binance Smart Chain (BSC).
Dvision Network is Now on BSC
In a bid to offer its users multiple blockchain protocols to choose from, Dvision Network announced it is enabling the bridge between Ethereum mainnet and the Binance Smart Chain. This means that soon enough, DVI ERC-20 tokens can also be used in the form of a BEP-20 token with a multi-chain functionality aided by the bridge built in close cooperation with Curvegrid.
Dvision has already announced their readiness to launch on BSC in their blog post and also started a countdown in their website, which pinpoints to the official launch of the bridge on 20th May.
Notably, Dvision Network will partially migrate to Binance Smart Chain via the asset portal bridge “Looking Glass” developed on top of Curvegrid’s MultiBaas blockchain middleware to enable smooth and convenient cross-chain transfers of DVI in both BEP-20 and ERC-20 tokens.
Reasons to Extend to Binance Smart Chain
According to the team at Dvision Network, the project’s decision to integrate with Binance Smart Chain (BSC) largely stems from its vision and belief in BSC as an ecosystem that is committed to become a hotbed for the next generation of decentralized applications (dApps).
The project highlights the high scalability of the BSC ecosystem and its compatibility with smart contracts and Ethereum Virtual Machine programmability that boasts of high TPS (transactions per second), and rapid decentralized trading with minimal fees.
Moreover, the integration with BSC will facilitate advanced smart contract functionalities and immense computation for Dvision Network on top of Binance Smart Chain to enable users to tap the network’s low transaction fees and high throughput efficiency.
Truth be told, BSC is now considered to be the largest ecosystem in the blockchain industry and recently also eclipsed the Ethereum network in terms of daily transactions volume where it recorded 9 million in daily transactions compared to Ethereum’s all-time-high transactions of 1.5 million.
Compatibility with BSC and Ethereum
While Dvision Network is expanding to BSC, it is worthy of note that the BEP-20 DVI token will not replace the existing ERC-20 DVI token. Rather, the two token smart contracts (BSC and Ethereum Mainnet) will exist concurrently to power the interoperable bridge to move one token from one network to the other.
This way, Dvision will continue to thrive on Ethereum as an ERC-20 token and on Binance Smart Chain (BSC) as a BEP-20 token.
As mentioned earlier, the cross-chain bridge has been developed in close cooperation with the Curvegrid team which holds expertize in developing asset portal bridge enabled via the Looking Glass which is built on top of the MultiBaas that functions as a link between the Ethereum mainnet and BSC.
To make things easier to understand, the above dashboard is the user interface of the ERC-20 = BEP-20 transfer bridge that is primed to live roughly next week.
More information pertaining to guidelines for the use cases of the DVI on BSC will be shared with the Dvision Network community later, presumably right before the BEP-20 = ERC-20 DVI Bridge goes live on BSC.
About Dvision Network
Dvision Network is a VR content ecosystem powered by blockchain technology. Dvision Network offers a wide range of VR-based products and services such as NFT-Market, Meta-Space, and Meta-City, among others.
The team at Dvision Network boasts of VR industry veterans and stalwarts that are committed to bringing the project’s vision to fruition. To know more about what’s in the pipeline for the Dvision Network community, check out the project’s roadmap here.