LABEL Foundation Announces Binance Smart Chain Bridge Through MultiBaas Middleware
The search for better alternatives to the Ethereum blockchain due to high transaction fees has driven DApps built on the blockchain to find alternatives. The Binance Smart Chain has proven to be a suitable alternative to the Ethereum blockchain for DApps to deploy on given its lower fees and faster transaction times. To this end, LABEL Foundation has created a bridge to the Binance Smart Chain through the MultiBaas Middleware.
The blockchain entertainment platform notes in its statement that this is to enable interoperability for LBL between these two blockchains. LABEL Foundation plans to become the ultimate multichain NFT infrastructure and the bridge to BSC is the first step in that mission.
The collaboration with Curvegrid – creator of MultiBaas Middleware, will see LABEL Foundation launch its DApp on top of the Binance Smart Chain although it will continue to operate on both blockchains.
LABEL Foundation Launches On BSC
LABEL Foundation’s native token LBL will benefit greatly from the bridge to the Binance Smart Chain. Instead of paying higher fees to transact on the Ethereum blockchain, users will be able to cheaply move LBL tokens through the BSC. Moreover, LBL tokens will be able to move freely between the BEP-20 and ERC-20, and vice versa. Small transactions involving tokens or NFTs will require only a small fee to complete.
ERC-20 and BEP-20 LBL tokens will coexist across both blockchains and will be able to smoothly move from one to the other without obstruction. New use cases will be created by the LABEL Foundation for the BEP-20 LBL tokens, in addition to expanding the ecosystem through expanded accessibility in partnership with other projects in the space.
With BSC, LABEL Foundation will be able to foresee issues that may arise for users in the future and through this bridging, fix these issues before they ever appear on the user end. The advanced smart contract capabilities and massive computation that BSC provides LABEL Foundation will make the platform more secure, scalable, and sustainable in the long term.
Onboarding Talents On The Blockchain
Bringing on talents to the LABEL Foundation platform will be easier through this bridge. LABEL Foundation plans to establish a decentralized P2P incubating platform that will invest in world-class entertainment content through its DAO voting system. To do this, the entertainment platform will onboard world-class and Grammy-nominated artists such as Scoop DeVille, Market Lettieri, Docskim, among others as a part of their future development.
The launch of the NFT Market will create a virtuous loop initial the Global Value Chain where IP rights are embedded in NFTs to make them transactable. Permissionless IP rights incorporation also establishes a fair profit-sharing economy within the platform, with donors being able to collect profits through the NFT ownership mechanism.
LABEL Foundation Partnerships
In addition to partnering with Curvegrid, LABEL Foundation has also partnered with notable projects in both the blockchain and the entertainment space. LABEL Foundation is in core partnership with OPENTRACK, a leading music education platform owned by Clesson which connects music students to teachers for lessons in piano, composition, voice, etc.
LABEL Foundation has also partnered with Solanium, a decentralized fundraising platform built on the Solana blockchain, to assist in the project’s expansion. Solanium provides governance voting, decentralized fundraising, and time weight token staking.
Going forward, LABEL Foundation will also partner with projects in both the entertainment and media industry, as well as the blockchain industry, to further grow its incubating ecosystem.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Bitcoinist, @Khareem Sudlow