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Scallop Learn
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    • Welcome to Scallop Learn
    • Crypto
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        • Don't Feel the FOMO - Crypto Slangs Explained
        • Blockchain: What is it?
        • What is an Exchange?
        • What are Stablecoins?
        • What is the Metaverse?
        • What are NFTs?
        • History of Bitcoin
        • What is Binance Smart Chain?
        • What is an IDO?
        • What is Staking?
        • Token Burning
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        • The Crypto Dictionary
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        • What is a Neo-bank?
        • Proof of Work vs Proof of Stake
        • Exploring Crypto Communities: How to Join and Connect with Like-Minded Enthusiasts
        • What is a DAO?
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        • Scallop Chain Faucet: All you need to know!
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        • REIT's on the blockchain
        • The Future of Business Payments: How Crypto Payment Partners are Leading the Way
        • What Is A Crypto Card? How Does It Work?
        • Blockchain and AI
        • Why are regulations essential in Crypto Market? How does Scallop lead the way?
        • Banking on Blockchain
        • E-money Tokens
        • The Power Surge of Cross-Chain Interoperability in Blockchain's Future
        • Crypto Trading 101: Must know candlestick patterns for a successful trade
        • Exploring blockchain innovations and their real-world breakthroughs
        • Do not miss these common indicators of the crypto bull market
        • Decoding the Dynamics of Permissioned Blockchain Consensus Mechanisms
        • Summary
      • Advanced
        • Can Quantum Computers be a potential threat to Crypto?
        • Unlocking the cryptocurrency potential: How Banks can thrive in the digital age?
        • How do privacy-enhancing technologies ensure anonymity on the blockchain?
        • What Does Fintech Mean? Understanding the Intersection of Finance and Technology
          • Decoding Data Tokenisation: Its Vital Role and Relevance
        • Unravelling the Concept of the Time Value of Money: Its Implications and Applications
        • Unlocking the Potential of Real-World Assets
        • What is Byzantine fault tolerance?
        • Global Crypto Adoption and Its Potential Socio-Economic Impact
        • How ZK-Rollups are Supercharging Blockchain Transactions?
    • Security
      • Skimming of Credit and Debit Cards: What You Need to Know
      • How Blockchain Security Can Keep Your Crypto Safe?
      • Keeping Your Account Safe
      • Money muling scams: What are they and how can you avoid them?
      • Beware of these common frauds while using payment cards
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      • Scallop App
      • Scallop Ramp
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      • How are cryptocurrencies taxed across the globe?
      • What Can You Do On An Exchange?
      • Avoid FOMO To Plan A Recovery: 5 Things To Do In A Crypto Bear Market
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      • Summary
      • A Practical Guide: The Defi Walkthrough
      • Summary
  • Scallop
    • What is Scallop?
    • Products
      • Scallop Banking
        • Tips And Tricks For Getting The Most Out Of The Scallop App
      • Scallop Exchange
        • Getting started on Scallop Exchange
        • Trading Futures
        • Trading with Margin
        • Buying Ethereum on Scallop Exchange
      • Scallop Chain
        • Tech
          • Scallop Bridge Contracts
          • Configurations
          • Relayers
          • Launch Your Dapp on Scallop
          • Developing and Deploying Contracts​
          • Scallop Explorer​
          • Scallop Faucet​
          • Contract Verification​(Under Development)
          • Contract Security Checks​
          • Scallop Whitelist
        • Scallop Chain: Built on Cosmos and Secured by Biometric Bridge
        • E-Money Tokens and Scallop
      • Scallop Business
    • Getting Started
      • Getting Started: Fiat Onboarding And Exchanges
      • Getting Started: The Defi Walkthrough
      • Getting started: Scallop Exchange
      • Staking
        • Scallop Staking Guide
          • Useful Resources
          • 1. Setting Up Metamask Wallet
          • 2. Importing existing wallet
          • 3. Installing Binance Smart Chain
          • 4. Setting up a Kucoin Account
          • 5. Buying SCLP with a market order on Kucoin
          • 6. Transferring from Kucoin to Metamask
          • 7. Connecting Metamask to the SCLP Staking platform
        • LP Staking Guide
  • Announcements
  • News
    • News: Terra Collapse
    • Terra: Beyond Hope
    • News: Chapter 11 for Celsius
    • News: Nomad Bridge Hack
  • Extras
    • Task Lists
    • Tokenising Real Estate
    • How to Donate Crypto to Ukraine
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On this page
  • In brief
  • About Scallop Chain
  • What are Scallop Chains objectives?
  • Scallop's blockchain
  • Scallop Chain USP's
  • Summary
  1. Scallop
  2. Products

Scallop Chain

What makes it unique and where are we at?

