Wednesday, May 25, 2022
About us | Contact
Blockzeit
  • bitcoinBitcoin(BTC)$29,583.001.13%
  • ethereumEthereum(ETH)$1,959.42-0.19%
  • binancecoinBNB(BNB)$327.341.31%
  • SolanaSolana(SOL)$48.16-2.21%
  • dogecoinDogecoin(DOGE)$0.082857-0.76%
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
No Result
View All Result
Blockzeit
No Result
View All Result
Home Education Buy Crypto
binance torn paper wo

binance torn paper wo

What is Binance Smart Chain (BSC)?

Aaron Moses by Aaron Moses
July 14, 2021
in Buy Crypto, Education
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

Binance Smart Chain (BSC) was launched in the middle of the 2020 bull run. The goal of BSC was to be an alternative to Ethereum, which at that time was having serious scalability issues.

Initially, the team designed the Binance Chain, which is a separate chain from the Binance Smart Chain. As the Binance Chain did not receive the adoption that the team hoped for they expanded their platform and created the Binance Smart Chain (BSC).

BSC: an improved Ethereum

The BSC is a smart contract programmable network. Creating such a platform, however, takes extensive research and testing. So, Binance simply forked Ethereum’s programming language, solidity. However, the Binance team didn’t stop at this point. They recognized that there were many issues that could be improved upon Ethereum. So, they implemented a proof of stake consensus algorithm.

Proof of Stake

This made the Binance Smart Chain the first proof of stake smart contract ecosystem. Transactions on the Binance Smart Contract are validated by a set of 21 nodes. BNB holders can stake their BNB for validator blocks to operate. Proof of stake operates is more efficient than proof of work. Thus, transactions on the Binance Smart Chain are much faster and cheaper.

CEDEFI

Binance Smart Chain came out in the heat of a bullrun when Ethereum gas fees were becoming a big issue as the network’s use was surging.

Instead of changing the Binance centralized structure of the Binance Chain, the goal of Binance was to create a best of both worlds. So, CZ, the CEO of Binance created the word CEDEFI (Centralized DeFi). Binance created a bridge to the BEP2 token with the BEP20 token. The BEP20 token is the token used for the Binance Smart Chain.

Binance’s programmers took the base code for Ethereum and built their network around that. This means that it easy for developers to deploy their applications on the Binance Smart Chain. BSC is compatible with the most regularly used dApps such as MetaMask. This allows BSC users to access other dApps such as Pancakeswap. To learn how to connect BSC with MetaMask you can read following article: How to configure BSC for MetaMask.

bscscan.com

Similar to etherscan.io, there is bscscan.com. Users may track transactions using this application. BSC is notorious for impostures. It’s good to examine the contract address of the token one wishes to purchase and ensure they don’t see anything that looks fishy.

Binance makes it extraordinarily easy access the Binance Smart Chain. One simply needs to configure their MetaMask wallet for the Binance Smart Chain.

Binance NFT Marketplace

Since June 2021, the Binance Smart Chain has added an NFT marketplace. Thus, Binance aims to take marketshare in the NFT space. This strategic decision could pay off, as the NFT market is growing rapidly and many users are currently looking for alternatives to the Ethereum NFT market, as the high gas fees on the Ethereum network are hurting NFT trading. Binance can undercut these gas fees by quite a bit.

Final thoughts

Some are critical of Binance’s term CEDEFI, and that it opposes decentralization which is contrary to what blockchain is about. None the less, Binance succeeded in creating a similar user experience to Ethereum while reducing network fees and wait times between transactions. What isn’t clear is if Binance will continue to have network volume after Ethereum 2.0 and layer 2 solutions will solve the gas fee crisis. However, there will likely be a further development in the Binance Smart Chain as well as Ethereum.

Aaron Moses
Aaron Moses

Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.

Tags: Binance Smart ChainBSC
Previous Post

What Is Pancakeswap?

Next Post

Mt. Perelin Chooses Tezos for Tokenized Securities

Related Posts

Best crypto wallet

Choosing the Best Crypto Wallet – A Quick Guide

by Jay Speakman
May 23, 2022
0

With the crypto market suffering some pretty heavy volatility lately we thought it would again be a  good time to...

wrapped token

What Are Wrapped Tokens and How Do They Work?

by Jay Speakman
May 18, 2022
0

How can we have an interoperable ecosystem of data and information when two blockchains like Bitcoin vs Ethereum don't communicate...

How to Invest in Cryptocurrency: The Ultimate Beginner's Guide

How to Invest in Cryptocurrency: The Ultimate Beginner’s Guide

by Nate Kevin
May 16, 2022
0

The cryptocurrency market has taken the world by storm, drawing in a multitude of retail investors and institutional traders alike. ...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Buy Crypto
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

No Result
View All Result
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.