Binance smart chain assets

Binance Smart Chain

What is Binance Smart Chain?

Binance Smart Chain brings EVM-compatible programmability and native cross-chain communication with Binance Chain using an innovative consensus of Proof of Staked Authority(PoSA)

Why is Binance Smart Chain designed as a separate chain from Binance Chain?

The execution of a Smart Contract may slow down the exchange function and add non-deterministic factors to trading. Even if that compromise could be tolerated, it might be a straightforward idea to introduce a new Virtual Machine specification based on Tendermint, based on the current underlying consensus protocol and major RPC implementation of Binance Chain. But all these will increase the learning requirements for all existing dApp communities, and will not be very welcomed.

How does Binance Smart Chain work? What is the architecture and consensus used?

Binance Smart Chain relies on a system of 21 validators with Proof of Staked Authority (PoSA) consensus that can support short block time and lower fees.

There will be fewer validators on Binance Smart Chain testnet.

Can you tell more about Proof of Staked Authority(PoSA)? What is it?

PoSA is a combination of PoA and PoS. Blocks are produced by a limited set of validators, they are elected in and out based on a staking based governance. Validators take turns to produce blocks in a PoA manner

What are the benefits for developers to build on Binance Smart chain?

• EVM-compatible: Binance Smart Chain supports all the existing Ethereum tooling Fast block time, cheaper cost
• Native cross-chain trasfer & communication: Binance DEX remains a liquid venue of exchange of assets on Binance Chain and Binance Smart Chain»

What are the benefits for developers to build on Binance chain?

Binance Chain opens the gate for users to take advantage of the fast transferring and trading

How many assets are issued on Binance chain?

There are already 140 assets on Binance Chain

The introduction of BEP8 is an innovative way for tokenization of properties

What make Binance Smart Chain different?

Native Cross-Chain Communication

Expand the use cases of BNB token

Binance Smart Chain is EVM-compatible. What does that mean?

EVM means Ethereum Virtual Machine. Any smart-contract written to run in EVM can be easily ported to Binance Smart Chain.

Can developers make hybrid Dapps using both Binance Chain and Binance Smart Chain in one single Dapp?

Yes, with the help of native cross-chain functions

How to query the current system parameters

minimium delegate amount: 1BNB

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How to Get Started with Binance Smart Chain (BSC)

TL;DR

Binance Smart Chain (BSC) has been booming with activity. Ranging from token swaps to decentralized money markets and cute NFTs, there are many options to earn yield or simply to have fun.

But what do you need to get started, and how do you do it? We’ll go through it all in this article.

Introduction

That article can give you a walkthrough of the mechanics of the blockchain, while this one will provide practical information about how to get started. So let’s dive in.

Binance Smart Chain (BSC) wallets

First things first, you’ll need a wallet to interact with the applications on BSC. The good news is that you have quite a few options to choose from.

It’s worth keeping in mind that this isn’t an exhaustive list. In addition to the ones mentioned below, you can also use Math Wallet, Ledger, TokenPocket, Bitkeep, ONTO, Safepal, and Arkane.

MetaMask

But wait, isn’t MetaMask an Ethereum wallet? It is, but actually, it’s quite easy to connect it to BSC. This way, you can use a familiar UI when interacting with BSC.

Trust Wallet

Trust Wallet is one of the easiest mobile wallets to use, so if you’d like to use BSC from your pocket, it’s among the best options.

Binance Chain Wallet

Binance Chain Wallet is another option that you have for certain apps on BSC. You can get it as a browser extension for Chrome, Firefox, and Brave. It’s easy to use and has a slick UI.

How to get crypto to Binance Smart Chain (BSC)

So, now we have plenty of wallets to choose from, but how can we move funds to the chain? We can withdraw from our Binance account or use the Binance Bridge.

Before we go further, however, it’s important that we clear up some conceptual background.

Withdrawing from Binance

Chances are if you’re reading this, you already have a Binance account. The easiest option may be to simply withdraw from your Binance account to a BSC wallet.

Just make sure to select Binance Smart Chain (BEP-20) when withdrawing funds to your external wallet.

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Что такое Binance Smart Chain? Отличие от Ethereum

Самая популярная в мире централизованная криптобиржа расширяет свое влияние в DeFi с помощью Binance Smart Chain — дополнения к существующей цепочке Binance, которая предлагает смарт-контракты и совместимость с Ethereum.

Будут ли разработчики децентрализованных приложений использовать это в массовом порядке?

