We are excited to finally announce that all planned works related to Binance Smart Chain integration to CItadel.one have been finished. This integration goes along with the future launch of the $XCT governance token of Citadel.one DAO that will be launching on BSC in the coming month. In this article we will introduce the basics of Binance Smart Chain and show in details what features will be available to BSC users of Citadel.one.
What is Binance Smart Chain
Binance Smart Chain was launched in April of 2019 as a result of the need to tackle the high transaction fees that were present on the Ethereum blockchain.
The network was built to run on smart contract based applications. BSC runs in tandem with the native Binance Chain(BC). This feature allows users to eat their Cake and have it in the sense that they get the best of both worlds: the high transactional capacity of Binance Chain and the Smart Contract functionality of BSC.
The aim of the platform was to enable developers to build decentralized applications (Dapps) and also assist users in managing their digital assets across chains with very little or no latency (delay in transactions).
The Binance Smart Chain network has garnered laudable traction since its launch in 2019. However, more noticeable progress was recorded in early 2021 and this was as a direct result of Ethereum’s congestion and ridiculously high gas fees issues, which prompted staking investors and developers to look elsewhere for alternatives.
The BSC community made the network more appealing to investors and new users as an economical and consistent alternative, by lowering it’s gas fee from 15GWEI to 10GWEI. This was an intentional move by the community to counter BNB’s insane price jump to over $300.
How Does Binance Smart Chain Work?
Binance Smart Chain achieves 3 second block times with a Proof-of-Stake consensus algorithm.
Specifically, it uses something called Proof of Staked Authority (or PoSA), where participants stake BNB to contribute to validating the network. If Validators they stake with propose a valid block, they’ll receive transaction fees from the transactions included in it.
Note that, unlike many protocols, there is no block subsidy of freshly-minted BNB, as BNB is not inflationary. On the contrary, the supply of BNB decreases over time, as the Binance team regularly conducts coin burns.
This means that the token supply isn’t newly produced but instead, it’s total supply at any given time is on a steady decline.
Where to Buy $BNB?
Features of The BSC Network
A standalone Network: Although the BSC network runs in tandem with BC, originally, it is an Independent network. This implies that if Binance Chain becomes non-functional, BSC would still run its technical and business functions.
Supports Staking: The platform runs on a proof of stake model. BSC’s native token, BNB can be staked to contribute to security and vote on community governance protocols. Its Proof-of-Stake model also enables it to process transactions speedily, placing it above networks that still implement full proof-of-work (PoW) systems. Note: Citadel.one is planning to add BNB staking support in the future as well.
Native Interoperability: The flow of communication between the principal BC and BSC network is structured to be as seamless as possible.
This allows users to move their currencies across the BC and BSC network without compilations or frictions.
Now let’s see what functionality Citadel.one brings to BSC users.
Non-Custodial One Seed Wallet
Citadel.one users can create wallets for all the networks present on the website. BNB users are not left out either as they also are able to create multiple addresses managed by one password. To wrap it all up, the process is 100% safe and secure, as only you, the user, have any form of access to the private keys.
Hardware Wallets Support
For users that prefer hardware wallets, there’s also an option to connect your favorite hardware wallet to the Citadel.one platform. All your assets are safe and secure within your hardware wallet, so you can enjoy the features of the Citadel.one platform without sacrificing the safety and security of your hardware wallet.
The Citadel.one platform supports all Trezor and Ledger hardware wallets.
Other public addresses support
Citadel.one supports all KAVA public addresses, even if they were created outside of the platform. Adding them to Citadel.one will give users access to the same analytical functionality as for native addresses.
Sign up with Social Media
BSC users can log in to Citadel.one wallet with their favorite social media accounts. Citadel.one supports Facebook, Google and LinkedIn. Twitter and Weibo are in plans, too.
Multi wallet analytical dashboard
Tracking asset status with graphical metrics and visual statistics is added for BSC and other addresses. At your disposal is a built-in explorer with features such as transaction status tracking, reward history, balance changes, chart analytics, network statistics with the potential for additional features to be added in the future.
Users can track all transactions across multiple networks and wallets. This includes rewards payouts, transfers, and withdrawals Another useful feature is the ability to add comments to transactions.
Users can set notifications on claimable tokens and non-staked assets. In addition to it, users can subscribe to e-mail rewards digest in settings.
Exchange and Fiat Gateway
Citadel.one offers an exchange complete with a fiat gateway with on and off ramps.This feature will allow BNB holders to swap their assets with built-in exchange, as well as purchase crypto directly on Citadel.one.
The exchange allows users to choose from hundreds of pairs and seamlessly exchange between mainnet wallets.
This spring Citadel.one introduced it’s Mobile App that was immediately available both on iOS and Android versions. Though BSC integration is still in work, users can already download the app and enjoy many features that Citadel.one platforms has to offer. Take your crypto wherever you go with Citadel.one Mobile app!
Citadel.one is a multi chain, non-custodial platform that allows for the storage, analysis and staking of crypto assets. Citadel.One also offers validator services for various networks, and regularly participates in governance. In addition, Citadel.one is a DAO, and is completely decentralized and community controlled.
The one seed functionality of citadel.one allows users to manage multiple cryptocurrencies with only one seed phrase. The analytical dashboard also gives the user access to a lot of information on their holdings and transactions.
Citadel.one is multi-network enabled and supports multiple blockchain networks including Ethereum and ERC20s, Bitcoin, BSC (BNB and BEP20s), BAND, Secret Network ($SCRT and SNIP20), Cosmos ($ATOM), ICON ($ICX), Kava, Akash (AKT) , IOST ($IOST) and Tezos ($XTZ). All these features are also available on our powerful mobile apps for both Android and iOS.
Citadel.one also acts as a validator on multiple blockchain networks including Tezos, Solana, Cosmos, The Graph, Injective, Osmosis and 17+ more other blockchains.
As active validators, we also take part in governance votes.
In the future, Citadel.one will support extensions, which improve the functionality of the platform by adding more services. We will also support more networks, dapps and defi protocols as we continue to further our plans to become the first crypto super app.