Reel Mood: Moving from Ethereum to Binance
Reel Mood is officially moving from Ethereum to Binance Smart Chain. Here we let you know the reasons why and give you some important information you need to know.
Ethereum, for a long time known as the industry-leading platform in blockchain development, has become unscalable for many developers, like Reel Mood.
With soaring gas fees and a slow block processing rate, Reel Mood’s service to its customers became insupportable on Ethereum’s network.
In the spirit of maintaining the original vision of decentralization, boosting payment flexibility and protocols, and building liquidity, Reel Mood is shifting to BSC to expand its existing protocols for its customers.
Reel Mood is moving from Ethereum to Binance Smart Chain. In this article, we cover the reasons why and many more.
Many of you have heard of Binance, which started as a popular crypto exchange, but has since expanded into an entire crypto ecosystem. With Reel Mood launching on the Binance Smart Chain (BSC), the platform will allow us to host multiple smart contract functionalities.
In this article, we’ll look at why our project chose to expand onto the Binance Smart Chain, why we moved from Ethereum to Binance, and then talk about what the future might hold for us on the Binance Blockchain.
- Why build on Binance Smart Chain?
- Will Binance support NFT’s?
- What’s Next for Reel Mood?
Why build on Binance Smart Chain?
Binance Smart Chain (BSC) is designed to run in parallel to the existing Binance blockchain. This will help bring smart contract functionality to the network without compromising the main chain’s speed and instant finality. It also allows BNB holders to take advantage of a new staking mechanism for their BNB tokens.
Binance founder Changpeng Zhao (‘CZ’) has been quite critical of Ethereum’s rising gas fees, and forthcoming with his intentions to remedy this by offering a faster, cheaper, and more scalable solution on Binance.
Many ‘Ethereum Killers’ have come before, and none have yet succeeded to capture any significant percentage of the original smart contract platform’s DApps and users.
Despite the uphill battle, the team at Binance is aggressively pursuing this cause. BSC developers claim that the blockchain’s Proof of Staked Authority (PoSA) consensus provides the ideal balance between high performance and decentralization, despite the fact that there are only 21 validators (compared to Ethereum’s 11,000 nodes).
Back in December, 2020, The BNB development fund had set aside $100million for projects that committed to building on BSC, with individual projects able to claim up to $100,000 if they were successfully chosen by the Binance community.
This is similar to how the Binance Launchpad initiative works. A community governance panel chooses select new projects and later receives support from Binance Labs, token reward distribution on the exchange’s native launchpool and the possibility of a lucrative Binance exchange listing.
One project that has notably benefited from this is ThorChain, which after starting life as a micro-cap project has grown tremendously over the past year to become a fully-fledged liquidity pool and cross-chain exchange for both Binance BEP2 and ERC20 assets.
Such success stories are also good for Binance of course, as it allows for continued growth of their ecosystem across the space.
To add to this organic growth, a number of Ethereum-based projects are expanding onto the Binance Smart Chain, causing a resurgence in the online debate about ‘which blockchain is better, Binance or Ethereum’.
Will Binance support Reel Moods NFTs?
2021 has seen a massive resurgence in interest in cryptocurrencies, blockchain technologies, and the entire blockchain industry, thanks in large part to the rise in popularity of Non-Fungible Tokens (NFTs). With the upcoming launch of the Binance NFT marketplace the popularity of NFTs will almost likely increase even more.
Despite the controversies and challenges associated with NFTs today, one thing is certain: they are here to stay. NFTs will be a critical component of our digital futures and will help to open up exciting possibilities in new digital worlds. Savvy and lucky participants in the NFT economy may be well rewarded in the future for the financial risks that are taken today. However, as is commonly expressed in the world of cryptocurrency — invest only what you are prepared to lose.
Meanwhile, Reel Mood will release the use of NFTs on the Alpha version release of their platform and will do occasional testing on their Beta release this Fall, 2021.
What’s next for Reel Mood?
As we get closer to our launch of our Platform and wallet, we are excited to announce our move to the Binance Smart Chain and can’t wait for our users to experience all the great benefits the Binance Smart Chain offers.
All Reel Mood Token Holders and Pre-sale Investors will receive BEP 20 tokens for deployment. Reel Mood will release information on how to receive tokens this summer.
Reel Mood BSC Address: https://bscscan.com/token/0x02888e65324a98219c26f292e7cd3e52ef39c5c2
Reel Mood will be the first decentralized music live streaming app to move from Ethereum to the Binance Smart Chain, offering faster and more seamless transactions and greater community involvement.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.