Вкратце

1. Binance Smart Chain (смарт цепочка Binance) — это блокчейн-платформа для разработчиков, которая позволяет использовать смарт-контракты.
2. Она работает параллельно с оригинальной Binance Chain, оптимизированной для быстрых транзакций.
3. Binance Smart Chain также совместим с приложениями, изначально написанными на Ethereum.

Запущенная в 2019 году, Binance Chain — это блокчейн-платформа, разработанная популярной централизованной криптовалютной биржей (Binance) для поддержки децентрализованной биржи «Binance DEX», которая позволяет пользователям напрямую торговать друг с другом. Она также поддерживает Binance Coin (BNB).

Binance Chain был запущен относительно быстро и оптимизирован для мгновенной торговли, однако он не имел обширных функций, необходимых для поддержки более широкого набора децентрализованных приложений (dapps).

Вот тут-то и появляется новая Binance Smart Chain. Как следует из названия, это более продвинутый блокчейн, в отличии от оригинального, однако это параллельная платформа, а не замена.

Что такое Binance Smart Chain?

Binance Smart Chain, запущенный в сентябре 2020 года, представляет собой блокчейн-сервис, который позволяет разработчикам создавать собственные децентрализованные приложения с использованием смарт-контрактов.

Первоначальная цепочка Binance не могла обеспечить такую функциональность, но Binance Smart Chain была разработан, чтобы обеспечить такие же быстрые транзакции, а также значительно расширить доступные функции и возможности.

Он также совместим с виртуальной машиной Ethereum (EVM), что означает, что он способен запускать dapps, перенесенные из Ethereum.

Numerous crypto projects are already working with the Binance Chain community to help make BSC a robust blockchain platform, such as:

Однако Binance Smart Chain не является ребрендинговой версией оригинальной Binance Chain, а также платформой второго уровня или боковой цепочкой, предназначенной исключительно для расширения оригинальной Binance Chain.

Это полностью отдельный, автономный блокчейн, который может работать даже в случае отключения Binance Chain, но в конечном итоге эти два блокчейна предназначены для работы параллельно.

Как работает Binance Smart Chain?

Binance Smart Chain использует алгоритм консенсуса Proof-of-Staked Authority (PoSA), гибрид Proof-of-Stake и Proof-of-Authority.

Валидаторы в сети — это те, кто поставил определенную сумму BNB, а затем получает комиссию с транзакций, при проверке и утверждения блоков в сети.

Как уже упоминалось, Binance Chain и Binance Smart Chain предназначены для работы в унисон, и Binance имеет встроенную простую кросс-цепную совместимость между ними.

Активы могут быть быстро перемещены между блокчейнами, таким образом объединяя возможности быстрой торговли первого с функциональностью смарт-контракта второго. Токены BEP-2 и BEP-8 Binance Chain также можно обменять на токены BEP-20 Smart Chain.

Кроме того, совместимость с виртуальной машиной Ethereum означает, что создатели децентрализованных приложений на других блокчейнах могут относительно легко переносить их на Binance Smart Chain.

Это может быть интересно операторам децентрализованных приложений, поскольку Ethereum продолжает расти и плата за газ растет вместе с ним, хотя запланированный переход Ethereum к модели Proof-of-Stake в Ethereum 2.0 может снять некоторые из текущих проблем масштабирования.

Что такого особенного в Binance Smart Chain?

Кросс-чейн совместимость между Binance Chain и Binance Smart Chain предлагает разработчикам интригующий тандем возможностей, позволяя им использовать сильные стороны обоих блокчейнов, чтобы максимизировать функциональность и производительность своих децентрализованных приложений.

Кроме того, совместимость с EVM означает, что децентрализованные приложения могут быть перенесены из Ethereum, а затем потенциально усовершенствованы и расширены в Binance Smart Chain.

У Binance есть преимущество в виде всемирно известного имени, не говоря уже о огромном финансировании и ликвидности, учитывая их процветающую биржу и экосистему.

Что вы можете делать с Binance Smart Chain?

Binance Smart Chain действительно нацелена на разработчиков децентрализованных приложений, независимо от того, ищут ли они платформу для создания нового приложения или хотят перенести проект из Ethereum.

Благодаря двухцепочечной системе, поддержке EVM и собственной поддержке Binance, компания надеется привлечь разработчиков в свою экосистему, создав ценность для всех заинтересованных сторон.

Основатель Binance Changpeng Zhao «CZ» объяснил в октябре 2020 года, что компания видит Binance Smart Chain как способ преодоления разрыва между централизованным и децентрализованными финансами.

