Binance SmartChain, advantages and potentials

a. Definition

Binance Smart Chain (BSC) is known as a blockchain operating on mainnet, activating the blockchain in parallel with Binance Chain. BSC allows the creation of smart contracts for blockchain tokens associated with the Binance brand. Meanwhile, it also launched a brand new staking mechanism for the cryptocurrency of one of the world’s leading crypto exchanges — BNB.

To further increase the utility of both Binance Chain and BNB, the introduction of a blockchain compatible with the Ethereum Virtual Machine — BSC is ready to be tested and piloted by some of the leading projects in the cryptocurrency industry. Based on the Proof of Staked Authority (PoSA) consensus mechanism, BSC creates an extremely diverse and rich ecosystem. This blockchain delivers many innovations thanks to its high performance and ample space benefiting a variety of parties including validators, token holders, developers, and users.

During the DeFi (decentralized finance) revolution, as the community shows a growing interest in alternative financial solutions provided by blockchain, the timely presence of BSC has gained considerable attention from the Binance Chain community. Now, DeFi projects and the blockchain community can take advantage of the very best offered by Binance Chain, powered by smart contracts, cross-chain interoperability, and more thanks to the launch of BSC. The Binance Chain and Smart Chain communities welcome all developers and dApp projects to test this breakthrough arena.

b. Advantages

This will be an opportunity for blockchain users to come to a new decentralized machine with many valuable assets provided by Binance Chain and Binance.com.

We can mention some of the benefits of Binance Smart Chain:

· A rich and growing digital asset ecosystem powered by Binance DEX, the leading decentralized exchange

· Cheap transaction fees that reach as low as 1 cent

· High performance with a network capable of producing a block every 3 seconds

· Cross-chain DeFi mechanisms that increase DeFi interoperability

· A supportive Binance ecosystem that funds and bootstraps many DeFi projects

· A growing ecosystem of millions of users across Binance.com and Binance DEX

· A network of major crypto projects already collaborating with BSC

c. Potentials

As reported in 2019, Ethereum, TRON and EOS make up 98% of the decentralized applications. Among them, Ethereum has always led in every category, including active dApps, active users, and transaction volume. In addition, there are other serious projects, including Steem, NEO, Ontology, Waves,…

Binance Smart Chain, with its advantages, as well as an extensive network of partnerships, is focusing on developing in a very large market, with the expectation of beating many competitors and taking the market share for itself.

Even before the launch of the Binance Smart Chain mainnet, the Binance Chain community has been working on various crypto projects to develop a powerful blockchain platform.

Some of the collaborators of Binance Smart Chain that can be mentioned:

- Blockchain Infrastructure and Tools: ChainLink, Band Protocol, Trust Wallet, Ankr, BSCScan, Bitquery.io, MathWallet, MyWish, CertiK, Torus,…

- DeFi: Swipe, Aave, 1inch.exchange, WazirX, DODO, dForce, Bounce.finance, Spartan Protocol, MCDEX, Cream, ForTube, DeBank,…

- Cross-Chain Liquidity: RenVM, pNetwork, Thorchain, Ferrum.Network, Alpha Finance,…

- Others: Dapp.Review, Ontology, Travala.com, Republic.co, Clutch, BCA, Ignite,…

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