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Binance Smart Chain the Future of Blockchain

Binance Smart Chain the Future of Blockchain

Binance Smart Chain the Future of Blockchain

At the moment, we can say that Binance Smart Chain is the future of blockchain. This blockchain even overtakes Ethereum in terms of functionality.

Binance Chain was launched by Binance in April 2019. The main currency of the Binance token ($BNB), is optimized for ultra-fast trading. To achieve this, it had to make certain compromises, one of which was that it was not as flexible in terms of programmability as other blockchains. Smart contracts in a system optimized for fast trading can significantly overload the network. For example, how CryptoKitties brought the Ethereum blockchain to a standstill at the peak of its popularity, and scalability remains one of the most difficult obstacles to blockchain development. (We also invite you to read our article 8 interesting blockchain applications)

 

Binance Smart Chain aims to change this problem. This is a new blockchain with a full-fledged environment for the development of high-performance decentralized applications. It was created for cross-chain compatibility with Binance Chain to ensure that users get the best of both worlds. Binance Smart Chain went live on mainnet on September 01, 2020, activating a parallel blockchain to Binance  Chain, which allowed the creation of smart contracts and a betting mechanism for BNB.

What is Binance Smart Chain?

Binance Smart Chain (BSC) is best described as a blockchain running in parallel with the Binance chain. However, unlike Binance Chain, BSC boasts the functionality of smart contracts and compatibility with the Ethereum Virtual Machine (EVM). The goal of the project here was to leave the high bandwidth of the Binance Chain untouched while introducing smart contracts into its ecosystem. (If you are interested in blockchain topics, read our article Ethereum 2:0.)

How does it work?

Binance Smart Chain was conceived as an independent, but complementary to the existing Binance  Chain system, the idea of which was that users could easily transfer assets from one blockchain to another. Thus, fast trading can be carried out on the Binance  Chain, while powerful decentralized applications can be built on BSC.

 

Binance Smart Chain supports the BEP-20 token standard, which uses the same features as its Ethereum ERC-20 counterpart, while Binance Chain supports the BEP-2 token standard. BUP20 is a developer-friendly token standard that allows any user to deploy interchangeable digital currencies or tokens in the Binance smart chain. Moreover, the leading digital assets in other chains can be transferred to the Binance smart chain in the form of BEP20 linked tokens. For example, you can use Binance  Bridge to exchange Bitcoins (BTC) for BTCB tokens (BEP 20) supported by BTC. BTCB tokens (BEP 20) can then be deployed in DeFi protocols to earn returns on bitcoin. The same goes for ETH, XRP, DOGE, and many others.

 

The world of cryptocurrencies is constantly changing, but this blockchain is developing along with it. We can even say that it is he who sets many development trends. Many protocols have been built on the basis of this blockchain, which has gained popularity this year. If you are still thinking about which blockchain to choose, pay attention to this option.

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