What is Binance Smart Chain and how does it work?

3 answers

• Scarlett LevyAug 06, 2021 · 4 years ago
  Binance Smart Chain (BSC) is a blockchain platform developed by Binance, one of the largest cryptocurrency exchanges in the world. It operates parallel to the Binance Chain and offers a range of features that enable developers to build decentralized applications (dApps) and digital assets. BSC uses a consensus mechanism called Proof of Staked Authority (PoSA), which combines elements of Proof of Stake (PoS) and Proof of Authority (PoA) to achieve fast block times and high scalability. It also supports the Ethereum Virtual Machine (EVM), allowing developers to easily migrate their existing Ethereum dApps to BSC. Overall, Binance Smart Chain aims to provide a fast, low-cost, and user-friendly environment for decentralized finance (DeFi) applications.
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• RobertHustlerMay 28, 2023 · 3 years ago
  Binance Smart Chain is a blockchain platform created by Binance that offers a range of features for developers and users in the cryptocurrency space. It operates alongside the Binance Chain and provides compatibility with the Ethereum Virtual Machine (EVM), allowing developers to deploy and run smart contracts and decentralized applications (dApps) on the Binance Smart Chain network. BSC utilizes a dual-chain architecture, with one chain for fast transaction confirmation and another for decentralized trading. This architecture enables BSC to achieve high performance and low fees, making it an attractive option for users and developers looking to participate in the growing ecosystem of decentralized finance (DeFi).
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• Rahbek SvenningsenJul 30, 2020 · 5 years ago
  Binance Smart Chain (BSC) is a blockchain platform that offers a variety of features for developers and users in the cryptocurrency space. It is developed by Binance, a leading cryptocurrency exchange. BSC operates using a dual-chain architecture, with one chain dedicated to handling transactions and another chain focused on supporting smart contracts. This architecture allows BSC to achieve fast transaction confirmation times and high scalability. BSC also supports the Ethereum Virtual Machine (EVM), which means that developers can easily migrate their existing Ethereum dApps to the BSC network. Overall, Binance Smart Chain aims to provide a seamless and user-friendly experience for developers and users in the decentralized finance (DeFi) space.
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