What is Binance Smart Chain?
Binance Smart Chain (BSC) is a smart contract-enabled parallel blockchain to Binance Chain that provides a permissionless platform for decentralized application (DApps). While Binance Chain offers a high-throughput targeting active crypto trades, it lacks in the programmability department. Binance Smart Chain exists to change that. Binance launched Smart Chain to provide a high-speed, low-cost alternative for the burgeoning decentralized finance (DeFi) market, which has suffered from Ethereum’s high transaction fees. Launched in September 2020, Binance Smart Chain boasts a five-second block time, cross-chain asset transfers, EVM compatibility, and a Proof of Staked Authority consensus protocol to ensure scalability.
The BEP20 Token Standard
Binance Smart Chain has a BEP20 token standard that functions similarly to Ethereum’s ERC20 standard. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens. For example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. The same goes for ETH, XRP, DOGE, and many more.
What’s Happening on Binance Smart Chain?
As a low-cost, high-speed alternative to Ethereum, backed by one of the largest crypto companies in the world, Smart Chain already boasts a wide range of DApps and DeFi apps on its chain. While some DeFi protocols have migrated over to Smart Chain from other blockchain networks, dozens of Smart Chain-native DApps have emerged and experienced substantial user growth since their inceptions. DeFi protocols, such as PancakeSwap, Venus, and Autofarm, make up most of the activity on BSC. But that does not mean Smart Chain is only for decentralized finance. Gaming and gambling DApps have also found a home on Smart Chain, and the first NFTs appeared in early 2021 to provide BSC users with the same crypto collectible experience found on other chains.
How to Access Binance Smart Chain
Arguably, the easiest way to access the BSC ecosystem is using the Trust Wallet DApp Browser . The market-leading mobile DApp Browser allows anyone with a smartphone to securely access DApps and DeFi protocols on Binance Smart Chain with just a few clicks. Download Trust Wallet today and explore the Binance Smart Chain ecosystem.