Smart Contract MLM development on Binance Smart Chain operates on an entirely decentralized multi-level marketing strategy. It is customized on a blockchain technology mechanism powered by smart contracts.
What is Binance Smart Chain?
Binance Smart Chain is an independent blockchain that runs in tandem with the Binance Chain. It is built on Ethereum Virtual Machine (EVM) integrated with a robust smart contract. Due to this, it is highly adaptable on a blockchain network. The massive DeFi projects and the blockchain community can embrace the best services offered by the Binance Smart Chain like secured by a smart contract, cross-chain ability, and many more.
What is a Smart Contract on MLM?
Smart Contact on MLM means multi-level marketing business that runs on principles of smart contracts. MLM business strategy is integrated with blockchain-powered smart contract functionality which makes MLM an efficient marketing model. Smart contracts on MLM have changed people’s perception about MLM marketing strategy. It has attracted a considerable number of users on its platform through its features of improved trustability and transparency in the working.
What is MLM?
Multi-level Marketing (MLM) is a marketing strategy that a direct sales company uses to encourage existing distributors to recruit new distributors who are paid a percentage of their recruits’ sales. The recruits are the distributor’s “downline.” Distributors also make money through direct sales of products to customers.
Working Mechanism of Binance Smart Chain:
- Consensus: In Binance Smart Chain development, users utilize a proof-of-stake (POS) consensus algorithm to stake BNB for verification on the platform. It takes just five seconds for a block. For every valid positive block, they earn a reward from the network.
- Cross-Chain compatibility: Binance Smart Chain was developed to work independently but as a complementary system to the existing Binance Chain. With the idea of dual-chain architecture, a smooth asset transfer was executed between blockchain through the cross-chain compatibility process. To shift tokens from one blockchain to another (like BEP-2 to BEP-20), the best thing to do is to use the Binance Chain Wallet feature, which is available on Firefox and Chrome
Here is The List Of Advantages Of Binance Smart Chain for A User:
- An ecosystem of developing and nourished crypto-assets.
- Low transaction fees that can reach upto 1 cent for a small amount of transaction.
- High performance in a blockchain network. Capable of creating a block after every 3 seconds.
- It is integrated with cross-chain decentralized finance (DEFI) mechanism that can raise DeFi ability.
- The Binance ecosystem supports bootstrapping and funding of other decentralized finance projects.
- Consists of a robust developing ecosystem of millions of participants across Binance and Binance DEX.
- Various blockchain networks with multiple cryptocurrency projects collaborating with Binance Smart Chain.
Binance Smart Chain Development For MLM Business Can Facilitate Various Features:
- Trustworthiness: A trust is reflected in the MLM business platform through Binance Smart Chain. It offers peace of mind to the users that the platform is safe to use.
- Transparency: Due to the blockchain technology of Binance Smart Chain, every transaction is executed transparently.
- Immutability: Smart Contract does not allow any change in the script.
- Accelerated transactions: The transaction speed has been accelerated due to the integration of the Smart Contract on Binance Smart Chain.
Here is the list of reasons why one should create a smart contract MLM platform on a Binance Smart Chain:
- Elimination of fraudulent activities on the platform
- Transparent business activities
- Creation of a healthy, trusted network
- Strengthened data & fast processing of transactions
- Defined peer-to-peer architecture
- Automatic transactions
- MLM plan and Blockchain exist hand in hand
- Complete viewing of transactions & users database
- Improved ROI module
- No third party
- Multiple gateway options
- Elimination of scams at the maximum level
- Tracking of transactions
- The entire business model is transparent
- Faster & secure transactions
Reach out to Blockchain App Factory, a leading cryptocurrency exchange provider company. It holds expertise in MLM smart contract development on Binance Smart Chain. Here are a few features of our company that will help you in making a decision: