The addition of the new blockchain will reduce reliance on Ethereum, with its high gas fees, and will enable use of new tokens and currencies.
LaborX now includes support for Binance Smart Chain (BSC)!
Freelancers and customers have the choice of whether to use Ethereum or BSC within the Gigs module. BSC support will be extended to the Jobs module in due course, meaning it will be available across the entire platform.
Support for BSC is a step forward for LaborX and its users as the transaction fees on Ethereum currently make it uneconomical to pay for low-value contracts – even the lightweight contracts used in the Gigs module. Moreover, adding another blockchain is a means of decentralising the platform’s blockchain infrastructure, ensuring it is future-proof and appeals directly to multiple different crypto communities.
As part of the update, LaborX offers several tokens hosted on the Binance network as a means of payment, including BNB, BUSD, BTC, ETH, USDT and DAI, with further tokens to be added soon.
About Binance Smart Chain
Binance Smart Chain is a parallel chain to the main Binance blockchain. BSC offers smart contracts based on the Ethereum Virtual Machine (EVM), meaning that smart contracts and dApps developed for Ethereum can easily be ported to BSC. The blockchain also includes a new staking mechanism for BNB.
In addition to offering a fast, EVM-compatible blockchain, transaction fees on BNC are as low as $0.01, making this the ideal platform to complement LaborX’s existing blockchain infrastructure. Given the high transaction fees on Ethereum, which can be several dollars for a simple token transfer and tens of dollars for the kind of complex smart contract associated with LaborX’s digital work agreements, this will be a very welcome development to LaborX’s users.
This multi-blockchain approach has clear strengths, and the intention is to integrate further blockchains (including Tron) in the future.
Stay tuned for further developments, and check out the current Gigs available on LaborX now!
