When you learn about Binance or Blockchain technology, you probably already know Binance Smart Chain. However, you still do not understand this technology. The following article will learn about blockchain technology. What Is Binance Smart Chain?
What Is Binance Smart Chain?
Blockchain is a technology known as a tamper-proof shared digital ledger that records transactions in a decentralized peer-to-peer network.
Binance Chain BNB (BEP-2 format) is a blockchain technology launched by Binance in April 2019. Its main objective is to facilitate fast, decentralized (or unattended) transactions.
Binance Smart Chain (BSC -BNB (BEP-20 format) September 2020, is a smarter blockchain technology that runs parallel to Binance Chain. BSC provides a high-speed alternative. With low transaction costs serving the decentralized finance market (Defi) instead of Ethereum.Unlike Binance Chain, BSC boasts a block time of 5 seconds, which can transfer crypto-assets cross-chain. Smart contract functionality and compatibility with ethereum virtual machine (EVM) use the Proof of Staked Authority consensus protocol to ensure scalability.
BEP-2 represents the token standard on Binance Chain, while BEP-20 represents the token standard on Smart Chain. Forsage uses Binance Smart Chain BUSD BEP-20 and BNB format: BEP-20.
Distinguish between Binance Chain and Binance Smart Chain wallet addresses
To distinguish between BC and BSC wallet addresses, we can recognize them with the naked eye.
- BUSD BEP-2 and BNB BEP-2 – address on the Binance chain starting with BNB 136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23.
- In addition, the BEP-2 address requires the use of an unnecessary MEMO to deposit and withdraw BEP-20 funds.
- The BEP-20 AND BNB BEP-20 BUSD addresses on the BSC begin with 0x a6f79B60359f141df90A0C745125B131cAAfFD12.
- On the Binance exchange, when withdrawing BNB, you need to select the BEP-20 network and enter the wallet address that starts with 0x …
Why use BSC?
Smart Chain has a BEP20 token standard that works similarly to Ethereum’s ERC20 token.
BEP20 is a friendly token loved by developers. Anyone can distribute digital currencies or alternative tokens on BSC.
Digital assets on other chains can be transferred to the Smart Chain as BEP20 tokens at the actual price of the assets on the old chain. Example: Use Binance Bridge to exchange bitcoin (BTC) for BTCB tokens (BEP20) supported by BTC. We can then use the BTCB token (BEP20) in defi protocols to earn bitcoins. Similarly, ETH, XRP, DOGE … are also facts.
- BSC is a blockchain with many well-known DApp and Defi applications running on the BSC chain.
- Many Defis of other blockchains have migrated to Smart Chain and dozens of Smart Chain DApps have appeared. This has helped BSC to have a rapid growth of users since its inception.
- Gaming and casino DApps or NFT are also implemented on BSC. This provides BSC users with a variety of experiences and applications when using this blockchain.
How to use Binance Smart Chain?
Step 1: Download Wallet on your device:
- Downloadable wallets include Binance Extension Wallet, Trust Wallet, MetaMask, Math Wallet, and others.
Step 2: Buy your cryptocurrency
- Withdraw the purchased cryptocurrency to one of the wallets that support BSC
Step 3: Explore BSC. Projects
Above is some initial information about the Binance smart chain. We hope that, with this article, you will better understand the strengths of the BSC portfolio and distinguish the BSC portfolio from other portfolios. Smart Chain is a decentralized blockchain that provides a network for projects. However, BSC cannot manage projects issued on BCS. Therefore, when investing, you need to understand the regulations and risks of the project yourself.