A Binance blockchain that aims to compete with Ethereum. At this point, instead of adding all these capabilities directly onto Binance Chain and risk bogging the network down, they decide to launch Binance Smart Chain (BSC). Which lays the foundation for lending, borrowing and other decentralized finance activities.
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Their bits of code execute when a set of pre-defined conditions have been met. In the meantime, DeFi on Ethereum is flourishing, and Binance realizes they, like Ethereum, need smart contract capabilities to keep up with the momentum. To achieve this, the team behind Binance Chain chose not to support multiple apps, and decided to focus only on its primary app – the Binance DEX. The aim was to create a high-speed blockchain that could support a large number of transactions. Our story begins back in April 2019, when Binance launched their own blockchain, Binance Chain.
No more shutting off your debit card because some stranger decided to go crazy with it at their local grocery store, in a random country you’ve never been to. This makes blockchain tamper-proof, which drastically reduces fraudulent activity. Moreover, when assets are traded between peers in the network, the transactions are permanently recorded.
If a blockchain network is not decentralized, could it be interpreted as just another database instead of a blockchain? Anyone who controls it could easily change it on a whim. It offers several components that make up financial freedom transparency, immutability, and trustless transacting. The critical difference is that someone (a central authority) maintains control of the funds on our mobile banking apps.ĭecentralization is the backbone of blockchain, the most crucial concept in digital currency. For example, the mobile banking app on our phones is a form of a ledger. We are surrounded by ledgers in our day-to-day lives. Blockchain: a Crash Courseīlockchain is a tamper-proof, shared digital ledger that records transactions in a decentralized peer-to-peer network. But to better understand BSC, let’s break down what blockchain is before hitting the road.
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Even Fox Studios recently announced they are launching the “first-ever animated series curated entirely on blockchain.”īinance Smart Chain (BSC) is a newer blockchain protocol that is enticing users because of its low gas fees and lightning-fast transaction times. So that means, without it, there is no decentralized finance or any of its related applications. BSC has enjoyed tremendous growth in users since January 2021, thanks to its global outreach, generous Accelerator Fund, and ease of use.ĭipping your toes in DeFi and wondering what’s all the fuss about Binance Smart Chain? we’ve got you covered, here is the BSC back story.īlockchain is the heartbeat of all things DeFi. One of the leading advantages of BSC is that it offers its users the benefit of lightning-fast transaction speeds, even though it is somewhat centralized. Binance Smart Chain (BSC) is an Ethereum-compatible blockchain that offers the same smart contract capabilities at much cheaper transaction fees.
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