PreviousBuying Ethereum on Scallop ExchangeNextTech

Last updated 1 year ago

In brief

Scallop Chain is Scallops own blockchain with many achievements that we are very excited about, some of our achievements so far include:

  • Blockchain regulated with KYC and AML

  • First biometric IBAN on chain

  • Low Tx time (less that 3 sec)

About Scallop Chain

Scallop Chain is the world's first regulated blockchain featuring the unique capability of powering cross-chain financial applications to establish a better DeFi future.

So to help understand why Scallop Chain is unique, let’s revisit the basics.. What is a blockchain?

Simply put, blockchain is a distributed digital ledger that stores data of any kind. A blockchain can record information about cryptocurrency transactions and ownership of assets like Non Fungible Tokens (NFTs).Any normal database can store this sort of information, what makes blockchain technology unique and exciting is that it is decentralised

What are Scallop Chains objectives?

  1. To provide regulated services on a blockchain, protecting users from rug pulls and scams

  2. To provide a seamless fiat to crypto experience and vice versa, the fiat on-ramping available is not an efficient experience

  3. To allow users to spend crypto seamlessly and encourage mass adoption

Scallop's blockchain

Scallop Chain is a blockchain with a complete single-binary distribution focused on simplicity, speed, and developer ergonomics. It supports both EVM and WASM based smart contracts.

EVM smart contracts are smart contracts that are compatible with the Ethereum Virtual Machine. The EVM allows developers to create smart contracts in a programming language called Solidity. The main benefit of using EVM is the amount of resources available from it from years of development and experimentation on Ethereum. There are many articles, tutorials, examples and tools available for EVM/Solidity. This allows for greater innovation and ease of development.

Scallop Chain is also optimised for public permissioned Proof-of-Stake use cases. This has been in the news a lot lately, as blockchains like Ethereum move to PoS from PoW.

Proof-of-Stake gives holders of SCLP tokens incentive to hold the coin which is great for the tokenomics of the project. It creates utility which is key in the token finding value.

Scallop plans to connect traditional banks with cross blockchain applications. Institutional partners will be able to work directly with Scallop, allowing them to create secure custody services, interest bearing savings accounts, debit cards and a fiat onramp to the crypto ecosystem. Being the first regulated blockchain allows Scallop to be prepared for the future, and gives us a huge competitive advantage to other chains.

With Scallop Chain, you will be able to integrate conventional banking with cross-blockchain applications to build the next generation of Decentralised Finance

Scallop Chain USP's

So what makes Scallop Chain different? Well let's take a look at a few of the unique selling points..

1. World's first regulated chain where every wallet has passed KYC (Know Your Client)

2. Core Consensus mechanism updated to include KYC, AML checks on the protocol level for every wallet and for every Dapp and service providers. This provides security and future proofs the chain should there be any regulation in the pipeline.

3. Regulated businesses can provide legal, regulated finance services and build financial apps

4. Built using Cosmos SDK and Ether mint, which the chain is both Cosmos and EVM compatible

5. Average block time of less than 3 seconds

6. World’s first e-money tokens - where users are in the custody of their own EUR on chain

7. IBAN and bank account linked to every wallet on Scallop chain, allowing seamless fiat to crypto and crypto to fiat service

Our competitors currently do not have regulated or insured accounts, and have higher Tx times. We are proud that we are the first project to get IBAN accounts on chain as we as the introduction of facial biometrics in fund transfers.

Summary

Scallop Chain will be at the core of the Scallop ecosystem. There are a number of great and unique features of our chain that will help elevate our project above our competitors. For more information on Scallop as a project, and what we hope to achieve, click

here.