Binance учредила фонд в размере 100 миллионов долларов для поддержки проектов децентрализованного финансирования (DeFi), запускаемых на блокчейне, в том числе до 100 000 долларов для определенных отдельных проектов.

Вывод

Binance вносит большой вклад в развитие платформы благодаря своему фонду поддержки в размере 100 миллионов долларов для приложений DeFi и подчеркивает преимущества подхода с двумя цепями.

Интересно, что запуск Binance Smart Chain и решительные попытки привлечь разработчиков DeFi идут вразрез с основным бизнесом Binance — централизованной биржей. По словам компании, она постоянно пытается «разрушить» себя.

«Для некоторых появление DeFi представляет собой отход от централизованных платформ блокчейна», — говорится в сообщении блога о запуске Binance Smart Chain. «Это можно интерпретировать как угрозу для таких сервисов, как Binance. Просим не соглашаться с этим. Для нас DeFi — это возможность предложить лучшие решения для мира блокчейнов».

Посмотрим, согласится ли мир блокчейна и превратится ли Binance Smart Chain в ведущую блокчейн-платформу для децентрализованных приложений в ближайшие годы.

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An Introduction to Binance Smart Chain (BSC)

TL;DR

You’ve probably heard of Binance Chain, the home of the BNB currency. It’s optimized for ultra-fast trading. To achieve this, it had to make certain trade-offs – one being that it wasn’t as flexible from a programmability standpoint as other blockchains.

Well, Binance Smart Chain is here to change that, a new blockchain with a full-fledged environment for developing high-performance decentralized applications. It was built for cross-chain compatibility with Binance Chain to ensure that users get the best of both worlds.

Introduction

What is Binance Smart Chain?

How does Binance Smart Chain work?

Consensus

3 second block times with a Proof-of-Stake consensus algorithm. Specifically, it uses something called Proof of Staked Authority (or PoSA), where participants stake BNB to become validators. If they propose a valid block, they’ll receive transaction fees from the transactions included in it.

Cross-chain compatibility

Decentralized Finance on Binance Smart Chain

Closing thoughts

Binance Smart Chain greatly extends the functionality of the original Binance Chain and joins a range of cutting-edge protocols designed to bridge the gap between various blockchains. Though still in its infancy, the promise of BNB staking alongside EVM compatibility makes the platform an ideal engine for developers building powerful decentralized applications.

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Binance Smart Chain 2021 Roadmap: Vision and Trends

Four months into the launch of Binance Smart Chain (BSC), we share our agenda for 2021, including our vision for BSC and some of the dApp (decentralized app) trends that we will support.

Since its launch in September 2020, BSC quickly captured a large number of users, projects, and transactions. Launched in the height of public interest in yield farming and other DeFi (decentralized finance) activities, BSC was able to capture $1.2 billion in total transactions one month after its launch.

Since then, BSC has gone from strength to strength with the following milestones:

• In mid-December 2020, Trust Wallet issued TWT on BSC and airdropped millions of dollars in tokens to Binance users. BSC daily transactions related to TWT reached as high as 470,000, according to data from BSCScan.com.
• In January 2021, Binance Launchpool launched BTCST, a BSC-based token anchored on Bitcoin computing power. The tradable and liquid token corresponds to 0.1Th/s of computing power and its income. A total of $1.255 billion in deposits, including 10.43 million BNB, 18,600 Bitcoin, and 186 million BUSD, was staked for BTCST.
• As of January 2021, BSC supports 42 cryptocurrencies across the chain to BSC, the total value of cross-chain assets has reached $1.37 billion, and the total market value of Binance BTokens has reached $556 million.
• The projects that use BSC have started to form a closed-cycle ecosystem. This includes infrastructure such as wallets, oracles, insurance, payment, development tools, data tools, NFTs, and trading markets. There are more than 100 projects on BSC, with nearly 60 of those possessing large numbers of users and transaction volume.
• There are 850,975 active addresses on BSC. The blockchain processes 473,000 transactions each day, almost 40% of Ethereum’s numbers. The average gas fee per transaction is as low as $0.07, which is about 2-3% the gas fee of Ethereum.

For more information on BSC’s milestones, read this article.

From Momentum to Direction: A Vision for BSC

When BSC launched, its main objective was to serve as a blockchain that runs parallel to Binance Chain, provides Ethereum compatibility, and unlocks the staking potential of BNB. Given the rapid growth of the BSC ecosystem, the community has set its eyes on a greater vision for the blockchain.

For this year, BSC aims to build cross-chain financial infrastructure that unlocks the Internet of Value.

