LYO Credit (LYO) is the utility token of the ecosystem applications.
LYO is based on the BNB Chain protocol powered by Binance. The BEP-20 smart contract allows BSC to facilitate transactions and record balances of such credits in an account. The benefits of using the BEP-20 protocol include the following:
- The simple, easy-to-understand BEP-20 standard reduces the complexity associated with studying and understanding other types of blockchains for implementations like the LYO Ecosystem.
- The BEP-20 standard enhances the liquidity of other BEP-20 tokens and reduces the risk of broken contracts.
- BEP-20 is a uniformity of tech and protocol standards for everyone to use. Hence, it is widely acceptable and extremely reliable.
Aside from trading, transactions, and staking, LYO also functions as a utility to reward users for successfully completing tasks, such as KYC verification.