What is Binance Smart Chain

The new version of TokenPocket wallet fully supports Binance Smart Chain. Using TP wallet, users can easily create Binance Smart Chain accounts, experience Bridge Smart Contract Development Services DeFi, and store and transfer BNB and BEP20 Tokens . Welcome to experience.

Binance Smart Chain (BSC), as a blockchain running in parallel with Binance Chain, is compatible with the existing Ethereum ecosystem and is an optimized version of the Ethereum system .

BSC is an Ethereum virtual machine compatible blockchain, which is the testing and cutting-edge exploration of top projects in the crypto asset industry. The launch of BSC will greatly improve to the efficiency and application scope of Binance and BNB. By introducing the Proof of Stake Authority (PoSA) consensus mechanism, BSC establishes a verification ecosystem that allows nodes, token holders, developers and users to benefit from the blockchain, enjoy higher performance and More room for innovation.

It will become a bridge smart contract between the various public chains

Binance Smart Chain’s “Token Canal “ plan can connect Binance Smart Chain with other public chains. If the public chains are parallel highways, Binance will become a bridge between the grafting highways.

Through the secure custody service of the Binance CeFi platform, tokens on other public chains can be bridged to the Binance Smart Chain, including Bitcoin’s BTC, ERC20 on Ethereum (ETH, LINKS, USDT, DAI, etc.), XRP , BCH, LTC, ADA, DOT, XTZ, EMS, ONT, etc. Through the bridging method , Binance Smart Chain will be able to realize one-click transfer of assets between different network tokens. Users can easily and quickly transfer token assets into Binance Cross chain bridge development , and can also reverse conversion.

Decentralized governance, BNB users gain on-chain governance rights

The consensus mechanism adopted by Binance Smart Chain is Proof of Stake Authority (PoSA), which combines the functions of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) mechanisms. The consensus mechanism algorithm it adopts is built on a network of 21 verification nodes, and the second-level block time can establish a high-speed infrastructure for the DeFi protocol.

At the same time, the verification node can obtain BNB rewards through the workload performed on the blockchain , which ensures the transaction speed while ensuring stability and incentives.

The new version of TP is released to fully support Binance Smart Chain

Support Binance Smart Chain wallet establishment

After installing the latest version of the wallet, new users can directly click [I don’t have a wallet] to select Binance Smart Chain to create. (Old users can click [I have a wallet] to import using the mnemonic or private key)

Click the “Create” Wallet button, then enter the wallet name and password in turn, and click the “Create Wallet” button below after the input is complete.

Then back up the mnemonic phrase, you can copy the mnemonic phrase into the notebook, copy at least two copies and keep them in different locations.
The successful backup of the mnemonic phrase completes the establishment of the Binance Smart Chain wallet.

Support to the BNB and BEP20 Token of the storage and transfer

After establishing the Binance Smart Chain wallet, you can use the wallet account to transfer and receive money.

Support Binance Smart Chain DeFi

Through TokenPocket’s Binance Smart Chain wallet, you can connect to Binance Smart Chain DeFi products.

At present, TP Wallet has launched many Binance Smart Chain DeFi products, including Swap, lending, and Smart Pool DeFi. (Click [Discover] to enter easily)

In the new product area of TokenPocket, you can see some recently launched Binance Smart Chain DeFi products,Build a cross chain bridge such as Bounce, BSC SWAP, Anyswap, YFII Valut and Cream. Through TP’s Binance Smart Chain wallet, you can connect to these DeFi to experience.

In addition to DeFi products, you can also connect to the BSC block browser and some lottery games through TP’s Binance Smart Chain wallet.
In the future, the TokenPocket
wallet will further improve the operation experience of Binance Smart Chain, increase the observation mode,Build a token bridge BSC cross-chain exchange, strengthen the DApp whitelist and other functions. Please look forward to our new version.