Not long ago Binance Smart Chain or BSC got the crypto community excited for its rapid development.
BSC has experienced an increase in the number of transactions and is as busy as Ethereum which is actually more senior than Binance Smart Chain besides that several coins on the network have also experienced impressive price increases, some of which are Binance Coin (BNB), Cake and Bake.
Launched in September 2020, Binance Smart Chain is a blockchain service that allows developers to build their own decentralized applications using smart contracts.
The original Binance chain was not built to allow for such functionality, but Bina has been designed to provide the same types of fast transactions and can extend the features and capabilities available. It is also compatible with the Ethereum Virtual Machine (EVM), which means that it is capable of running dapps ported from Ethereum.
However, BSC is not a rebrand version of the original Binance Chain, and is not a two-tier or sidechain platform.
It is a completely separate and standalone blockchain that can continue even if the Binance Chain is offline. But the two blockchains were ultimately designed to work in parallel.
Binance Smart Chain uses what's called a Proof-of-Staked Authority (PoSA) consensus algorithm, a combination of a proof-of-stake and proof of authority model.
Validators on the network are those who have staked a certain amount of BNB, and then receive a transaction fee when they validate an approved block on the network.
Binance Chain and Binance Smart Chain are designed to work simultaneously, and Binance has built-in easy cross-chain compatibility between the two.
Assets can be quickly transferred between blockchains, collaborating with the fast trading capabilities of the first with the smart contract functionality of the latter.
Binance Chain's BEP-2 and BEP-8 tokens can also be exchanged for BEP-20 Smart Chain tokens.
In addition, the compatibility of compatible Ethereum Virtual Machines will make it easier for dappers on other blockchains to move their projects to the Binance Smart Chain.
This is something that can be very attractive to dapp operators as Ethereum continues to grow and fuel costs go up.
Although Ethereum's planned change to the proof-of-stake model in Ethereum 2.0 could alleviate some of the current scaling issues.
Therefore many think that if BSC will eventually beat Ethereum, if Ethereum does not solve Ethereum 2.0 which is currently still in its infancy phase.
The BSC is really targeted at decentralized application developers, whether they are looking for a platform to build new applications on or looking to move projects away from Ethereum.
Between the dual chain system, EVM support, and Binance's own support, the company hopes to attract developers into its ecosystem, creating value for all stakeholders.
Nice