All good things come to an end, and the Binance Webimarathon is no exception. After taking a complete overview of the Blockchain industry starting with CZ, the CEO of Binance, how to secure his crypto-assets, how to be a trader and the avenues for blockchain adoption, this latest webinar was on the Binance Smart Chain. You only have a few hours left to take the diploma issued by Binance and BCDiploma.
Binance Smart Chain (BSC) in singles
BSC is Binance’s designed blockchain designed around BNB, which means the fees you will pay to carry out actions will consume BNB. Before we begin, it is worth clarifying this: Binance Smart Chain and Binance Chain are two different chains with two different objectives and standards that are respectively the standard BEP20 and BEP2. We will only discuss the BSC here.
This distinction made again, the BSC is a blockchain using a consensus Proof of Stake Authority (PoSA), composed of 21 validators, 100% EVM compatible. In simple terms, this means that all Ethereum smart contracts coded in Solidity are fully compatible with the BSC. So a Solidity developer looking for a faster and cheaper alternative to Ethereum can easily deploy his solution on the BSC. He may also benefit from the $ 100 million incubator fund earmarked for BSC projects, but does the BSC fit into the above criteria?
The BSC in a few figures
Launched September 1, 2020 as an alternative to Ethereum solving the problems of fees and network congestion that it often suffers from, the BSC has experienced a meteoric rise. To date, we can count almost 416,000 addresses and nearly 150,000 transactions carried out every day. But how to explain such growth? Simply by comparing the average transaction speed on Ethereum (13 seconds) and that on the BSC (3 seconds) as well as the costs. When we know that a transaction on the BSC costs an average of 0.05 $, it is easy to understand why more and more DeFi players are turning to it.
In just three months, the BSC ecosystem has nothing to envy that of Ethereum as evidenced by the screen below.
PancakeSwap, the BSC Uniswap
We will not go into detail here on how a DEX works on the BSC as this is no different from the DEXs you are probably already thinking about, we will only inform you that if Uniswap is the DEX leader on Ethereum, PancakeSwap is undoubtedly its counterpart on the BSC. The Cake, native token of PancakeSwap and the different pools of the platform will allow you if you wish to see for yourself the pleasure of being able to farm assets without having to worry about Gas costs.
How to use the BSC?
To date more than 12 wallets are compatible with BSC such as Metamask, which although suffering from display bug allows for a relatively straightforward experience. However, if you want to take full advantage of the BSC, we can only strongly recommend that you use Trust Wallet and Binance Chain Wallet, the official wallets of the Binance ecosystem. Easy to install and use, what more could you want? Ah yes, some BNB on your address to take full advantage of the BSC.
Well there you go dear readers, if you read these words you did it, you have finally completed the Binance Webimarathon! So all you have to do is complete your diploma issued by Binance and BCDiploma and fully enjoy your New Year’s Eve.
Engineering student in IOT, Translator, Community and Bounty Manager, I have been sailing the turbulent oceans of Blockchain since 2017.
Aware that the Blockchain will change our future, I too am participating in the revolution. Find me on Bitcointalk, LinkedIn and Twitter to discuss or suggest articles.