Binance Smart Chain (BSC) is a blockchain developed to handle high-performance decentralized applications (DApps). The blockchain was designed to accommodate cross-chain transactions that have since revolutionized the application of blockchain technology.
The Samecoin team have identified the benefits of Binance Smart Chain and developed a platform — the Samecoin ecosystem, that can fully function in the Binance Smart Chain. BSC had curved itself as a scalable solution that outperforms the likes of Ethereum blockchain that almost crashed when the Crytpokitties craze was at its peak.
The Samecoin ecosystem is carefully designed to take full advantage of the Binance Smart Chain’s scalability while also offering a unique product to the crypto world. Well, what exactly is the Samecoin protocol that makes up the core of Samecoin Ecosystem?
The Samecoin protocol and its ecosystem
The Samecoin protocol is a robust platform that works on both Ethereum and the Binance Smart Chain. The ecosystem is powered by a utility token dubbed Samecoin ($SAME). Here is a breakdown of the components of the Samecoin ecosystem.
Samecoin Finance (The Core)
The Samecoin ecosystem comprises several cryptocurrencies. The platform thrives on utility cryptocurrency. Also, other cryptocurrencies in the ecosystem, such as SameUSD (SUSD), SameGBP, and SameEUR, are all stablecoins. The cryptocurrencies within the Samecoin ecosystem are built with close regard to online payments that combine both the benefits of cryptocurrencies and fiat.
Samecoin Infrastructure (The Application)
Similarly, the Samecoin ecosystem prides itself in harbouring one of the most sophisticated online payment platforms. SamePay has been designed to simplify crypto payments by providing a fast, reliable, and user-friendly online payment platform.
Samecoin governance is a decentralized DAO that governs the protocol using vSamecoin tokens. These tokens are minted when users stake their Samecoin tokens on the SamePay application. The governance token used to vote for proposals related to the Samecoin ecosystem and Infrastructure.
The Samecoin Protocol and how it makes the ecosystem functions
The Samecoin protocol mainly employs Decentralized Finance (DeFi) functions to promote Samecoin and its cryptocurrencies. Usually, high-value cryptos are those that are frequently used. In a nutshell, here is the breakdown of the Samecoin protocol.
- Mints Samecoin and its stablecoins
- Rewards users for Staking and Minting with Samecoin
- Governance is done through vSamecoin
- Performs deflationary procedures by burning Samecoin.
- Burns SameUSD (SUSD) and other Samecoin’s stablecoins within the ecosystem to maintain a stable reserve.
Making Samecoin function in the Binance Smart Chain
Binance Smart Chain (BSC) is a relatively new blockchain with a full-fledged environment for developing high-performance decentralized applications. It was built for cross-chain compatibility with the Binance Chain to ensure that users get the best of both worlds.
To interact with Binance Smart Chain (BSC) dApps from the Samecoin ecosystem, you’ll need a SamePay wallet since it is compatible with the Binance Smart Chain that supports the BEP-20 token standard. You are free to use any BEP-20 friendly wallet.
Because BSC is EVM-compatible, it supports a broader range of Ethereum tools and DApps. This makes it easy for developers, including Samecoin’s to port their projects over from Ethereum. The fact that Samecoin and its family of stablecoin are available on BSC, makes them cheaper and faster to use, owing to the properties of BSC.
Binance Smart Chain has several dApps such as Pancakeswap that further extend its utility. However, for Samecoin, the ecosystem offers unique features in the Binance Smart Chain that make it stand out.