Binance Smart Chain Wallet? What is it and how does it work? This question is one of many that are being tossed around the cryptocommunity for quite some time now. Well, Binance has taken the lead on the topic by creating an eCommerce wallet using the Ethereum virtual machine. This would be a much appreciated piece of information for all involved as the future of online business is about the movement of money.
Many people have questioned why an eCommerce based wallet like the Binance wallet would be needed. After all, who really needs an eCommerce wallet? The answer is simple, the Binance wallet is the premier eCommerce solution built on top of the Ethereum network. That’s right, you read that correctly, the Binance smart chain wallet is built on top of the Ethereum virtual machine. The reason why is pretty straightforward, if you have ever gone to a website on the internet and browsed through some eCommerce solutions you have probably noticed there are often several distinct logos or branding emblems that are featured prominently. If you have not yet, stop what you are doing and go read that article I just posted.
What are these companies doing? They are building the very future of eCommerce based on smartchain technology. A smartchain is simply a computer network that links together various elements used in the world of eCommerce. This includes items, services, and even digital services such as applications or digital images. Binance and other top of the line eCommerce companies have been utilizing this technology for quite some time and it is only now that major companies have started to take notice of the implications.
For years companies such as eBay have been pioneering the use of virtual machines to conduct trade online. Virtual machine software is exactly what it sounds like, a virtual machine, or smart-chain for computer network transactions. Think of a credit card terminal or an ATM machine. They are networks which link up many different types of electronic items together in order to perform the functions of each item. The eBay version is much more complex since it also includes a feature where buyers can “bid” for an item they are interested in turn have it shipped directly to them. Binance and other top eCommerce companies are building their business upon the very same virtual machine.
ECommerce has exploded onto the cyber landscape in the last five or ten years. With this large increase in business comes a large increase in network activity which drives up costs for businesses. The eBay model is notorious for its massive eBay auctions that draw thousands of visitors looking to purchase an item. Many times a bidder will “top” another and then be driven off the auction. Binance is leveraging this model as well with their Binance Smart Chain Wallet concept.
The Binance team has already begun utilizing this concept with their clients. Their website describes how a business can use their virtual machine to process eCommerce transaction, which in turn lowers their overall costs. Right now, eCommerce is not even on the radar screen for most businesses because it is still associated with the online auction model. However, as eCommerce gets more popular the costs associated with it will start to change. Binance is looking to take advantage of this trend and are now beginning to see the value in connecting the virtual world to the real world.