CYBAVO Announces Binance Smart Chain (BSC) Support
Singapore-based enterprise digital asset wallet provider CYBAVO has announced technical support for the Binance Smart Chain (BSC) and its various BEP token formats. This follows user requests from users to adopt BSC’s USDT format.
Binance has set BSC as its default chain for USDT, which has caused problems for customers whose users erroneously transmit their USDT to other exchanges via BSC to a wrong address. Please note that BSC should not be confused with the Binance Chain (BC) or BNB, its native token.
CYBAVO BSC update’s release date
CYBAVO’s standard release was implemented last January for its SaaS customers, while on-premise customers have been able to schedule the update later that day.
Why is there a need for a BSC update?
Binance has removed the default BSC setting for withdrawing crypto assets, however BSC is still listed in the first menu position. As its address format is compatible with that of ETH, if a user mistakenly wants to use an ETH address and selects the BSC chain, they will be able to complete the transaction. This is different from the Binance Chain (BC) as with BNB, the two chains’ address formats are incompatible and there is no risk of an incorrect withdrawal.
The risk of sending ETH to a BSC address by mistake stems from the fact that Binance Smart Chain is in fact an Ethereum fork, with only a different Chain ID. This means the two chains are compatible and share identical private key, signature, transaction and address formats.
Therefore, if funds are accidentally transferred into BSC instead of ETH, as long as the recipient address’ asset custodian or developer is willing to assist, there is a possibility of recovering the funds.
Unfortunately, many exchange deposit wallets will receive funds on the BSC chain that cannot be resolved. This issue wasn’t considered at first during the design of Binance Smart Chain. While developers may be able to access the private key linked to these wallets, it is a risky endeavor that could lead to serious repercussions.
CYBAVO already supports BSC including BEP20 and BEP721 as well as the recovery of erroneously sent coins from ETH deposit wallets. The private key is still protected by a multi-layer and multi-signature encryption system, and no one will be able to export the private key during the recovery process.
CYBAVO BSC update changes
The new CYBAVO update introduces the following important technical changes and information for customers to review:
- Supports BSC and BEP20 tokens to VAULT/BATCH/DEPOSIT/WITHDRAW wallet and adds BEP 721 non-fungible tokens (NFT) to VAULT/BATCH wallet
- Supports the gathering of BSC tokens to the ETH deposit wallet and vice versa
- Supports the import of any ETH/BSC contract in the deploy contract page.
- Users can interact with the contract via the contract interaction function.
About Binance Smart Chain
Binance Smart Chain (BSC) is a parallel Binance network blockchain that allows users to create smart contracts and an offer process for BNB. Any person or association involved in BNB can assemble stakeholders and become network validators. The BSC’s dual-chain architecture enables its users to build their own decentralized apps and digital assets on one blockchain and capitalize on the fast trading to exchanges on the other.
BSC fosters the further development of the Binance Chain (BC) and BNB, its native token. Binance Smart Chain functions as an Ethereum Virtual Machine (EVM)-compatible blockchain that targets some of the leading decentralized finance (DeFi) projects as potential users.
- EVM Compatible
- Proof of Staked Authority
- Cross-Chain Transfer
- Cross-Chain Contract Event (Trade, Transfer)
- Block time of ~5 seconds