What is Scallop Chain
What makes it unique and where are we at?
Scallop Chain is Scallops own blockchain with many achievements that we are very excited about, some of our achievements so far include:
- Blockchain regulated with KYC and AML
- First biometric IBAN on chain
- Low Tx time (less that 3 sec)
- Testnet Status: Live
- MainNet date: Q1 2023
Scallop Chain is the world's first regulated blockchain featuring the unique capability of powering cross-chain financial applications to establish a better DeFi future.
So to help understand why Scallop Chain is unique, let’s revisit the basics.. What is a blockchain?
- 1.To provide regulated services on a blockchain, protecting users from rug pulls and scams
- 2.To provide a seamless fiat to crypto experience and vice versa, the fiat on-ramping available is not an efficient experience
- 3.To allow users to spend crypto seamlessly and encourage mass adoption
Scallop Chain is a blockchain with a complete single-binary distribution focused on simplicity, speed, and developer ergonomics. It supports both EVM and WASM based smart contracts.
EVM smart contracts are smart contracts that are compatible with the Ethereum Virtual Machine. The EVM allows developers to create smart contracts in a programming language called Solidity. The main benefit of using EVM is the amount of resources available from it from years of development and experimentation on Ethereum. There are many articles, tutorials, examples and tools available for EVM/Solidity. This allows for greater innovation and ease of development.
Scallop Chain is also optimised for public permissioned Proof-of-Stake use cases. This has been in the news a lot lately, as blockchains like Ethereum move to PoS from PoW. (For more on this you can visit our article here). There are many advantages to PoS:
Proof-of-Stake gives holders of SCLP tokens incentive to hold the coin which is great for the tokenomics of the project. It creates utility which is key in the token finding value.
Scallop plans to connect traditional banks with cross blockchain applications. Institutional partners will be able to work directly with Scallop, allowing them to create secure custody services, interest bearing savings accounts, debit cards and a fiat onramp to the crypto ecosystem. Being the first regulated blockchain allows Scallop to be prepared for the future, and gives us a huge competitive advantage to other chains.
So what makes Scallop Chain different? Well let's take a look at a few of the unique selling points..
1. World's first regulated chain where every wallet has passed KYC (Know Your Client)
2. Core Consensus mechanism updated to include KYC, AML checks on the protocol level for every wallet and for every Dapp and service providers. This provides security and future proofs the chain should there be any regulation in the pipeline.
3. Regulated businesses can provide legal, regulated finance services and build financial apps
4. Built using Cosmos SDK and Ether mint, which the chain is both Cosmos and EVM compatible
5. Average block time of less than 3 seconds
6. World’s first e-money tokens - where users are in the custody of their own GBP, EUR on chain
7. IBAN and bank account linked to every wallet on scallop chain, allowing seamless fiat to crypto and crypto to fiat service
Our competitors currently do not have regualted or insured accounts, and have higher Tx times. We are proud that we are the first project to get IBAN accounts on chain as we as the introduction of facial biometrics in fund transfers.
Scallop Chain will be at the core of the Scallop ecosystem. There are a number of great and unique features of our chain that will help elevate our project above our competitors. For more information on Scallop as a project, and what we are hoping to achieve, click here.