#Binance safemoon install
#Binance safemoon software

In part, this concern is because of the influence that major holders-called whales-have over price movements when they sell. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Half of this fee is ‘burned’, while the other is redistributed to remaining token holders, theoretically increasing the value of their holdings over time.Īnother property of Safemoon which has attracted wide criticism is the ownership pattern of the current supply of the token. For example, the Safemoon smart contract charges a 10% exit fee for holders who choose to sell. Safemoon has a few unique features that have attracted both praise and criticism. It does not have its own blockchain its supply is managed by a smart contract on Binance’s in-house blockchain.įirst launched in March of 2021, Safemoon began to surge in price about a month later, thanks to effective marketing by the founding team. Safemoon is one such smart contract-based token.

#Binance safemoon install

You cannot install an iOS app on an Android phone.

This is similar to how versions of smartphone apps are written for specific operating systems. they are written for a specific chain with compatible protocols. Smart contracts can create and control a supply of digital tokens.

#Binance safemoon software

One feature of the Ethereum network (and thus also the BSC) is the ability to host software programs (called smart contracts). The Binance Smart Chain is a separate blockchain that inherits many software features and protocols from the Ethereum network. Understanding Blockchainsīitcoin operates on its own blockchain, and so does Ether. In crypto jargon, a coin is a cryptocurrency that operates on its own blockchain. It is a token that operates on the Binance Smart Chain (BSC). The most fundamental thing you need to understand about Safemoon is that it is not a crypto coin. This expression refers to the price of a crypto asset rising very high over a very short period. Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums-’going to the moon’. Memecoins are crypto tokens or coins based on internet memes. Safemoon is a member of the group of tokens known as memecoins.