ShareRing, a project behind a solution that allows users to create and utilize digital IDs is now allowing the direct swapping of $SHR between the ShareLedger and the BNB Smart Chain.
ShareRing said users who wish to convert their tokens from the ShareLedger, which hosts the ShareRing Vault, to the active BNB Chain could do so through the ShareRing mobile application that’s available for download for all users. The ShareRing Vault is anchored on the ShareLedger and is built to protect information shared through ShareRing ID. Because of the ShareRing Vault, registered users will be guaranteed that their data is shared only with persons they intend on sharing with.
The announcement is a major milestone for ShareRing and its quest to improve user experience and boost the liquidity of the $SHR coin. As mentioned, the token is native to ShareLedger and plays a utilitarian purpose, allowing users to pay transaction fees. All $SHR-related transactions are tracked in the highly scalable, Leased Proof-of-Stake powered ShareLedger blockchain, whose mainnet was launched early this year.
Before ShareRing activated this feature, users had to swap $SHR between ShareLedger and the BNB Chain in three steps. Moving $SHR from the Binance ecosystem, for instance, users had to convert their tokens to the Binance Chain version compliant with the BEP-2 standard before further changing them to the BNB Chain form aligning with the BEP-20 standard via the Binance Wallet. Once this shift between the two Binance platforms is complete, users would move the BEP-20 $SHR token to Ethereum as an ERC-20 token via the multichain bridge. In the last stage, users would convert them to $SHR in ShareRing. Earlier, ShareRing announced the launch of the Multichain Bridge that directly connected Ethereum and the BNB Chain ecosystem. It remains a beneficial bridge that saves time for $SHR token holders frequently shuffling between the two networks.
The three-step transfer has now been slashed into a two-step move allowing users to directly move their $SHR token from Binance Chain to BNB Chain via the Binance Wallet directly to ShareLedger. It eliminates the need to shift tokens to Ethereum, known for Gas fee troubles, denting user experience. The result is a faster, more efficient, and cheap token transfer that will save resources and time. Furthermore, the feature will boost ShareLedger, bridging it to the more active BNB Chain.
