Some Common Terms Used on Binance Smart Chain (BSC)
Mars Panda is Powered by BSC
Mars Panda is part of the Binance Smart Chain (BSC) ecosystem. As such, we thought it would be a good idea to rehash the relevant terms of the BSC blockchain to familiarise our community and improve understanding.
Binance Chain is a blockchain project initiated by Binance and a precursor to the Binance Smart Chain (BSC). It is a simple blockchain that focused on handling high transaction loads (1 second block time compared to BSC’s 3 seconds and Ethereum’s 13 seconds) and its first application was the Binance decentralised exchange (DEX).
Binance Smart Chain (BSC)
Binance Smart Chain (BSC) is a smart contract blockchain that is Ethereum Virtual Machine (EVM) compatible, so applications developed and tokens created for Ethereum can be easily ported over to BSC and vice versa. BSC uses Proof of Staked Authority as its consensus mechanism, which makes it faster (block time of around 3 seconds versus Ethereum’s 13 seconds) and more energy-efficient than Ethereum’s Proof of Work consensus mechanism (until Proof of Stake is introduced with Ethereum 2.0 scheduled in Dec 2021). BSC also features cross-chain transfer, which allows BSC applications to work on Binance Chain, BSC, and Ethereum. The Mars Panda ecosystem is powered by the BSC blockchain.
This is not exactly related to the Binance Smart Chain, however, it is good to be familiar with it for awareness. ERC-20 is a technical standard used to issue and implement tokens on the Ethereum blockchain. ERC-20 gives developers a list of rules to follow, which enables seamless functioning within the larger Ethereum platform.
Binance Coin (BNB)
Binance Coin (BNB) is a cryptocurrency (token) created by Binance. It was initially issued as an ERC-20 token on the Ethereum blockchain but later transferred to the Binance Chain and Binance Smart Chain (BSC). The initial total supply of BNB was defined as 200,000,000 coins, but due to the regular coin burn events, the supply is gradually decreasing. This makes it a deflationary asset with increasing scarcity and as a result, increasing-price in the long run. BNB has multiple use cases including trading discounts on the Binance exchange. It is mainly used for transaction fees in the Mars Panda ecosystem when transferring Mars Panda Tokens (MPT) or non-fungible tokens (NFT).
BEP-2 is a technical standard for the issuance and implementation of tokens on the Binance Chain. This standard defines a set of rules that tokens should follow to function in the Binance Chain ecosystem. It is Ethereum ERC-20’s equivalent on the Binance Chain.
BEP-20 is a token standard on Binance Smart Chain (BSC) that extends ERC-20. It is a blueprint for tokens that defines how they can be spent, who can spend them, and other rules for their usage. It is compatible with both BSC’s BEP-2 and Ethereum’s ERC-20.
BEP-20 was conceived as a technical specification for BSC, with the goal of providing a flexible format for developers to launch a range of different tokens. These could represent anything from shares in a business to dollars stored in a bank vault (i.e., a stablecoin). Mars Panda Token (MPT) is a BEP-20 token.
BEP-721 is a Binance Smart Chain (BSC) token standard that allows for the creation of non-fungible tokens (NFTs). It is an extension of Ethereum’s NFT standard, ERC-721, and is compatible with the Ethereum Virtual Machine (EVM). Each NFT is unique and is not interchangeable with any other token.
BEP-721 tokens allow you to tokenise the ownership of data and attach to it a unique identifier. This aspect makes the token one of a kind and vastly different from BEP-20 tokens. WIth BEP-20, developers can create multiple identical tokens within one smart contract. However, with BEP-721, each token is assigned a different token ID.
Through these unique IDs, BEP-721 tokens can be used to represent collectible, non-fungible items. Users can trade and transfer these tokens based on their market value, which depends on the token’s rarity or utility. BEP-721 tokens can represent digital and physical art, collectibles, in-game items, physical property and real estate, lottery tickets, and probably more use cases in the future.
Single NFTs minted and traded on the Mars Panda NFT Marketplace are BEP-721 NFTs and transacted on the BSC.
BEP-1155 is the multi-token standard for smart contracts that combines the fungibility of BEP-20 and the non-fungibility of BEP-721 in one contract. With a single BEP-1155 contract, you can deploy an ecosystem that has both fungible tokens (currency) and non-fungible tokens (NFTs).
The main difference with BEP-721 NFTs is that you have the option of creating a series of NFTs with BEP-1155, whereas you are only allowed to mint a single NFT with the former.
Series NFTs minted and traded on the Mars Panda NFT Marketplace are BEP-1155 NFTs and transacted on the BSC.
Point to Note Regarding NFT Collaborations
When it comes to NFT collaborations, there are currently some limitations. For the most common types of NFT (ERC721, ERC1155, BEP721, BEP1155), it is only possible to have one owner.
However, some projects have plans to allow for the proceeds of a first sale to be split among multiple wallets. This feature is not built into the token’s code but relies on the exchange or marketplace you are using.
We are considering the inclusion of this functionality but recommend you check for the possibility of splitting the NFT’s sale amount with us before deciding to do so.
The Mars Panda Ecosystem
As we mentioned previously, Mars Panda is a project built on the BSC blockchain. The Mars Panda Token (MPT) is a BSC BEP-20 token. That is why our IDO has to be done on a platform that supports BSC projects. Additionally, when you transact MPTs, you select BSC as the network to use in your cryptocurrency wallet.
The Mars Panda NFT Marketplace is similarly built on the BSC blockchain. As such, NFTs minted in our marketplace adopt the BEP-721 and BEP-1155 NFT standards. This is also the reason why you need to specify BSC as the network to use in your cryptocurrency wallets to receive and send NFTs transacted on our marketplace.
We have an article here to help you set up your BSC wallet.
Better Understanding Leads to Smoother Transactions
We hope this helps in clearing up some confusion our community may face with the plethora of terms that exist in the Mars Panda ecosystem. With a better understanding, you will find it easier to effect transactions on our platform. We are always looking out for ways to enhance user experience and it is our aim for Mars Panda to become one of the easiest aggregation platforms to use in the industry!
We acknowledge that it can be quite overwhelming, especially when the terms used are not the most intuitive. Rest assured though that Mars Panda is always here for you. Please let us know in our various channels, ways where we could enhance your experience. We will do our best to address them!
About Mars Panda
Mars Panda is a complete eco-system which consists of:
• Games, Social Media and Ecommerce Aggregation
• Yield farming DeFi
• Mars Panda game with NFT game elements
• NFT Marketplace
We aim to fuse mainstream eCommerce and Gaming to the crypto world of NFTs and DeFi, on one seamless, unified platform.
Find us at:
Legatus Global Pte Ltd is an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services. Legatus Global is commissioned to handle the issuance of Mars Panda Token (MPT) as well as the KYC/AML during the private sales and distribution of tokens to private investors. Legatus Global is also handling the process for private sales and distribution.