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What is Binance Chain? The A-Z Introduction to Binance Chain

lnhngn 11/11/2021 22:44 591 views
Binance Smart Chain Launches Today | Binance Blog

What is Binance Smart Chain?

Binance Smart Chain (BSC) is a blockchain platform that runs on the Ethereum and Binance Chain operating systems. Binance Smart Chain will provide users with smart contract functionality and compatibility with Ethereum through Ethereum Virtual Machine (EVM).

In essence, Binance Smart Chain – Blockchain upgraded version of Ethereum was created from the blockchain by combining two algorithms, which  Proof of Stake and Proof of Authority. This design has opened up cross-chain compatibility simultaneously from all three  BCS, BNB and Ethereum.

Highlight advantages of Binance Smart Chain (BSC)

  • The transaction cost is affordable, suitable for most participants.
  • The network has a high performance with only 3 seconds for generating a block.
  • Qualified cross-chain DeFi mechanism, which enhances the interoperability of DeFi, supports funding and initiating multiple projects.
  • BSC is an independent Blockchain, featuring maximum security and safety for both users and developers.
  • BSC’s interoperability between two blockchains allows users to communicate across Chain and enlarges scale for high-performance Dapps, also provides a smooth and best quality for user experience.
  • Potential ecosystem with millions of active users.
  • Binance Smart Chain enables live-posting on the mainnet, first appearing on AMBCrypto.

Who can use BSC?

Binance Smart Chain was created for all programmers. Especially for dApp who wish to build applications with Smart Contracts for the purpose of protecting tradeable digital assets. In addition, BSC also allows the issuance of digital tokens and allows simultaneous transactions based on both chains.

From that, it can be understood that Binance Smart Chain offers many attractive opportunities for those who own BNB. Especially for those investors are interested in staking BNB to support the development of the BSC ecosystem and receive many rewards.

Projects are running on Binance Smart Chain platform

Binance Smart Chain is a newly launched ecosystem that has attracted a lot of different projects in the current cryptocurrency market. The projects that are run on the BSC platform come from many different fields such as:

  • Mywish: Create a smart contract
  • ChainIDE: Smart Contract Deployment
  • Bitquery: Blockchain Data
  • Nownodes: Blockchain Infrastructure
  • PARSIQ: Cross Chain Monitoring
  • Tenderly: Smart Contract Monitoring
  • BSCscan: Blockchain explorer
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Binance Smart Chain’s current ecosystem

What Binance Smart Chain has done and future vision

Year 2020

  • In mid-December 2020, Trust Wallet was issued TWT on BSC and millions of USD tokens to Binance users. According to data from BSCScan.com, the daily transaction of BSC related to TWT peaked at 470,000.
  • In January 2021, Binance Launchpool was launched BTCST, a BSC-based token pegged to Bitcoin’s computing power. The token is tradable and liquid corresponding to 0.1Th/s of its computing power and earnings.

Year 2021

  • From January 2021, BSC supports 42 cryptocurrencies across the chain for BSC, the total value of cross-chain assets has reached 1.37 billion USD, and the total market value of Binance BTokens reaches 556 million USD.
  • Projects using BSC have begun to form a closed cycle ecosystem. There are more than 100 projects on BSC, with nearly 60 of them possessing a large number of users and transactions.
  • There are 850,975 active addresses on the BSC. The blockchain processes 473,000 transactions per day, almost 40% of the amount of Ethereum. The average gas fee per transaction is as low as $0.07, about 2-3% of Ethereum’s gas fee.

End of Year 2021

  • Build cross-chain financial infrastructure refers to building solutions that will support more connections between blockchains.
  • Unlock the Internet of Value refers to the interaction of different dApps and the corresponding transfer of assets across these applications, powered by bridges that BSC is building

In the Future

  • There is increasing discussion about Web 3.0, a new model for information sharing that relates to the constant connection between the digital world and the real world. Web 3.0 is expected to include blockchain technology, along with innovations such as virtual and augmented reality, 5G networks, geolocation, Internet-of-Things devices and sensors, and artificial intelligence/machines learning.
  • List of dApp in Year 2021:
  • Algorithms: BSC supports the propagation of digital assets with algorithmic features Notable projects: ditto (elastic supply token on BSC), bdollar (algorithmic stablecoin on BSC).
  • Aggregation and Integration: Solutions that aggregate and integrate multiple returns and exchanges are important in DeFi’s maturation. Notable projects: beefy (yield optimizer), Bearn.fi (cross-chain automated yield farming), OpenOcean (DEX aggregator), Xend (DeFi for credit unions and Cooperative).
  • Cross-chain và Multichain: As mentioned above, a key factor in making digital assets interoperable across multiple networks is the development of solutions that connect different blockchains. Notable projects: BTCST (Bitcoin computing power-based anchored token, Anyswap (cross-chain exchange), NerveNetwork (cross-chain asset network), PolyNetwork (cross-chain network), renVM (solution) multipath method)
  • Gamification: The games industry is an early case for blockchain networks like the BSC. Notable projects: Blink (gaming token), Rocketgame (decentralized gaming platform)
  • Community and social tokens. The use of NFT and specialized tokens through BSC provides a unique solution for online communities and social networks. Notable projects: Chilz (fan token), Realy (luxury NFT platform).
  • Synthetics: BSC also supports the creation of synthetic assets, or assets that combine various derivative products. Notable projects: Mettalex (derivatives exchange).
  • Institutional DeFi: BSC provides developers with the right tools to build advanced DeFi services such as liquidity mining.
  • Infrastructure and Tools: At the core of building various applications on top of BSC are solutions that help developers in the implementation of smart contracts, data monitoring and more.

Token of Binance Smart Chain

Binance Smart Chain does not issue tokens, but this system uses Binance Coin (BNB) to represent Binance exchange, so no tokens are released to the market. As a result, the influence of the Binance Smart Chain token is greater than ever. You can find BNB not only on the Binance exchange but also on other apps in the BSC DeFi space.

Basic Information

  • Marketcap: ~$72 Billion (1 BNB = $536)
  • FDV: ~$89 Billion
  • Rank: 3rd Place
  • ATH Rate: $690 (10/5/2021)
  • ATL Rate: $0.096 (1/8/2017)
  • Circulating: 153,432,897 BNB (90/100%)
  • Total Supply: 169,432,897 BNB
  • Listing Platform of BNB: Binance, FTX, Gate.io, MXC, Kucoin,… (Liquidity is concentrated mainly on the Binance exchange platform)

Above is all the information that we want to send to you in today’s article. Hope you have had a lot of useful information and know what Binance Smart Chain is. 


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lnhngn

"Don't invest in what you don't know. Learn first then invest"