Blockchain-oriented international education platform LABEL Foundation has announced it is bridging over to the Binance Smart Chain. In order to expand interoperability, the platform which is built on the Ethereum Mainnet is enabling new use cases through this bridge.
Using the MultiBaas Middleware built by Curvegrid, LABEL Foundation will create a bridge that links the Ethereum Mainnet and the Binance Smart Chain that will allow LBL tokens to move freely between both blockchains. The integration will allow for advanced smart contract capabilities as well as massive computation for the LABEL Foundation to bring more sustainable, scalable, and secure performance for its users.
LABEL has also announced that it is conducting two consecutive IDOs on RedKite and NFTb on 17th December, which allows the early-stage users to purchase LBL tokens during the public sale.
Benefits Of The Bridge
One pain point for users who transact on the Ethereum blockchain has been the high fees associated with its activities. The blockchain has grown to become the home of DeFi and as such has seen increased network activity. Users are increasingly finding themselves putting off small transactions and moving assets like NFTs on the blockchain due to these fees.
These high transaction fees have pushed DApps on the network to seek out cheaper alternatives for their clients and the Binance Smart Chain has presented itself as the obvious choice for this migration.
With the BSC bridge, the LABEL Foundation foundation would be able to significantly lower fees for its investors and increase throughput efficiency. The Binance Smart Chain is known throughout the crypto space for its fast, decentralized transactions, as well as high TPS (transactions per second), which LABEL Foundation will leverage.
The blockchain gives projects with a long-term vision like LABEL Foundation the ability to anticipate and solve issues that LBL token holders may encounter by making the DApp multichain.
LABEL Foundation Builds For The Future
The multichain bridge enabled by the MultiBaas Middleware will allow LBL tokens to move seamlessly from BEP-20 to ERC-20 and vice versa. It aids in LABEL Foundation’s expansion which has already crossed the blockchain and education industry.
Through a recent collaboration with the leading music education platform OPENTRACK, operated by Clession, LABEL Foundation brings world-class instructors into its ecosystem to provide best-in-class content for its platform.
LABEL Foundation is bringing artists such as Scoop DeVille, Mark Lettieri, Docskim, and many Grammy-nominated artists to incubate and NFTize IP rights on the platform. Through its NFT Market, IP rights can be embedded in NFTs to make them readily transactable. This will be done through a Global Value Chain initiated by a virtuous loop provided by LABEL Foundation.
The migration and bridging to the Binance Smart Chain will also enable LABEL Foundation to leverage the blockchain’s many features in order to bring the very best experience to users through their App.
Last but not least, bridging to the BSC will enable LABEL Foundation to find and onboard world-class entertainment talents through its incubation system. Profit-sharing will be fair through an enabling environment created through effective system integration.
LABEL Foundation also announced that Solanium will be joining the project as a strategic adviser to help expand its ecosystem.