This is super new, so be careful. For advanced users only.
Ravencoin (RVN) is now able hop over to a smart contract chain. Nope, not Ethereum. It’s the Binance Smart Chain (BSC).
First, what does this mean? It means RVN value can be used in smart contracts that let you lend, borrow, or trade. Bitcoin has been doing this for a while as WBTC (Wrapped-BTC) on the Ethereum network, but the Bitcoin fees and Ethereum GAS fees make it impractical for experimentation.
How does this work?
Using a Peg-ins and Peg-outs, you can take your RVN over to a smart contract and use its value. This adds a whole bunch of optionality for RVN holders. A Peg-in is where RVN is locked and moved over to the Binance Smart Chain and you are given newly minted pRVN. A Peg-out is the reverse, where you turn in your pRVN which gets burned, and RVN is given back.
Using this, you can deposit RVN and get pRVN on the Binance Smart Chain (BSC). And you can switch it back when you’re ready.
How safe is this? That’s a great question, and the answer can be found here.
I use the wallet that is built-in to Brave, and they’re going to fully support the Binance Smart Chain (BSC) soon:
Until Brave has it more tightly integrated, you can use this. I was able to easily configure my Brave browser’s wallet to connect to BSC.
First I needed a little bit of Binance Coin (BNB) on BSC. I had a bit of older BNB that needed to be converted to Smart Chain BNB (which is like ETH), so I created a Trust Wallet on my phone, and transferred my original BNB to Trust Wallet. Then conver...