๐ ๏ธTechnology
Binance Smart Chain (BSC)
NFT5 is built on BSC, which is the blockchain network developed by Binance. BSC has low transaction fees, high performance, suitable for the vast majority of users. BSC's blockchain is cross-chain compatible, so it's almost like Binance Smart Chain inherits and extends Ethereum's existing dApps, some current main products are:
Binance Decentralized Exchange
Binance Dex Swap
Binance Saving, Binance Stake for rewards
Binance Labs
Token Launchpad
Trust Wallet
Alpha finance labs ecosystem
Binance Smart Chain is said to be one of the most optimal solutions compatible with EVM - Ethereum Virtual Machine, allowing support for smart contract development tools with faster speed and lower transaction fees.
ERC-1155 token standard
ERC-1155 is the token standard selected by the NFT5 development team as the token standard operating throughout the NFT5 system. ERC-1155 is a standard that helps smart contracts manage multiple token types. A smart contract that applies the ERC-1155 standard can handle many different types of tokens such as fungible, non-fungible or semi-fungible. ERC-1155 is a great choice for games on Blockchain, especially games with a large number of items that need to be tokenized. In addition, ERC-1155 can also be applied to managing multiple assets at the same time such as bonds, stocks, real estate,... Therefore, in the near future, when Facebook successfully builds the Metaverse ecosystem, with ERC-1155 standard to design multi-function smart contracts, we are ready to stand on the shoulders of giants to develop. maximize the potential of NFT digital assets, giving the Vietnamese community a platform to collect and exchange unique digital items (Non-fungible tokens). In addition, ERC-1155 is also a token standard that is calculated to be more economical than the ERC-721 standard that other NFT products are operating on the market according to the most basic principle: Batch transfer.
An example of a typical case:
You are holding many different types of tokens on one platform, to withdraw them to another platform or your personal wallet, with ERC-721 in the market you will have to create many transactions, which costs extra gas (because each transaction nly one type of token can be transferred)
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