Quick Overview on Binance Chain (Smart Chain)
You’ve heard of blockchain technology, which has been in great demand in the market for its usage from industries to organizations due to its security reasons. The purpose of blockchain is to create the best platform to exchange digital assets in a decentralized way. In 2018 Binance, a cryptocurrency exchange company introduce a blockchain project known as Binance Chain and Binance smart chain. In this article, we are going to review binance smart chain in detail.
First, let’s have an overview of the Binance chain. Binance Chain is a decentralized platform to process the decentralized finance. The main goal of the binance chain is to provide a high-speed blockchain network for the digital assets transactions of over 500 cryptocurrencies including Ethereum, Bitcoin, etc. Also, the user can store crypto funds in crypto wallets introduced by the binance chain.
In September 2020, binance introduced a binance smart chain allowing users to decentralized applications with new smart contracts. Binance smart chain creates a dual chain system, user can build their digital assets and decentralized applications on one blockchain, trading and exchange are performed on another blockchain.
Binance smart chain has many features in a digital transaction. Binance smart chain is EVM Compatible, achieves 3 second block times, proof of stack authority provides cross-chain communication. Binance smart chain is also known as parallel blockchain due to its cross-chain communication. There were some Binance Smart Chain wallets are available. They are Binance Chain Wallet, Math Wallet, Bitkeep, MetaMask, etc.
Binance Smart chain is the ideal platform for decentralized finance because of its fascinating features. The features include interoperability (dual chain network), low cost. Binance smart chain offers lower transaction fees because it offers proof of stack authority. Another best feature is the high transaction speed. Defi developers always choose blockchains because of their transaction speed. It also provides high scalability with high throughput.
The faster transaction is the key factor, which triggers many developers to shift from Ethereum to Binance Smart chain. Recently PumaPay, a cryptocurrency payment solution introduces their migration from Ethereum to Binance Smart chain.
In my point of view, the Binance Smart chain is one of the best protocols that offers great functionality and bridges the gap between the various available protocols due to its high transaction speed and EVM compatibility for developing various decentralized apps.
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