Introduction to: Binance Smart Chain

Blockchain is the technology that allows cryptocurrencies to function. As with any technology, the longer it exists, the more varied it will become. In its early period of development, there were only a few dozen blockchains to speak of. Now, a decade plus later, there are literally thousands. There are public and private blockchains. Blockchains […]

Date published:

26 July 2022

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Date modified:

31 August 2022

Blockchain is the technology that allows cryptocurrencies to function. As with any technology, the longer it exists, the more varied it will become. In its early period of development, there were only a few dozen blockchains to speak of. Now, a decade plus later, there are literally thousands. There are public and private blockchains. Blockchains with multiple tokens, some with only one, and some that don’t use tokens at all. With so many choices, how do you know which are worth using?

Generally speaking, the best blockchains are the most popular ones. Bitcoin, Ethereum, Ripple, and Binance have some of the widest user bases. However, each blockchain is different and designed with special functionality to solve specific problems. With this in mind, Binance Smart Chain is a blockchain that NFT fans continue to support. Why is this you ask? Keep reading to find out why. 

What is a binance smart chain

BSC Binance Smart Chain is another blockchain that runs alongside its native chain, Binance. What makes them different is that BSC works with Ethereum. It is integrated with the Ethereum Virtual Machine. This means that smart contracts written on BSC can interact with Ethereum seamlessly, giving users the kind of cross-chain abilities they want.  

Although the two blockchains function simultaneously, they aren’t what is commonly referred to as “layer two” blockchains. Far from it in fact. BSC can function completely independently of the other chain’s existence. So if Binance Chain went down, BSC would still be going strong. This is good news for both developers and users since they don’t have to rely on both networks all the time. However, they are constructed in a similar fashion. 

Since the Binance Smart Chain network works with Ethereum, developers can make use of Ethereum’s Dapps and connect their projects to Ethereum. They can also tweak their applications to function on Binance Smart Chain. Essentially, Binance Smart Chain was designed to work with Ethereum, and it functions accordingly.

How does Binance smart chain work?

Smart Chain Binance has one of the fastest block creation times, in up to three seconds. This is much faster than other blockchains. BSC also has a unique validation process. BSC relies on Proof of Stake. Users stake BNB and then become validators. When they successfully get a block of their own approved, they are rewarded with all of the block’s transaction fees. This big incentive keeps validators motivated to keep doing the work. 

Unlike other blockchains, the token supply is limited and reduced over time. Binance limits their token amount using token burns, in which a certain amount of tokens are destroyed following a predetermined schedule. The reduced token supply creates demand and therefore boots the price. BSC was programmed to complement the Binance Chain. Because of this design, users can transfer funds with ease between the two chains. They have the advantage of Binance Chain’s fast transaction times, combined with the ability to construct their own applications on BSC. Users can easily transfer tokens between the chains using Binance Chain Wallet.

Security and Safety

When measuring a blockchain’s security, there are several factors to keep in mind, including the nodes, code, and the blockchain itself. Since BSC is a decentralized blockchain, nodes, validators, code, and users are spread out. Each point presents its own security risks. 

As a decentralized blockchain, BSC’s code is accessible to the public and open to audits. This allows anyone with the technical know-how to check the code for risks and bugs. The code relies on proof of stake and has multiple checkers who can verify each other and prevent one another from taking complete control of what goes on the blockchain. 

What’s more, BSC has a safe algorithm and a history of a few security breaches. Of course, BSC has its own security team that regularly reviews the platform and scans for threats. But BSC also has a security program that incentivizes individuals to find and report any security risks. In this way, BSC leverages community support to aid with security.

Conclusion

Binance Smart Chain is one of the most popular blockchains for NFTs. This is because it’s built to interact with Ethereum. Since most NFTs are created on Ethereum, it stands to reason that NFT creators and collectors would migrate to BSC. Concerning blockchain games, Binance Smart Chain is one of the most prolific and reliable blockchains. Developers can connect their projects with ease, while but gamers have access to some of the most valuable gaming NFTs. Ready to start earning crypto with NFT games on BSC? Check out the Binance Smart Chain NFT marketplace or visit us on Octogamex.com to browse our collections of today’s most popular gaming NFTs. You’ll be glad you did.

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