AKRA token in the Binance Smart Chain blockchain network

11 September 2022
AKRA token in the Binance Smart Chain blockchain network

The reason for generating the AKRA token in the BSC ecosystem was to support its smart contracts and decentralized applications. Earlier we already described the Binance Smart Chain and the features of this blockchain network in detail [link to the article “What is Binance Smart Chain”]. Now, we will tell you how the AKRA token works in BSC and what it can do.

The number of AKRA tokens in the Binance Smart Chain is similar to the volume of cryptocurrency issued in the Ethereum blockchain and is 1 billion units for each network. Since the Binance and Ethereum platforms are different, although they run on the same EVM virtual machine, the price of AKRA on Binance may differ from that on Ethereum.

How the AKRA token works in BSC

Let's start with the theory: the BEP-20 technical standard allows issuing tokens without their own blockchain based on the BSC ecosystem. This standard is a template of all future tokens, in which each developer inputs the browsing and calling functions they need. This is how the AKRA token was generated in the BSC.

Based on BEP-20, the AKRA token received all the benefits of the cryptocurrency created in this standard:

  1. The cryptocurrency addresses in BEP-20 (BSC) and ERC-20 (Ethereum) are identical, and their protocols are compatible with each other, which makes it easy to exchange the token between different ecosystems.
  2. The token retains complex logic in smart contracts, including functions for logging assets, burning them, deducting fees from transactions made to a common pool, and others.
  3. AKRA supports all types of token storage wallets: mobile, hardware, and web wallets.
  4. The AKRA token in BSC is distinguished by a reduced transaction fee with increased processing speed. Transactions are faster than in Ethereum, at least until the next-generation Ethereum 2.0 blockchain network emerges.

With the help of MetaMask, Binance Chain Wallet, and our own Akra Wallet v1, supported by the Binance exchange, all basic operations with the AKRA cryptocurrency will be provided: its exchange, transfer, purchase, and sale for fiat money.

For cryptocurrency enthusiasts, this will enable the practical application of the AKRA tokens in various financial mechanisms: from settlements between participants to investments, and in some countries, for use as a means of payment.

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