🗞️6.Technology

6.1. BNB Smart Chain (BSC)

Meta Carbon adopts the public chain of BSC as the underlying bearer chain of the blockchain. BSC was created in April 2019 with the primary goal of conducting high-frequency decentralized transactions. BNB Smart Chain (BSC) is a substitute for the Binance public blockchain at the base layer, with the ability to create and deploy smart contracts. The blockchain will run in parallel with the original Binance Chain while being compatible with the Ethereum Virtual Machine (EVM), enabling Ethereum tools and DApps to fit well with BSC with zero or minimal changes.

Consensus: There are also some innovations in the consensus algorithms of BSC. Binance Smart Chain utilizes the consensus mechanism of Proof-of-Stake-Authority (PoSA) to maintain the ecosystem in sync. Combining the functions of the Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) mechanisms, it is built on a network of 21 validation nodes with the second block time that enables a high-speed infrastructure for the DeFi protocol. PoSA is a mechanism where the validator stakes the BNB and proves the validity of the transactions. This model is more efficient and less costly than other variants from the energy perspective.

Cross-chain Compatibility: The need for blockchain interoperability is becoming increasingly important. Cross-chain compatibility enables interoperability between two or more blockchains, making it easy to exchange assets from Binance Chain to Binance Smart Chain. Both blockchains can still communicate with each other even when they are working independently. Users can utilize this solution to convert three of the most popular BEP tokens on Binance: BEP2, BEP8, and BEP20.

Ethereum Compatibility: Besides local cross-chain communication, Binance Smart Chain is compatible with the Ethereum Public Chain, supporting all existing Ethereum tools or tokens with lower transaction fees and faster processes than the regular blockchain.

In addition, Binance Smart Chain will support the existing Binance Chain, jointly maintaining the high performance of Binance DEX (Binance Decentralized Exchange) and enabling smart contracts for investors. With EVM-compatible programming capabilities and native support for cross-chain communication, the developers will enhance the functions.

6.2. Decentralized Wallets

A decentralized wallet is one where the private key is kept in the user's hands, and the assets are stored on the blockchain. Users are the real holders of digital currencies, and the wallet is just a utility to help users manage the on-chain assets and read data. The decentralized wallet integrated into Meta Carbon is a customized application developed on BSC technology. Adhering to the decentralized characteristics of blockchain, this digital wallet is secure, stable, anonymous, and transparent. It is a digital safe for MIST, with a globally unique certified address and consensus for token transfers.

Features of decentralized wallets:

1. The decentralized wallet is only used as a wallet address generation tool and provides corresponding services. The wallet provider does not save the user's private key or mnemonic information.

2. Every digital asset access and transfer data of the wallet can be queried on the blockchain

3. Users' digital assets are stored on the blockchain rather managed by the wallet service provider.

Wallet features include:

1. Wallet registration (including private key export) and wallet import

2. MIST assets list and assets transfer-out

3. Details of income and expense

4. Copying the wallet address and QR code address display, etc.

6.3. Smart Contracts

A smart contract is a set of promises defined in digital format, including the protocol on which the contract participants can execute these promises. The smart contracts in this project are mainly used to realize scenarios such as automatic token issuance after users complete mining tasks, token transfers between wallet addresses, automatic token acquisition through lotteries, and automatic token destruction after buybacks.

The smart contract used primarily in this project is BEP-20, which is an extension of ERC-20, the most popular token standard on Ethereum. Also, BEP-20 is the token standard on the BNB Smart Chain. The token defines who can use it, spend it and how to use it, etc. BEP-20 is compatible with BEP-2 and ERC-20 due to many similarities. The token follows the technical specifications made by the BNB Smart Chain. The main role of launching this token is to facilitate the development of similar tokens by developers. These tokens can represent company shares, money stored in bank accounts, and anything similar. The BNB facilitates the transfers of these tokens and incentivizes the transactions completed and contained by the validators on BSC.

The standard of the BEP-20 can measure the basic functions of the token, including:

l Transferring

l Returning a balance

l Viewing the token ownership

l Others

The advantages of the BEP-20 token it is a very flexible platform allowing developers to develop similar tokens using it as a blueprint; the token contract is made on the Smart Chain, which is another essential facet of these tokens; validators on the BNB Smart Chain are paid a transaction fee for transferring the BEP-20 tokens on the BNB. This is like the BEP-2 token on the Binance Chain. The developers can use both the BNB Smart Chain and the Binance Chain. While the former offers great speed, the latter provides a platform to develop decentralized applications without putting pressure on the Binance network. BEP-20 tokens can be easily exchanged with BEP-2 tokens with the Binance Chain wallet extension, which is known as cross-chain compatibility.

The BEP-20 token standard is a dynamic token with various features. Its compatibility with most tokens in the digital field provides a solid foundation for developing new tokens. It is also compatible with ERC-20 and is known for its excellent speed.