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LABEL to be deployed on Binance Smart Chain as per latest announcement

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Binance Smart Chain (BSC) is one of the top blockchain networks used for running smart contract-oriented applications, and many protocols and projects alike in the cryptocurrency industry hence use BSC on a frequent basis. The LABEL Foundation can now consider itself to be a part of this list too, as it has now officially made the announcement concerning its deployment on BSC.

To that end, it will make use of a cross-chain bridge built in collaboration with Curvegrid, a blockchain development organization situated in Tokyo, Japan. The bridge’s launch marks the beginning of the LABEL’s incorporation into the BSC ecosystem. MultiBaas Middleware will be providing assistance.

What is LABEL?

LABEL is a blockchain-based global platform that focuses on providing content centered around education and entertainment. It has designed an incubation system to assist with achieving its goals, and the system is also one that possesses the ability to support different kinds of processes related to distribution, promotion, and investments. One of the project’s main objectives is to thus try and remove obstacles that are often prevalent within existing content production and investment procedures.

Previously, the Label Foundation has also grown its ecosystem through important relationships in the education and blockchain sectors. It has already worked with Clesson’s OPENTRACK, a major music education platform. The collaboration will present a group of world-class educators who will offer early content to the LABEL ecosystem. They stated that they are fully devoted to providing top-of-the-line musicians to their platform, such as Docskim, Scoop DeVille, Mark Lettieri, and more to incubate and NFTize their IP rights in the future.

The major aim of the LABEL Foundation is to create an ecosystem where its users are given some of the best educational and entertainment-based content in an efficient and easy-to-use manner. The deployment on BSC will be of great assistance on this front.

What to expect going forward

An NFT infrastructure has been established thanks to LABEL and it was built through the utilization of the Ethereum Network along with the aforementioned Binance Smart Chain. This will be of great benefit to the LABEL Foundation as the LBL utility and governance tokens are used to provide some much-needed support, all with the overarching goal of developing an economy complete with permissionless IP rights and fair profit sharing. LABEL is therefore a decentralized P2P incubation platform that focuses on investing in some truly amazing entertainment and education-based content using the DAO voting system. This voting system provides the contributors with a way to voice their concerns in addition to benefiting through the mechanism surrounding non-fungible token ownership.

Furthermore, the LABEL platform establishes an ecosystem that tries to construct an impartial and decentralized incubation system with the purpose of improving availability for content providers in the MOOC market. As a result, it aims to improve a business structure that many believe can often be biased and unfair, as well as to prevent copyright infringement incidents from taking place.

The integration with BSC will therefore unite the Ethereum Mainnet to BSC, thereby letting LBL tokens effortlessly transition from BEP-20 to ERC-20 and vice versa. Moreover, Solanium will join LABEL as a strategic investor to help out with the development of effective strategies and to assist in the expansion of LABEL’s own ecosystem. Lastly, LABEL’s IDO is set to take effect on RedKite and NFTb so that a public sale may finally happen.

Disclaimer: This is a paid post and should not be treated as news/advice.

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.

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