What is Binance Smart Chain?
Binance Smart Chain is an independent blockchain that runs in tandem with the Binance Chain. It is built on Ethereum Virtual Machine (EVM), integrated with a robust smart contract. Due to which it is highly adaptable on a blockchain network. Binance Smart Chain isn’t a layer two or off-chain scalability solution, as it was pretended. It’s an independent blockchain that could run even if Binance Chain went offline. Both the blockchains bear a strong resemblance from a design standpoint.
As Binance Smart Chain is adaptable with Ethereum Virtual Machine, it proved beneficial for the users and the developers. For developers, it becomes easy to integrate their projects over Ethereum. Also, it is easy for users to integrate MetaMask on the Binance Smart Chain with a few simple settings.
Difference between Binance Chain and Binance Smart Chain
Binance Chain: Binance Chain is built on distributed consensus. It has a highly performing matching engine that works on a fast and secured decentralized digital asset exchange.
Binance Chain
BEP and Mini-BEP2
BEP is a technical standard on which tokens are issued. The Binance Smart Chain uses BEP and Mini-BEP2 standards for transactions.
Peggy Coins
Peggy Coins like BTC, ETH, XRP, etc are used to peg the native assets.
Proof of Stake and BFT
Through POS consensus, users can stake more high market value tokens. With the help of BFT, the BSC system is able to operate even if any node fails.
Binance Chain Governance
Binance Chain has its own in-built governance chain that allows the BNB holders to offer proposals for addition of trading pairs.
Orderbook/ Match engine
The orderbook is a currently open buy and sell orders for an asset organized in price. A match engine executes the trading process only once in each block, while the execution price may vary from buyer to seller.
Cross-chain Transfer Mechanism
Binance Smart Chain transfer allows smooth asset transfer between blockchain through the cross-chain compatibility process.
Binance Smart Chain: Binance Smart Chain is a dual-chain architecture that empowers its users to build decentralized applications and digital assets on one blockchain and take advantage of fast trading to exchange on the other.
Binance Smart Chain
Binance Chain Governance
Binance Chain has its own in-built governance chain that allows the BNB holders to offer proposals for addition of trading pairs.
Proof of Stake Authority
Through POS consensus, users can stake more high market value tokens.
Cross-Chain Contact Event (Trade, transfer, and support)
Binance smart chain has lower transaction fees. For example, for a simple money transfer, it costs only 0.01 USD. The transaction fees are paid in BNB tokens.
EVM compatible
As Binance Smart Chain is built on Ethereum Virtual Machine, For developers, it was easy to integrate their projects over Ethereum and for users it was ebay to integrate Metamask on the Binance Smart Chain with a few simple settings.
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Binance Smart Chain platform allows Smart Contract and Shorter block time. It is interoperable with a Binance coin. It is also compatible with apps that are initially coded for Ethereum.
How does Binance Smart Chain operate?
Working of Binance Smart Chain is dependent on these two mechanisms
Consensus
In Binance smart Chain development, users utilize a proof-of-stake (POS) consensus algorithm to stake BNB for verification on the platform. For every valid positive block, they earn a reward from the network.
Cross-Chain compatibility
Binance Smart Chain was developed to work independently but as a complementary system to the existing Binance Chain. With the idea of dual-chain architecture, a smooth asset transfer was executed between blockchain through the cross-chain compatibility process.
How Decentralized Finance applications are being supported on Binance Smart Chain?
Binance has revealed that they support more than 13 different projects funded by the exchange of $100 million for blockchain developers that will enable them to deploy decentralized applications on Binance Smart Chain, a high performance Distributed Ledger Technology network. It has also announced that its second batch of DLT-focused initiatives will also grab funding from the digital asset firm.
Currently, around 40 DApps, infrastructure, and tools are running on Binance Smart Chain. Binance has specific plans to let the Binance ecosystem flourish. The company is energetically looking forward to more DApps in synthetics, derivatives, prediction marketing, aggregators, or other use cases.
What are the different projects being operated on Binance Smart Chain?
