Why Moonbet is developed on the BNB Smart Chain
Why is Moonbet developed in BNB Smart Chain?
Hello again Moonbettors! As you have probably already understood if you have been part of our community for a long time, Moonbet is a project that goes beyond iGaming, and that has a broad support since its origins in 2020 with the goal of being scalable in the long term. We are currently in phase two, of three stages of development that are supported by the qualities of stability provided by the Blockchain where we have developed: BNB Smart Chain.
While the integration of blockchain technology into electronic casinos is a breakthrough that brings enormous advantages over the way online gambling used to be done, the qualities of the blockchain determine almost entirely the scope that a project can have.
The MBET token development
While our first phase of decentralization consists of the conception, strategy and development of the MBET token, and the official launch of the Moonbet casino; the moment we are in consists of the integration of our exchange for Fiat currency operations and the development of our Native casino. Both are part of the qualities that BNB Smart Chain offers, as one of the most robust blockchain in the digital ecosystem.
Foreseeing the rapid evolution in the iGaming industry and the eventual transition from traditional gambling to electronic betting, and the accelerated penetration of decentralized finance at all levels of the global economy, BNB Smart Chain represents for many reasons, the ideal blockchain platform for the development of the Moonbet ecosystem.
Why did it have to be Binance Smart Chain?
There are fundamental differences that define BNB Smart Chain as a smart chain that significantly surpasses other blockchains. Created in 2020, the fundamental objective of BSC is scalability and agile management of decentralized transactions. Far above blockchains like Ethereum from numerous perspectives, BSC is a platform that solves virtually all operational issues that would make it impossible for MoonBet to exist on another blockchain.
Continuing with Ethereum as the most important benchmark for comparing performance between the two blockchains, saturation is one of the main issues that is even predicted to lead ETH to an eventual decrease. Given the consensus protocol on which it is based, called “Proof of Work”, the energy and time implications per transaction are high and easily tend to saturation.
Meanwhile, the consensus protocol on which BSC is based is notably more efficient, both in terms of speed, energy expenditure, and gas rate costs. Called POS or Proof of Stake, it is a protocol designed to handle a high volume of transactions per second, taking only fractions of a second compared to Ethereum which typically averages 10 to 15 TPS on averages of up to 20 seconds per transaction.
The single transaction speed that BSC guarantees on ETH or BTC reduces transaction fees, or Gas Fees, by a dramatic percentage compared to Ethereum. This is approximately 10% of the total that ethereum usually charges for each transaction.
The MBET token uses the BNB Smart Chain because it allowed us to create a profit-sharing algorithm where holders receive BUSD directly to their wallets. With its low gas fees and rapid transaction speed, this means we can easily and efficiently send profits to our community right through the chain.
Scability of the Binance Smart Chain for Gambling
The scalability concept with which Binance Smart Chain was developed, contemplates the development of assets and decentralized platforms such as DAPPS, which allows total transparency and secure operation of all its participants.
As we continue to grow the Moonbet ecosystem in the future, the BNB Smart Chain will play a greater importance in the project. The flexibility that it allows for rapid betting transactions opens the door for on-chain betting.
This on-chain betting means players will soon be able to simply connect their MetaMask or Trust Wallet to the betting platform. There, they can seamlessly place their bets using BNB, BUSD, and other coins running on the BSC.
The result? An unmatched betting experience that is 100% transparent, recorded on the blockchain, and having the winnings placed directly in player wallets the moment the bet is settled.