We are glad to announce the migration of the EDC-20 of the ERC20 standard to the Binance Smart Chain (BSC) so that all EDC Blockchain users will be able to receive and send the BEP20 tokens in a few seconds with lower fees. The token will receive the ticker “EDCb”.
After the completion of technical work, we will additionally inform you about the functionality of the decentralized smart contract, in which you can conduct transactions with the token.
1. Soon, the BEP20 token will replace the ERC20 token in a 1:1 ratio.
2. The "Exchange" section is being replaced by the "Finance" section. You will be able to store EDC-20 (ERC20), EDCb (BEP20) and BNB in the Finance section.
3. Each user will receive an individual address in the BSC network to be able to store and make transactions with EDCb (BEP20) and BNB using the EDC Blockchain wallet https://wallet.blockchain.mn.
4. When conducting transactions with the EDCb (BEP20) and BNB tokens, users pay for gas using BNB from their wallets.
5. The swap date will be announced in future releases.
6. The restrictions on transactions, including the transactions with the use of EDC check codes, are removed. Users are able to send coins in any amount.
Benefits of Migration
1. On the BSC platform, transaction processing takes only about 3 seconds thanks to the small block interval time, which allows users to receive and send EDCb tokens faster compared to the Ethereum network.
2. BSC provides lower transaction fees starting from 1 cent.
3. BSC is created for decentralized finance (DeFi) and applications (dapps), which will expand the scope of the EDCb token.
4. The BSC platform is designed to work with smart contracts thanks to its compatibility with the Ethereum virtual machine. This allows our developers to transfer the token created on the Ethereum network into the BSC system.
Since there is a scaling problem in the Ethereum network that has led to high transaction costs, Binance Smart Chain is the most profitable and promising blockchain for both developing and conducting transactions with the EDCb token, given the impressive number of users, trading volumes and improved capacity.
Thank you all for your support. News about token swap will be available soon.