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Prometeus - Decentralised Framework for Data Monetization on Binance Smart Chain

2020.9.23  •  4 min read
Blog post image.

Prometeus, a secure and decentralized protocol that allows fully trustless and anonymous data exchange and storage, announced its migration to Binance Smart Chain testnet in May. Prometeus protocol is a layer two solution, which can be adopted in various realms, such as social networks, live streaming and video hosting, marketplaces, content sharing platforms and so on.

Among many initiatives of Prometeus Protocol, the core product is Ignite, a decentralized social network allowing everyone to share their mind freely via texts and media files. All the posts are distributed through Binance Smart Chain and are immutably stored on Arweave Distributed Data Storage that can keep the necessary data forever.

Ignite features:

  1. Anonymous: authentication through blockchain;
  2. Immutable: data is stored forever on distributed data storage;
  3. Censorship-free: no moderation and user-ban by design;
  4. Unblockable: you can’t ban Ignite as long as you can’t ban blockchain itself

Technically, Ignite represents a set of equitable nodes. From the user's perspective, Ignite works pretty simple - imagine that you decide to post your favorite picture on your Ignite account.

  1. First of all, authenticate on any Ignite node: login into your account or create a new one. Each time when a new user signs up to the system, a new record is created on Binance Smart Chain, containing a new user’s Binance Smart Chain wallet (user’s login name in Ignite) and password hashcode.
  2. Then, create a new post or reply to the existing one, attaching your picture and uploading it. It will be uploaded and temporarily available to your local node (that one you just logged in), and other users of your local node can enjoy your picture.
  3. Spread your picture to Ignite users worldwide. For every three minutes, all new data, including pictures, comments, likes, and other user activities on any node, is consolidated to a “data chunk” and uploaded to Arweave Distributed Data Storage, which generates a unique data hash.

  4. Ignite node writes that hashcode to Binance Smart Chain, which ensures global data integrity. This action prevents Ignite from being blocked by any form of barrier and saves a lot of resources that would be required in the case of P2P communications of each node.
  5. Viola! - all nodes will see the new hashcode and retrieve your post and picture from Arweave’s “data chunk”, allowing users of each node to enjoy your picture.

Being a Part of Binance Smart Chain Ecosystem

Initially, Ignite was built on the Ethereum network. Due to the surging transaction fee and delays, the Prometeus team has chosen Binance Smart Chain over Ethereum. There are several reasons as for why:

  1. First of all, Binance Smart Chain provides way better performance than the Ethereum network, which is too busy with the migration to PoS algorithm. Ignite performs a lot of transactions on a daily basis so high performance is essential.
  2. Binance Smart Chain is much more affordable - and that does not mean “save 10%”. Gas fee on Binance Smart Chain can be as low as 1 cent, which is 10-100x cheaper than on Ethereum.
  3. Proof of Staked Authority (PoSA) - the combined Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) consensus, ensuring a fast and frictionless user experience. With the growth of Ignite user base, there will be the increasing challenge of network overloads. With 3s block time, PoSA-powered Binance Smart Chain helps prevent fake activities and enhance security of user identities.
  4. The Token Canal project, which allows Ignite nodes to pay PROM tokens for data stored in Arweave and Sia Skynet. Those PROM tokens will be seamlessly converted to AR and SC and used as an immediate payment to their nodes.
  5. Binance Smart Chain is compatible with Ethereum, which simplifies the integration process. It took Ignite only 3 days to move to the new ecosystem.

Growth Driver and DeFi Hub

Two weeks after Binance Smart Chain mainnet launched, Ignite's user base increased from 3,000 to 11,000 users with an average of 5,000 daily active users. Three days after the ERC20-BEP20 bridge was released, around 1,000,000 tokens were swapped and PROM became the number 2 BEP20 asset.

Being a part of the Binance Smart Chain family opens great opportunities for both new and old projects. Prometeus was engaged in the BEP DeFi ecosystem right after the migration. Projects such as Burger Swap and Spartan Protocol reached out to the team and offered cooperation. So if you compare Binance Smart Chain with Ethereum from the business perspective, then BSC is more like a big close family while Ethereum is more like a bus stop.

To the Prometeus team, Binance Smart Chain can become a main hub for the DeFi orientated projects. The Binance Smart Chain DeFi ecosystem is growing rapidly. e.g. the total liquidity of Burger Swap has reached 1,250,000 BNB (around $37,000,000) in one week, with daily trading volume of 130,000 BNB (around $4,000,000). In a matter of a couple of days, Spartan Protocol engaged users to burn over $16,000,000 worth of tokens including BNB, PROM, ANKR, LINK, etc.

Future Plans

Starting next week, liquidity providers on Burger Swap will be rewarded with special BEP-721 token (non-fungible token) prizes. Every day, the winning MEME will be “printed” in BEP-721 format and given to the biggest liquidity provider. Those MEMEs will be auctioned on shortly after the reward distribution.

The Prometeus team is working actively to improve Prometeus core products like Ignite, by adding new features and DeFi engaging elements. For more detailed information, please take a look at the chart below.