🔧Technical specifications and implementation details
Understanding the Engineering Behind the AID Token Ecosystem
Last updated
Understanding the Engineering Behind the AID Token Ecosystem
Last updated
The AID Token is a BEP-20 token, built on the Binance Smart Chain (BSC), one of the most widely used and efficient blockchain networks. BSC's compatibility with Ethereum's EVM and its low transaction fees make it an ideal platform for DeFi applications like the AID Token.
A BEP-20 token is a standard for tokens that are built on the Binance Smart Chain. The BEP-20 standard is similar to the ERC-20 standard on Ethereum, meaning that it defines a common list of rules for all Binance Smart Chain tokens to follow. This includes how tokens can be transferred, how transactions are approved, how users can access data about a token, and the events that a token contract can fire.
The AID Token adheres to the BEP-20 standard, ensuring that it can interact seamlessly with other tokens and contracts on the Binance Smart Chain, and can be easily listed on exchanges that support the standard.
The Binance Smart Chain uses a consensus mechanism known as Proof of Staked Authority (PoSA). PoSA is a combination of Proof of Authority (PoA) and Proof of Stake (PoS) consensus mechanisms.
In the PoSA model, validators are chosen to create blocks and confirm transactions based on the amount of BNB they are willing to 'stake' or lock up as collateral. The more BNB a validator stakes, the higher their chances of being chosen to validate a block. This encourages validators to act honestly, as they have a significant financial stake in the correct operation of the network.
Smart contracts are at the heart of the AID platform. They are self-executing contracts with the terms of the agreement directly written into lines of code. They provide the rules and structure for the various functionalities of the platform, including the lending protocol, staking mechanism, and governance module.
These smart contracts are written in Solidity, a statically-typed programming language designed for developing smart contracts that run on the Ethereum Virtual Machine (EVM). Solidity is influenced by C++, Python, and JavaScript, and is designed to target the EVM.
All the AID Token smart contracts are thoroughly audited by independent third-party auditors to ensure their security and robustness. These audits test for a wide range of potential issues, including reentrancy attacks, integer overflow and underflow, and more.
The AID Token is compatible with any wallet that supports the BEP-20 standard. This includes popular wallets like MetaMask, Trust Wallet, and Binance Chain Wallet. These wallets allow users to hold, transfer, and stake AID Tokens, as well as participate in the platform's governance.
In conclusion, the AID Token platform leverages the power of Binance Smart Chain and smart contract technology to create a secure, efficient, and user-friendly DeFi solution. The platform's technical design ensures compatibility with existing blockchain infrastructure and maintains the highest levels of security and transparency.
