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Quick Look at Binance Smart Chain

intro to binance smart chain quick look resources

An intro to Binance Smart Chain (BSC) with links and resources to get you started with this Ethereum competitor


Launched August 31, 2020, Binance Smart Chain is a blockchain service that allows developers to build decentralized apps using smart contracts. Binance Smart Chain is not a rebranded version of the original Binance Chain or a sidechain platform. Binance Smart Chain is a standalone blockchain that can continue even should the Binance Chain go offline, meaning the two blockchains can work parallel.



Binance Smart Chain is compatible with the Ethereum Virtual Machine, which means it can run dapps ported over from Ethereum. Running on the EVM should interest dapp operators as Ethereum continues to grow, and gas fees rise.


Binance Smart Chain’s objective is to enhance the system’s scalability while retaining Binance Chain’s high throughput. Binance Smart Chain accomplishes this by adding the ability to use smart contracts without slowing down Binance Chain.









Binance Smart Chain uses what it calls a Proof-of-Staked Authority (PoSA) consensus algorithm. PoSA is a hybrid of proof-of-stake and proof-of-authority models. Validators on the network have staked a certain amount of BNB and then receive transaction fees when they validate approved blocks.


The simplest method is to use the Binance Chain Wallet to move tokens from one chain to another. Binance Smart Chain creates the opportunity for token holders and developers to benefit from a high-performance blockchain.



According to Binance, users can expect a rich and growing digital asset ecosystem powered by Binance DEX with cheap transaction fees that reach as low as 1 cent. A high-performance network capable of producing a block every 3 seconds with cross-chain DeFi interoperability. An ecosystem of millions of users across Binance.com and Binance DEX and a network of major crypto projects already collaborating with the network.


At the time of writing Binance DEX was unavailable to citizens and residents of the following countries: United States of America, Albania, Bosnia and Herzegovina, Belarus, Congo (DRC), Côte d’Ivoire, Crimea, Cuba, Iraq, Iran, North Korea, Liberia, Macedonia, Myanmar, Serbia, Sudan, Syria, Zimbabwe.



Author

  • Journalist | Reporter | Host of Crypto Insights Journal covering Blockchain, Bitcoin, Fintech, DeFi, and Web 3.0

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