Ethicoin (ETHIC+) on Binance Smart Chain: A Scientific Analysis

This report presents an in-depth technical examination of the Binance Smart Chain (BSC) and its cryptographic mechanisms. It offers a detailed analysis of the deployment process for the Ethicoin (ETHIC+) token smart contract on BSC, crafted in Solidity and adhering to the BEP20 standard.

Introduction to Binance Smart Chain

The report provides a comprehensive overview of Binance Smart Chain (BSC), a blockchain platform developed by Binance. BSC facilitates high-performance decentralized applications (dApps) and operates in tandem with Binance Chain. This dual-chain architecture enhances functionality and interoperability with the Ethereum Virtual Machine (EVM), allowing for the seamless migration of Ethereum-based applications with minimal adjustments.

Key Features of BNB Smart Chain

• • EVM Compatibility: BSC's full support for Ethereum Virtual Machine enables the operation of Ethereum dApps on BSC.
• • Dual Chain Architecture: BSC's parallel operation with Binance Chain allows for efficient asset transfers.
• • Consensus Mechanism: Employs a Proof of Staked Authority (PoSA) consensus model, integrating aspects of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA).
• • Low Transaction Fees: BSC offers significantly reduced transaction costs compared to Ethereum.
• • High Throughput: BSC's capability to produce blocks every three seconds ensures rapid transaction processing.

Cryptographic Foundations of BNB Smart Chain

• • Hash Functions: Utilizes SHA-256, which processes input messages into a unique fixed-size output through a series of computational steps.
• • Digital Signatures: BSC employs the Elliptic Curve Digital Signature Algorithm (ECDSA) to authenticate and ensure the integrity of transactions.
• • Proof of Staked Authority (PoSA) Consensus: Combines Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) mechanisms, relying on validators selected based on BNB stakes and reputation.

Deployment Process for Ethicoin on BNB Smart Chain

• • Prerequisites: Necessary tools and configurations, such as Solidity compiler version 0.7.6 and BNB for gas fees.
• • Smart Contract Components: Details on interfaces and libraries used in the Ethicoin smart contract, including SafeMath, IBEP20, Auth Contract, and DividendDistributor.
• • Deployment Steps: Instructions for configuring MetaMask, compiling, deploying, and verifying the Ethicoin smart contract.

Conclusion

Deploying the Ethicoin (ETHIC+) token on Binance Smart Chain requires a meticulous understanding of technical requirements and deployment processes. BSC's advantages, such as EVM compatibility and lower transaction costs, make it a favorable platform for such deployments. The robust cryptographic foundations of BSC, encompassing hash functions, digital signatures, and PoSA consensus, ensure the security and efficacy of the blockchain.

References

For additional information on Ethicoin and related resources, please visit:

• Official Website
• Books on Ethicoin
• Github Repository

About the Author

Sutibu Kanemochi is a distinguished expert in blockchain technology and cryptocurrency, specializing in decentralized applications and smart contract development. His extensive experience includes significant contributions to research projects and publications in blockchain technology and ethical investing. Sutibu is also the author of the Ethicoin Trilogy, exploring the nexus of cryptocurrency and ethical practices.

For inquiries, please contact Sutibu Kanemochi at contact@ethicoin.org. Messages will be forwarded accordingly.

Access the Book

You can access the book on ResearchGate through the following link:

Ethicoin (ETHIC+) on Binance Smart Chain: A Scientific Analysis

Building a Sustainable Future!

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• In today's rapidly evolving technological landscape, few innovations have captured the imagination quite like Ethicoin. The notion of conducting financial transactions devoid of traditional banking intermediaries was once confined to the realm of science fiction, yet it now stands as a tangible reality. This groundbreaking advancement, heralded as one of the foremost inventions of the current era, heralds the arrival of Ethicoin—a decentralized digital currency empowered by blockchain technology. While Bitcoin has increasingly become the token of the elites, often inaccessible to the general populace due to its high value and speculative nature, Ethicoin stands out as an affordable alternative even for the poorest. It democratizes financial transactions, ensuring inclusivity and broad accessibility across socio-economic strata.

Discover the Trilogy

Explore the comprehensive exploration of the Ethicoin phenomenon through the Ethicoin Trilogy. This series delves into the conceptual and practical aspects of decentralized finance, providing insights and strategies for leveraging blockchain technology in ethical investment practices.

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