The Safemoon development team has revealed that a Safemoon blockchain is in progress.
As you may know, safemoon’s BEP 20 is linked to Binance, which means that safemoon tokens are held on Binance’s addresses.
Simply put, if Binance goes under, the safemoon token is effectively extinguished. Safemoon, on the other hand, is creating its own blockchain and will convert the safemoon token to the safemoon coin.
Safemoon is a token. Tokens are cryptos that are based on the blockchain of another cryptocurrency. Consider it as if you were renting a room from the home’s owner; Safemoon is renting space from Binance.
A coin is a type of cryptocurrency that has its own blockchain. Consider it as if you were living in a home that you owned and could resell.
Because the objective of constructing one’s own blockchain is to create a coin, we may presume that Safemoon will be a coin.
Another reason why the safemoon blockchain is intriguing is that it will put safemoon on par with Bitcoin, Ethereum, Cardano, Binance, and other coins with their own blockchain.
People are still attempting to discover a real-world application for blockchain technology, which is still relatively new.
But, because it’s a token, it’s essentially a full-proof technique of confirming and accounting for data sequences that intends to incorporate into video games.
However, as a coin with its own blockchain, the possibilities are unlimited, not just in terms of video game integration, but also in terms of integration into other applications.
Transactions can be verified and accounted for on a national scale, which is unprecedented. A third consideration is how Safemoon intends to compete with Binance and the Binance currency in the long run.
This will position Safemoon for its long-awaited safe when exchange, with the safemoon coin functioning similarly to the Binance coin.
Before a newer cryptocurrency can be listed on the safemoon exchange, it must first be approved, they do just like pancakeswap.
They buy safemoon coins instead of Binance coins and swap them for the new crypto. Users will be able to donate safemoon coins in exchange for fees.
And, as you may be aware, each buy and sell safemoon diminishes supplies and redistributes the percentage among current users.
Essentially, you may think of the safeoon currency as Binance coin on steroids, with even more intrigue than Binance coin after it has developed its own blockchain.
The Binance coin first went public in 2017 at a price of ten cents, and it is currently worth $399 per coin, four years later.
Safemoon’s ability to compete with Binance is contingent on a number of things, including the development of the blockchain, the launch of the exchange, the launch of the wallet, and the launch of the card in the Gambia project.
Moving forward at that point a $50 investment in safemoon now would net you $199,500 if it got to the point where Binance coin is now and with Binance having some legal issues and geopolitical setback safemoon might very well be the crypto to replace Binance.
It all begins with the safemoon blockchain, which is then built upon. What are your thoughts?