You can use a BEP-20 token for fractional ownership of assets like domain names on a blockchain platform. BEP-20 is a token standard on the Binance Smart Chain (BSC), similar to Ethereum’s ERC-20 standard, which allows for the creation of fungible tokens that can be used for various applications including trading, stakes, or as a…
How to achieve transparency and security through blockchain technology
Achieving transparency and security through blockchain technology involves a few key steps, particularly for a platform dealing with fractional ownership of assets like domain names. Here’s how you can implement such a system: 1. Choose the Right Blockchain Platform Select a blockchain platform that suits your needs in terms of scalability, security, and cost-efficiency. Popular…
What’s the gas in smart contracts deployment?
Registering a contract on a blockchain, such as deploying a smart contract, typically incurs a fee known as “gas.” This fee compensates for the computational energy required to process and validate transactions on the blockchain. The cost to deploy a contract can vary based on several factors: 1. Blockchain Platform Different blockchain platforms have different…
How to register a transaction on a blockchain without using a smart contract
Registering transactions on a blockchain without using a smart contract while still ensuring transparency and security can be accomplished by directly interacting with the blockchain using simple transactions. This approach leverages the inherent properties of blockchain technology, such as immutability and transparency, to record and verify transactions securely. Here are several methods to achieve this:…
How to guarantee transparency and security of a transaction without using a blockchain
If you’re looking to record transactions securely and transparently without using a blockchain, there are several traditional and modern technological approaches you can consider. Each method offers different benefits depending on your specific needs for security, transparency, scalability, and infrastructure. Here are some viable alternatives: 1. Centralized Databases with Audit Capabilities Secure Databases: Use traditional…
How to register a transaction on a ledger without managing a token
You can register transactions on a blockchain ledger without necessarily managing a token. This can be done by creating smart contracts that record various types of data and interactions directly on the blockchain, utilizing the inherent security, immutability, and transparency of the technology. Here are a few common methods to achieve this: 1. Using Ethereum…
ERC-20 or BEP-20 in fractional ownership of domain names
Choosing between ERC-20 and BEP-20 tokens for a platform facilitating fractional ownership of domain names primarily depends on your specific requirements regarding cost, speed, ecosystem, and security. Here’s a comparison: 1. Transaction Costs and Speed: BEP-20 (Binance Smart Chain): Generally offers lower transaction fees compared to Ethereum, which can be beneficial if your platform anticipates…
Adding functionalities to an already deployed BEP-20 token
You can interact with an already existing BEP-20 token using smart contracts to add new functionalities or create mechanisms that utilize the token, but you cannot directly alter the token’s original smart contract if it has already been deployed and does not have specific provisions for upgrades. However, there are several strategies you can employ…