Blockchain, Cryptocurrency

What is Binance smart chain?

What is Binance smart chain?

Binance Smart Chain is the name of a blockchain network launched by the popular Binance exchange.

The main goal of Binance Smart Chain was to speed up DeFi transactions and make these transactions at the lowest possible cost.

Binance smart chain (BSC), is a Hard Fork of the Go Ethereum or Geth protocol; Because of this, it has many similarities to Ethereum blockchain.

Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. The network is also compatible with the Ethereum virtual machine. In fact, Binance Smart Chain also supports Ethereum-based decentralized applications.

BSC tokens have a lot of fans and their impressive performance has made this network more and more popular. The launch of this network has also increased the popularity of the native token of the Binance exchange, BNB.

This move to a trading platform with its own crypto coin made Binance a big competitor against other major coins, such as Bitcoin and Ethereum.

The Binance NFT Marketplace has added multi-chain support for NFT deposits and withdrawals! Users can now easily transfer their NFTs to and from Binance Smart Chain (BSC) and Ethereum (ETH) networks.

Binance Smart Chain (BSC) is the home to many metaverse projects experimenting with play-to-earn blockchain games.

What is Binance smart chain?

What Is Binance Coin (BNB)?

The release of Binance coin was between June 26 and July in 2017. The BNB is now known as Binance native coin, and is used to conduct in-network transactions and pay transaction fees at the Binance exchange. Making internal exchange payments, proposing new trading pairs, voting for these pairs and… are some of the applications of this cryptocurrency. BNB can be used both for BSC (Binance Smart Chain) and BC (Binance Chain). Once you have staked your BNB, you can later delegate it to a BSC validator of your choice and earn more rewards in the process.

For those who want to participate in network security or earn additional BNB rewards, BNB can be staked on a smart contract. And should users wish to, they can delegate their stake to a BSC validator of their choice and earn proportional rewards.

Binance smart chain Community-Based Governance

The platform runs on a proof-of-stake (PoS) consensus model, specifically, proof-of-staked-authority. BSC’s native token, the Binance Coin (BNB), can be staked to contribute to network security and vote on community governance protocols. Its PoS model also enables it to process transactions faster, putting it above networks that still implement full proof-of-work (PoW) systems.

BSC is not a build-off but a dual-chain system that supports many features of the DeFi universe, like asset swaps between other blockchains and full support for smart contracts. You could think of BSC as a complementary network to the BC.

BNB ICO (Initial coin offering)

BNB debuted with an Initial Public Offering (ICO) in July 2017 raising over US$15 million at 15 cents per token. 50% (100 million) of tokens were distributed to the ICO while developers took 40% (80 million), and the remaining 10% went to angel investors.