3.3 Why A Dual-Chain Algorithm On BSC And Ethereum?
After comparing different public chains, we decided to build the Meme token of Magic Power Community with the dual-chain mechanism of Binance Smart Chain and Ethereum. This is where our confidence in the future vision of the project lies: we are creating a dual-chain DeFi ecosystem with permanent value.
Our choice of Binance Smart Chain and Ethereum dual chains mechanism is mainly based on our evaluation of the multi-chain collaboration function for the whole project ecology.
Compatibility: Binance Smart Chain is fully compatible with EVM (Ethereum Virtual Machine) and can support all current tools of Ethereum, including Metamask, Remix, Truffle, etc.
High performance: The consensus mechanism adopted by Binance Smartchain is Proof of Stake Authority (PoSA), which combines the functions of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) mechanisms, and Ethereum 2.0’s transferring to PoS mechanism and Layer 2 (Layer2) allows higher scaling performance.
Transaction Cost: Lower transaction costs helps scale the product ecosystem and stimulate more market participants to join, driving the trading volume growth of the overall protocol.
Cross-Chain DeFi Mechanism: This allows users and developers to transfer assets between different blockchains, enabling more freedom, choice and flexibility.