These are the six projects that were selected in this year's inaugural class of winners from our $100M accelerator fund:
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AnySwap
Arkane Network
BakerySwap
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PancakeSwap
They were selected on the following criteria:
Overall vision
Team viability
Product viability
Execution ability
Contribution to the overall blockchain ecosystem
Features That Can Be Integrated In A Blockchain With Binance Smart Chain
Create/ Unlock Wallet
Binance Chain browser extension can be used to send and receive funds on Binance Chain, Binance Smart Chain, and Ethereum. This extension can be integrated with other Binance Chain products, which can be useful for authentication and transaction without access to users, private keys. A code needs to be added to handle the communication between the web apps and extensions automatically.
Synthetix
Synthetix is a synthetic asset protocol. It enables users to lend or lock up Synthetix Network Token (SNX). Synthetix allows users to use a variety of asset types as their preferred lending method on the DeFi platform.
Explorer
Explorer acts as a search engine and browser, where users can find information about individual blocks, public addresses, and transactions associated with cryptocurrency. It consists of-
Mainnet (original and functional blockchain) where the actual transactions of cryptocurrency takes place in real economic value.
Testnet- It is used for testing before deployment of the project on a blockchain.
Testnet Faucet
Get free testnet BNB tokens from the faucet. Faucet is deployed on Twitter. Users can share a tweet (which will be available on the activity launch date) and upon completion, receive 100 testnet BNB. Each Twitter account can only claim Testnet BNB via sharing once every 24 hours.
Docs
BSC relies on a system of 21 validators with POS consensus that brace up short block time and lower fees. Most bonded validator candidate for staking will be the validator that will produce blocks. The BSC will offer:
A Self-Sovereign blockchain that will offer security to elected validators, EVM compatibility that will support all Ethereum tools and DApps at faster rates, Interoperability with native dual chain network, POS authority decentralized and community participation.
Governance
Binance Chain has its own in-built governance chain that allows the BNB holders to offer proposals for addition of trading pairs.
Staking- Staking is of two types-
Locked Staking- when users lock their BNB tokens for a fixed period of time and cannot unlock it until the due time. They earn interest on it.
Flexible Staking- When users lock their BNB tokens and have the liberty to unlock and grab it any time they want. They earn interest on the stored token.
Token Management
Token management consists of issuance of tokens. An Issuance is a transaction used to create new assets. An issuance transaction consists of Symbol, Token URI, Token Type, Total supply, Owner, and Mintable.
Dapps development offered by us on the Binance Smart Chain Network
We offer a plethora of Dapps development services that are supported on the Binance Smart Chain network. These Dapps provide streamlined solutions for lending, borrowing, mining, gambling, asset tokenization and many more. Some of the Dapps solutions include
BLINK
Blink is the result of an exciting partnership between WINK and Binance. It is a top platform for gaming, mining, and gambling. It has been growing dramatically since its launch.
Venus
Venus is a decentralized algorithm money market and stablecoin protocol that enables borrowers and suppliers to access liquidity and earnings-on-demand.
Jetfuel.Finance
Jetfuel is a yield farming and yield aggregator platform that combines features of the most successful DeFi projects such as Compound, Fry.World, Yearn, and Harvest on the Binance Smart Chain.
Pancake Bunny
The Pancake Bunny protocol bunny empowers farmers to leverage their yield-seeking tendencies to optimize yield compounding strategy. It is a new and rapidly growing DeFi yield aggregator that is used for PancakeSwap.
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Cream
The DeFi movement has provided solutions in lending, exchanges, derivatives, payments, marketing, and asset tokenization. All of these solutions can be accessed by anyone. So, C.R.E.A.M finance pushes these new financial systems' boundaries to include maximum users and assets safely.
Pyra
PYRA is a brand new DApp built on the Binance Smart Chain that generates BNB just by holding tokens.
StreetSwap
StreetSwap is the AMM arm of the Thugs.fi project. It extends its help for any trading needs with lightning-fast speed and gets rewards.
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