Smart MFG Tech, a firm focused on the Internet of Things (IoT) and promoting new technologies for use within the manufacturing industry, and SyncFab, a startup working in the manufacturing supply chain ecosystem, have joined the Binance Chain network.
Binance is undoubtedly the king of cryptocurrency exchanges, especially with the recent launch of their DEX product.
Since the mainnet was launched, 24 projects have publicly declared their support for the chain by announcing token issuances over Binance’s blockchain.
Projects that have chosen to issue tokens on Binance include Harmony, Raven Protocol, and Fantom Foundation. The use cases of these projects are incredibly diverse, ranging from interoperability (Fantom) to training deep neural networks (Raven).
The use of BNB in this equation helps to facilitate transactions by acting as the currency in which fees are deducted to move across the chain. This has attracted criticism as it functions like GAS on the Neo network. Community members have called for the removal of GAS in favor of fees in NEO, but there are many valid counter-arguments regarding the economics of using NEO for fees.
Binance chain recently forayed into entertainment, gaming, file sharing, and wallets. Several exchanges like Changelly and Bitmax have recently listed BNB as a tradeable asset while wallets like Exodus, Infinito, and Magnum have added storage for BNB.
The collaboration will give users access to multi-asset class digital payments and more, according to a blog post on June 1, 2019.
Binance Chain Invites New Members
In a bid to give users access to digital payments across multi-tier supply chains and cross-chain transaction records, SmartMFG Tech and SyncFab have joined the Binance Chain distributed ledger technology (DLT) network according to a Medium blog post.
With the collaboration, the team says holders of the Manufacturing Blockchain (MFG) token will now be able to swap their ERC20 standard MFG to Binance Chain’s BEP-2 token standard during a predetermined period.
“Upon migration, the MFG Token will submit a formal proposal to integrate the MFG BEP-2 Token onto Binance decentralized exchange (DEX). Should the MFG Token gain acceptance, we’ll start a move towards multi-asset diversification and cross-chain-transaction records within the blockchain ecosystem,” declared the team.
At a time when participants in the supply chain sector are increasingly integrating blockchain technology into their processes, the team firmly believes that adopting the Binance Chain network will help facilitate a frictionless connection of global multi-tiered supply chain players into a cohesive digital solution.
Importantly, the team has noted that since multi-asset diversification provides a more robust digital payments system for the global supply chain payments framework, by using a vast array of fiat foreign exchange to meet the demands of supply chain participants, joining the Binance Chain network will be of immense benefit.
“The initiative enables Smart MFG Tech and SyncFab to support the cross-chain transaction record initiative for creating and encouraging a modular manufacturing blockchain hybrid,” said the team.
Since its launch earlier in April 2019, a good number of projects have joined the Binance Chain distributed ledger.
That the Cred decentralized Bitcoin-powered lending platform had inked a strategic partnership deal with Binance, to enable the former migrate its native LBA tokens to Binance Chain.