How to Build Smart Contract Based MLM Software on Binance Smart Chain?
Author Smart Contract Based MLM Software
“Catching my attention is easy, keeping my interest is harder”, goes a popular quote. Binance, the world’s largest crypto exchange by daily trading volume ($23.79 billion) has done both by dominating the digital trading industry since July 2017. It made headlines with a big upgrade of its blockchain network. Binance Chain (BC) got a new parallel platform named Binance Smart Chain (BSC). It operates smart contract-based applications in a decentralized and immutable manner. Likewise, Multi-Level Marketing (MLM) platforms offer high returns to investors based on the concept of “Refer and Earn”. Let us explore how entrepreneurs get a huge advantage by creating a Smart Contract-based MLM software on BSC.
Why is Binance Smart Chain ideal for Smart contract MLM Software?
Automated software functioning on terms and conditions is highly efficient and saves both money and time. Previously, Ethereum and TRON were the two popular blockchain networks for creating sturdy smart contracts. However, the Ethereum platform faced some congestion issues and TRON had frequent fluctuations in its native crypto, Tronix (TRX).
“There are always alternatives and that’s what makes life interesting”. The BSC has capitalized on this with its focus on interoperability and on-chain governance. While Ethereum is moving on from the Proof of Stake (PoS) consensus mechanism towards the Proof of Work (PoW), Binance Smart Chain is a step ahead.
It has brought in the Proof of Staked Authority (PoSA) for facilitating decentralization and greater participation from millions of investors.
The Unique Selling Point (USP) of BSC is that it is 100% compatible with the Ethereum Virtual Machine (EVM). Hence, investors get benefits like irreversibility, and low transaction processing fees.
Moreover, the Binance Coin (BNB) is doing well in the market. Its value (around $483) has grown by 12.66% in the last 7 days. The BNB performs two functions. Investors use it for paying gas fees while executing transactions. They can also utilize BNB tokens for staking.
How does the BSC enable easy execution of MLM programs?
Multi-level Marketing (MLM) is undoubtedly one of the shortest ways for people to become millionaires. Earlier, distributors who sell products used to recruit new ones and earn a heavy commission. However, the dynamics have changed now as these “Refer and Earn” mechanisms operate online. Smart contracts have ensured decentralization, real-time sharing of information, and transparency.
Besides that, it has prevented frauds and scams by using cryptocurrencies and stablecoins. The Binance Smart Chain (BSC) allows users to receive a commission for each referral. They can use either the Binance Coin (BNB) or the Binance Stablecoin (BUSD). Interestingly, the Forsage MLM platform already accepts entry fees from investors via the BUSD (1:1 pegged to the US Dollar).
Members receive benefits such as the absence of volatility, fixed profits, quick transfer of funds to their digital wallet, and real-time tracking of portfolios.
Pocket huge revenue by owning a Binance Smart Chain MLM software
Connect on WhatsApp How can investors manage their funds on the Binance Smart Chain?
Binance Decentralized Exchange (DEX) is one of the credible crypto trading platforms. It allows investors to buy and sell either tokens (BEP2) or MiniTokens (BEP8). Importantly, BEP2 and BEP8 are the technical standards for issuing and implementing tokens on the Binance Chain (BC).
The Binance platform has reformed this by integrating the BEP2 and BEP8 tokens on the BC with the BEP20 tokens of the Binance Smart Chain (BSC). Hence, investors can transfer their digital assets like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) etc from other platforms to the BSC. They can tap the Peggy coins and seamlessly transfer their assets 24x7x365.
Decoding how staking on BSC helps traders earn high returns?
Unquestionably, Binance Coin (BNB) is the backbone of the Binance Smart Chain (BSC). Importantly, it is the 4th largest crypto in the world according to CoinMarketCap. Investors can stake their existing holdings of the Binance Coin (BNB) and transform into transaction validators.
These powerful validators have full freedom to approve the inflow and outflow of payments. Furthermore, they assure the complete security of the BSC. Anyone who possesses some amount of BNB would receive staking rewards.
It varies depending on the coins staked by each validator, the present inflation rate, the time of active staking, and the total coins staked on the entire BSC network.
Generally, validators deposit their Binance Coins (BNB) in the integrated Binance Chain Wallet (BCW). They can use the browser-based digital wallet for monitoring their crypto holdings.
What is the cost of Binance Smart Chain MLM development?
The budget for creating a Binance Smart Chain MLM software depends on numerous factors. Generally, it takes a few days or weeks to establish the automated program. It relies on integration with the Binance Blockchain Explorer, Binance Bridge, and the Binance Chain Wallet.
The development cost also relies on the level of customization, multi-platform compatibility, salaries paid to the smart contract developers, the tech stack used, and the time allocated.
What are the tools for creating a Binance Smart Chain smart contract MLM script?
We use a variety of frameworks for developing a Smart contract-based MLM on the BSC. This ensures uninterrupted business operations for investors and stakers.
The tech stack used by AppDupe is
- APIs for integrating with the front-end – The JavaScript (JS) programming language helps in coding 4 types of Application Programming Interfaces (APIs). It includes Eth.js, Ethers.js, light.js, and Web3.js.
- APIs for back-end integration – Java and Ruby programming languages are also used for creating the smart contract based MLM software on the BSC.
- Frameworks for creating DApps and smart contracts – Embark, OpenZeppelin, Truffle, and Waffle.
- Integrated Development Environment (IDE) – Binance Smart Chain (BSC) Studio and Remix. ‘
- Programming languages – Solidity and Vyper.
Wrapping Up
“Innovation is where imagination meets ambition”. Entrepreneurs like you can make a storm in three industries (Blockchain, Crypto, and Financial Services) by hiring AppDupe for Binance Smart Chain MLM development.
The BSC functions on 3 mantras, “Decentralized, Open Access, and Trustless”. Its biggest strength lies in cross-bridging. Investors can transfer their digital assets from other Decentralized Exchanges (DEXes) like AnySwap, JellySwap, Poly Network, and Nerve. network.
The Ethereum blockchain network is facing scalability issues. Hence, obtain the Binance Smart Chain smart contract MLM script and become a giant in the market soon.
Get a Binance Smart Chain MLM software and skyrocket to the top
Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.
