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Gungun Bhatia
Sep 22, 2022
by Gungun Bhatia

BNB Chain Integrated Into ShareRing Swap Function

ShareRing

Table of contents

  1. Previous Procedure v/s Current Procedure
  2. Advantages of ShareRing Swap Function
  3. Zero-Knowledge Proof Scaling Technology
In the past, users had to exchange $SHR in three steps: from Binance Chain (BEP2) to BEP20 via Binance Wallet, then from ERC20 to ShareLedger (ShareRing App) using Multichain. They were required to pay a higher gas cost to switch to ShareLedger. With the recently published solution, users may bypass the ERC20 stage and proceed directly into the more practical 2-step procedure of switching from BEP2 (Binance Wallet) to BEP20, then into ShareLedger through the ShareRing app. ShareRing Network announced this function on its blog post and official Twitter handle.

ShareRing is a blockchain ecosystem for digital identification comprising a collection of Layer 1 and Layer 2 protocols for verified identity management, designed to protect individuals' and companies' digital futures.

Previous Procedure v/s Current Procedure

Users can instantly swap into ShareLedger using the ShareRing app if they carry SHR-BEP20. This improved swap module can boost transaction volumes, enable Ethereum (ERC20) and Binance Smart Chain (BEP20), use less centralized databases to store transactional data, and perform better overall.

Advantages of ShareRing Swap Function

This new feature offers many advantages, including:

  • More rapid transactions

  • Substantially lower gas prices

  • Efficiency gain while converting $SHR to SLP3

  • Use of EIP712 for the smart contract side of signing and verifying approvals

    • Zero-Knowledge Proof Scaling Technology

    Recently, BNB Chain has announced the availability of zkBNB, a zero-knowledge proof scaling mechanism. Zero-Knowledge technology is frequently referred to as the presentation of data for mathematical reasons, eliminating the need to explain every detail to justify a particular piece of data. The testnet for zkBNB will launch on September 2, and the mainnet's launch will take place before 2023.

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    BNB Chain ShareRing
    BNB Chain Integrated Into ShareRing Swap Function
    Gungun Bhatia
    Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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