To fully utilise the potential of the 4thTech services, interoperability with Binance Smart Chain (i.e. BSC) is next on the list. Furthermore, the bridging of ERC-20 FOUR to BEP-20 FOUR token will increase adoption, liquidity and unlock a universe of advantages for users in the form of lower fees, access to the BSC economy, IDEX BSC and Defi projects like PancakeSwap.
Cross-chain interoperability of FOUR tokens opens a multiverse of new possibilities. We are looking at new innovative data exchange tokenization models, instant data exchange transactions with 1000x lower TX fees and much more. At the same time, FOUR ERC-20 exists on its native Ethereum blockchain, while a wrapped synthetic BEP-20 FOUR exists on the Binance Smart chain.
*Watch ERC-20 FOUR to BEP-20 FOUR Transformation 3D Animation: https://youtu.be/TK6z-7ShLs4
What is Binance Smart Chain?
Binance Smart Chain or short BSC is the second blockchain launched by Binance. Binance originally launched the Binance Chain to facilitate Binance Coin (i.e BNB) and transactions on their decentralized Binance exchange (i.e. Binance DEX). Focusing on reliability, transaction speeds and trade efficiency, the original Binance Chain does not support smart contracts. To enable smart contracts and programmable compatibility the Binance Smart Chain was released. The BSC also features compatibility with the Ethereum Virtual Machine. Both chains are completely independent and exist in parallel serving specific functions.
What is the BEP-20?
The BEP-20 is a Binance Smart Chain token standard specifically designed for decentralized finance (i.e. Defi) and decentralized applications on the BSC.
FOUR as BEP-20 Wrapped Token
The FOUR tokens were originally deployed as ERC-20 on the Ethereum chain. On the Binance Smart Chain, the FOUR tokens appear as wrapped equivalents, a synthetic version of the original asset.
According to Binance Academy, a wrapped token is a cryptocurrency token pegged to the value of another crypto. It’s called a wrapped token because the original asset is put in a wrapper, a kind of digital vault that allows the wrapped version to be created on another blockchain. The benefit of the wrapped tokens is the ability to circumvent the limitation of the non-native blockchain assets. A wrapped BEP-20 FOUR (i.e. Binance Smart Chain token standard) is a tokenized pegged version of the ERC-20 FOUR (i.e. Ethereum token standard) on the Binance Smart Chain.
How does it work?
When sending ERC-20 FOUR to Binance Smart Chain, the cross-blockchain bridge is needed. The Bridge enables the cross-chain token bridging in both directions. The smart contract locks the ERC-20 FOUR sent from the Ethereum, while the equivalent amount of FOUR BEP-20 is minted on BSC. When the BEP-20 FOUR needs to be bridged back to ERC-20 FOUR, the smart contract puts in a BEP-20 FOUR burn request to the Bridge, and the ERC-20 FOUR are released from the reserves. This process ensures that the total and circulating token supply don’t change.
ERC-20 to BEP-20 Bridge
Currently, there is no one-click solution for bridging FOUR between Ethereum and BSC. ERC-20 FOUR was bridged to BSC using OmniBridge and xDai Chain. The 4thTech team is currently working on two solutions; (1) a solution specifically developed to simplify bridging between ERC-20 FOUR and BEP-20 FOUR, and; (2) a manual on how to bridge now, using OmniBridge and xDai chain. In the meantime a sufficient BEP-20 FOUR supply will be established on BSC, enabling users to benefit from BSC low transaction cost.
Technical FOUR token information:
Ethereum / ERC-20 FOUR
- Name: The 4th Pillar Token
- Symbol: FOUR
- Token Smart Contract address: 0x4730fb1463a6f1f44aeb45f6c5c422427f37f4d0
- Ticker Colour: Black, Grey, 4thtech Blue
- Decimals: 18
- Blockchain Explorer: https://etherscan.io/token/0x4730fb1463a6f1f44aeb45f6c5c422427f37f4d0
Binance Smart Chain / BEP-20 FOUR
- Name: The 4th Pillar Token (on xDai from xDai)
- Symbol: FOUR
- Token Smart Contract address: 0xd882739fca9cbae00f3821c4c65189e2d7e26147
- Ticker Colour: Black, Grey, BSC Orange
- Decimals: 18
- Blockchain Explorer: https://bscscan.com/token/0xd882739fca9cbae00f3821c4c65189e2d7e26147?a=0x0E9D2a78e68a250D8cA3484d9626Ba734280553D
The Story behind the vizuals & music
The 4thTech universe is expanding and to better illustrate this change, the DOF Group was invited to the drawing board to model a stunning 3D representation. The new logo was modelled into an animation emphasizing the Ethereum backbone. The token “restarts” by switching from the all known ETH blue to the newly added member of the Universe, the BSC FOUR token. A splash of “Binance yellow” was added to underline the BSC variant. At the end of the animation, the new token is presented to the public as a part of the growing universe of 4thTech. Music is the work of a progressive team of two producers from Slovenia. They go by the name BARYAN, the song is titled CRYSTAL BAY and it was made exclusively for 4thTech.
BEP-20 FOUR brings multiverse advantages
The FOUR BEP-20 brings various advantages to the 4thTech ecosystem and its users. PancakeSwap FOUR listing will bring new liquidity and enable lower fee swapping. FOUR BEP-20/BNB pair on IDEX 2.0 will bring fast asset trading, reducing trade settlements by up to 1000x. 4thTech platform BSC support can enable users to use BEP-20 FOUR as gas when settling the data exchange TX and much more.