There are two key phrases we want to explain here:

• “Build cross-chain financial infrastructure” refers to the construction of solutions that will support more interconnections between blockchains. With this, we aim to build more bridges between DeFi and CeFi (centralized finance).
• “Unlock the Internet of Value” refers to the interaction of different dApps and the corresponding transfer of assets across these applications, powered by the bridges that BSC is building.

There has been a growing conversation about Web 3.0, a new paradigm for information sharing that involves a constant connection between the digital and real worlds. Web 3.0 is expected to include blockchain technology, alongside innovations such as augmented and virtual reality, 5G networks, geolocation, Internet-of-Things devices and sensors, and artificial intelligence/machine learning.

Where does BSC fit in this picture? We will make it easier for different blockchains to interconnect and exchange assets quickly. We will also support dApps and their many use cases. The convergence of these elements will form our concept of the Internet of Value. In the same way that smart devices communicate automatically with one another through the Internet of Things, assets and decentralized services are coveted from one person to another in an easy manner through the Internet of Value.

Pillars and Steps: Fulfilling the BSC Vision and Supporting DApps

To achieve this vision, the BSC team aims to find different growth scenarios and work closely with the many projects under the BSC umbrella. Here are the four core missions that encapsulate how we aim to fulfill the BSC vision for this year:

1. Strengthen critical infrastructure and services. We want to ensure that the network has top-notch security, that APIs and tools are easy to adopt, that cross-chain transaction, and that CeFi and DeFi are bridged well through Wallet Direct and other solutions.
2. Build secure, trust, and holistic DeFi infrastructure. The solutions we build on BSC must satisfy institutional DeFi requirements, so that we can attract more real-world assets and use cases.
3. Pursue mass adoption opportunities. Focus on the specific market segments such as gaming, community (fan) tokens, and more.
4. Foster strong developer communities. Incubate and accelerate original innovations and high-performing developers.

The BSC team is employing a decentralized approach to the development of the ecosystem, leveraging projects, developers, companies, and other entities that created

«Our position is to match people. That is, we do not develop ourselves, but guide good and suitable projects to do it, and quickly verify the optimal model of growth through resources such as BSC, the acceleration fund, and Binance ecology and community,” a spokesperson from the BSC said.

Specifically, we are looking into multiple dApp categories that we think will matter this year. These are:

1. Algorithms. BSC supports the propagation of digital assets that have algorithmic characteristics

Notable Projects: ditto (elastic supply token on BSC), bdollar (algorithmic stablecoin on BSC)

2. Aggregation and Integration. Solutions that aggregate and integrate multiple yield and exchange sources are important in the maturity of DeFi.

Notable Projects: beefy (yield optimizer), Bearn.fi (cross-chain auto-yield farming), OpenOcean (DEX aggregator), Xend (DeFi for credit unions and cooperatives)

3. Cross-chain and Multichain. As mentioned above, a crucial factor in making digital assets interoperable across multiple networks is the the development of solutions that connect different blockchains

Notable Projects: BTCST (token anchored on Bitcoin computing power, Anyswap (cross-chain exchange), NerveNetwork (cross-chain asset network), PolyNetwork (cross-chain network), renVM (multichain solution)

4. Gamification. The gaming industry is an early use case for blockchain networks like BSC.

Notable Projects: Blink (gaming token), Rocketgame (decentralized gaming platform)

5. Community and Social Tokens. The use of NFTs and specialized tokens via BSC provides a unique solution for online communities and social networks.

Notable Projects: Chilz (fan tokens), Realy (luxury NFT platform)

6. Synthetics. BSC also supports the creation of synthetic assets, or assets that combine various derivative products.

Notable Project: Mettalex (derivatives exchange)

7. Institutional DeFi. BSC provides developers the proper tools to build advanced DeFi services such as liquidity mining.

Notable Project: Allianceblock (decentralized capital market)

8. Infrastructure and Tools. At the core of building various applications on BSC are the solutions that help developers in deploying smart contracts, monitor data, and more.

Notable Projects: Bitquery (blockchain data), PARSIQ (cross-chain monitoring), Tenderly (smart contract monitoring), BSCscan (blockchain explorer), ChainIDE (smart contract deployment), Mywish (smart contract creation), Nownodes (blockchain infrastructure)

The BSC team has already explored many private chains and alliance chains with poor liquidity of physical assets, and discovered a large number of high-quality assets suitable for opening to more users. «There are also other real-world applications for BSC such as stocks and real estate, and you will soon be able to see it on our chain.» the BSC team noted.

For the latest news please join BSC Discord.

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