Binance Smart Chain (BSC), the Blockchain network of smart contracts backed by popular cryptocurrency exchange Binance, is experiencing a new record of daily transactions. According to data from the BscScan platform.
For previous years, the Bitcoin and Ethereum Blockchain were leading the pack. Since most of the transactions in the crypto space occurred through any of them. However, recent data from BscScan, an analytics tool used to measure the number of transactions and other metrics on Binance Smart Chain (BSC), has shown that the platform's daily transactions have reached nearly 15 million, bringing the becomes the first Blockchain network to achieve this.
The number of daily transactions on the Binance Smart Chain surpassed those of the Bitcoin and Ethereum Blockchain combined. The low transaction costs of the BSC have attracted many users to this network.
Likewise, the number of new cryptocurrency wallets that were created on November 16 also achieved a new record. According to BscScan data, 276,446 new wallet addresses were created on Tuesday, while the previous record was 111,244 daily wallets.
Compared to the other Blockchains, Ethereum for example, recorded 1.3 million transactions on November 16 and its record is 1.7 million transactions, plus around 135,000 new addresses were created that day. On the Bitcoin network, on the other hand, 740,829 new addresses were created, however, the number of transactions on its platform for that day was only 301,103.
The evolution of Binance
The cryptocurrency exchange Binance started on the network without any physical location or licenses. However, at present, this platform handles more than $ 40,000 million dollars daily.
The cryptocurrency exchange has 3,000 employees around the world. Based on daily trading volume and transaction fees charged by Binance, company experts suggest that if Binance could appreciate, it could be worth as much as $ 300 billion, according to some former executives.
Binance was founded by Changpeng Zhao, currently, 44, who was born in China and moved to Canada with his parents when he was only 12 years old. After studying computer science at McGill University in Montreal, he worked in Tokyo and New York at various financial companies, including Bloomberg, where he developed software for stock trading on the stock market.
Founder Zhao was captivated by the idea of a decentralized currency that could be used anywhere in the world without the need for banks or regulators. Therefore, he sold his apartment located in Shanghai and worked for various cryptocurrency startups. Finally, together with a group of programmers, he launched Binance in 2017.
The platform in its beginnings only focused on trading Bitcoins. And it did not allow users to exchange cryptocurrencies for fiat currencies.
Today, Binance is as massive at the market level as the London, New York, and Hong Kong exchanges combined. The platform trades more than 100 cryptocurrencies and tokens, in addition, it has numerous physical offices around the world and is the exchange with the largest daily market volume in the world.