What Is Dynamic BEP20 (DYNB)?
Dynamic BEP20 (DYNB) is a token on the Binance Smart Chain. Each DYNB is 100% backed by a DYN reserve. The reserve address for verification is publicly available to anyone at any time. Users can swap DYN for DYNB at a 1:1000 ratio on the Dynamic Swap Site. The official contract address on Binance Smart Chain is: 0x6F1b2ACFBEa63F6E81b4D536F30392Cba5e25dE0
The team at Duality® has published the reserve address to demonstrate the transparency of the Dynamic BEP20 project, as well as to pique the interest of third parties who can freely check the contents of the Dynamic pool and compare the data with the number of DYNB tokens issued. The DYNB project is part of Duality’s endeavor to provide affordable trading opportunities for users of its decentralized healthcare development platform.
Since its launch on March 19, 2017, Duality has been able to achieve impressive results regarding a decentralized application platform. pShare, launched in June 2019, is a HIPAA compliant p2p (peer to peer) file-and-folder sharing application allowing the creation of public and private groups to manage shared links and files.
In early 2020, Duality Health was formed to commercialize the team’s patient identification solution called PIX, which stands for “Patient Identification Cross-Enterprise”. PIX uses artificial intelligence (AI) to power facial biometric recognition technologies for high accuracy matching along with SMART on FHIR and the Dynamic blockchain to support global interoperability without compromising privacy or security. DYN is used as gas to process specialized blockchain transactions such as the creation of BDAP accounts, batch audits, and Proof-of-Visits.
What Makes Dynamic BEP20 (DYNB) Unique?
DYNB gives developers a way to access smart contracts and DeFi not currently found on the Dynamic blockchain. DYNB is a DYN clone issued on Binance Smart Chain. Its price is always as close as possible to the price of the underlying asset — DYN — and each DYNB is backed by actual DYN.
The pegged DYNB tokens are therefore 100% backed by their own reserve coin, DYN. The advantages of using DYNB include:
- Since the release of DYNB, traders on decentralized exchanges have had the opportunity to trade DYN, even if the DYN is hosted on a completely different blockchain. DYNB therefore provides DEX traders with access to even more trading pairs, resulting in increased trading volumes and liquidity.
- As the range of available assets has grown, so has liquidity, which is an advantage for users of the exchange.
- Duality has sealed a strong reputation over the years and has earned the trust of its users, so many users are willing to swap their DYN in order to access DYNB.
- Anyone can check the DYN reserves at any convenient time, which attests to the project’s high degree of transparency.
- DYN and therefore DYNB have real world use-cases in the healthcare industry including major collaborations with Universities and leading hospital systems.
How Many Dynamic BEP20 (DYNB) Coins Are There in Circulation?
There is no predetermined schedule of DYNB issuance. Instead, DYNB is minted whenever users swap their DYN tokens for DYNB via the Dynamic swap site.
Because DYNB is always backed by DYN at a 1:1000 ratio, the number of tokens in circulation is directly dependent on the amount of DYN reserves in the DYNB network. The reserve address for verification is publicly available to anyone at any time on our website. As of November 2021, the token has a circulating supply of 800,000,000 DYNB.
How Is the Dynamic BEP20 Network Secured?
Dynamic BEP20 is a token that uses the BEP-20 technical standard (as outlined in Binance Chain Evolution Proposal 2), which is used to issue and sell tokens on Binance Smart Chain. BEP-20 is a Binance Smart Chain token standard created with the intention of extending ERC-20, which is one of the most common Ethereum token standards out there. The BEP-20 standard was both derived from and fully compatible with the ERC-20 standard, and the code of the functions that define the BEP-20 standard are modifications of the ERC-20 standard.
Where Can You Buy Dynamic BEP20 (DYNB)?
DYNB is a decentralized digital asset that cannot be mined for profit. However, BEP20 tokens can be traded like other assets. To acquire DYNB you’ll need to purchase it through crypto exchanges. Currently, DYNB is traded on PancakeSwap (V2). As an assurance to our community, the Liquidity Pool is locked for 1 year.
What is a decentralized exchange (DEX)? Learn more using CMC Alexandria’s Crypto Glossary.
What is Binance Smart Chain? Read this tech deep-dive.
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