What is Binance Smart Chain (BSC)?

What is Binance Smart Chain (BSC)?
What is Binance Smart Chain (BSC)?

Kabarviralmedia.com – Recently, people are excited about the world of digital investment, namely cryptocurrency. This investment is highly demanded because its development is very fast.

For those of you who have been familiar with investing in crypto for a long time, you may already be familiar with the terms related to these investments, such as Binance Coin.

The large number of investment enthusiasts is due to its rapid development since 2021, as evidenced by the market capitalization of Binance Coin, which reached IDR 917 billion and is in the fourth position of the most popular crypto in the world. .

So what exactly is Binance Coin and Binance Smart Chain? For that, check out the review below for more information.

Know what is Binance Smart Chain

Binance Smart Chain (BSC) is a blockchain designed by Binance that focuses on facilitating and decentralizing smart contracts.

Read More :   Viral gay couple kissing, here is the full explanation!

At the same time, the BSC runs side by side with Binance Chain (BC)the difference between the two is that BSC offers smart chain functionality and Ethereum Virtual Machine (EVM) support, while Binance Chain does not.

BSC’s goal is to keep Binance Chain’s performance high, while introducing smart contracts to its ecosystem. but BSC is neither layer 2 nor outside of the BC chain.

Although the two are similar in design, BSC is actually an independent blockchain that can still operate even if Binance Chain (BC) is offline.

As for the approach inherent in blockchain technology, BSC is not as flexible as other blockchains, i.e. it can be used to build multiple blockchains using smart contracts.

Read More :   Stumble Guys Mod Apk Unlimited Money, Download Disini

How Binance Smart Chain works

The way the BSC works is that by using proof of stake as a consensus algorithm, Binance Smart Chain can hit 3 seconds of block time.

Not only that, Binance Smart Chain also uses a Proof of Stake Authority (PoSA) system. PoSA is a combination of proof of ownership and proof of authority models.

With the system used by the BSC, participants can network and stake BNB to become validators. These users will receive a portion of the fee if they accept a network-approved block.

Binance uses dual chains to allow users to transfer assets from one blockchain to another. This allows Binance Chain to make fast crypto transactions and BSC to create powerful dApps.

Additionally, Binance’s BEP-2 and BEP-8 chain coins can be exchanged for standard BEP-20 tokens provided by the BSC wallet and ecosystem. It is also easy to move tokens from one chain to another.

Read More :   Download Sampa The Great ft. Chef 187, Tio Nason, Mwanje

In addition to the transfer of crypto assets, the platform may also rely on non-fungible token (NFT) transactions. In this way, you can easily buy and sell NFTs on Binance through the Binance Smart Chain Wallet.

Applicable token on Binance Smart Chain

BSC is a vast ecosystem for trading crypto assets, including NFT transactions. Here you can easily find the most expensive NFT collection in the world at attractive prices.

The interesting thing is that BSC is also a container for various decentralized applications and games. Here are some Metaverse tokens and some of the best NFT games to win at BSC.

  1. crypto bomb
  2. MOBOX
  3. elven kingdom
  4. secondlive
  5. Thetan Sand.

Source: Jalantikus