As many of you know, ShareLedger (the blockchain platform for ShareRing) is built on top of the Tendermint Core framework. Tendermint has been developed by the same team that launched Cosmos. For more information on Tendermint, please have a look at the documentation here: https://tendermint.com/
When we launched our ICO, we made the decision to launch ShareToken (SHR) as an ERC20 token. This was done to make it fast and easy to run the ICO, then distribute and trade the token. Our plan has always been to move away from ERC20 and onto our native Mainnet supported token… that was until Binance Chain was launched.
Binance Chain, also built on top of Tendermint Core, is a custom developed blockchain that has been specifically developed for crypto transactions. In other words, the tokens (BEP2 standard) on Binance Chain has been developed specifically for conducting low-cost transactions such as trading, transfers, etc. It doesn’t have any of the potential issues associated with writing custom smart contracts for ERC20 standard tokens.
Given that Binance Chain is built on top of Tendermint, and will allow us to take advantage of the inter-chain functionality that’s associated with Tendermint (and Cosmos), we have made the strategic decision to adopt BEP2 (Binance Chain) as our primary token for trading. This means that we will be able to list our token on any exchanges that have decided to adopt the BEP2 standard (a few already have, and we are talking to others that are in the process of integrating it). Obviously, Binance DEX (which uses Binance Chain and BEP2 token standard) is the first of these, but there will be more to come. If an exchange wants to list ShareToken ($SHR) but doesn’t want to use the BEP2 standard, then they are more than welcome to integrate directly with ShareLedger.
So, what does this mean for the ERC20 SHR tokens? Well, you can still hold it and trade with it for now, but we will be phasing it out over the next 6–12 months. You are able to swap it for BEP2 tokens using our bridge now, or you can wait until we launch our app so you can do it with the built-in wallet.
So what about the ShareLedger native SHR. What’s that used for? The Mainnet SHR will be used for transactions on the platform, and also for distribution to masternode holders. We will be providing a very simple and seamless method for transferring from our native (app supported) ShareToken to any of the BEP2 wallets or supported exchanges. You can also decide you just hold your SHR on the app wallet, or use it to pay for travel, etc.
So in summary:
SHR — ShareLedger — used for transactions, masternode holders, staking.
SHR-DB6 — Binance Chain — used for trading
SHR-ERC20 — Ethereum — RIP 2020