Binance Smart Chain
A blockchain platform for creating DApps.
Binance Smart Chain description
Binance Smart Chain (BSC) is a blockchain for creating smart contracts and decentralized applications. The blockchain was created by the cryptocurrency exchange Binance in April 2019, in 2022 the company announced the merger of BSC with the internal token BNB. This stage of blockchain evolution will be called BNB Chain. There are now thousands of DApps and NFTs based on BSC.
Binance Smart Chain smart contracts are used to make fast transactions and are optimized for fast trading. BSC also helps solve the scalability problem of projects. The network is compatible with EVM, so it supports Ethereum development tools. this allows projects running on the Ethereum network to be migrated to the BSC blockchain painlessly.
The Binance Smart Chain blockchain is based on the Proof-of-Stake consensus mechanism. This is an article from platform cryptodefix.com. This allows token holders to become validators of the network and ordinary users to be rewarded for storage tokens. BNB is a Binance network service token and is also used in BSC and Binance Chain (BC). BSC supports cross-chain compatibility, so BEP-2 and BEP-8 tokens can be exchanged for BEP-20 tokens.
Binance Smart Chain advantages
- Network Independence from Binance Chain
- Proof-of-Stake consensus
- Ethereum Blockchain compatibility
- Network cross-chaine compatibility
- Staking support
Binance Smart Chain features
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