Getting to know Binance Smart Chain (BSC)
Binance Smart Chain (BSC) is an EVM-compatible chain built by Binance, one of the largest crypto exchanges in the world. It was originally launched as a parallel chain to the company’s first blockchain, Binance Chain, with an aim of providing a high performance and low cost platform for decentralized applications, or dApps.
The core design of Binance Smart Chain is to address some of the long-running challenges of Ethereum, particularly gas fees and transaction speed. BSC uses a consensus mechanism known as Proof of Staked Authority (PoSA). This allows participants to put up a stake of the network’s native tokens for a chance to validate transactions and make an earning. In terms of energy consumption, this method vastly reduces the barrier of entry for validators.
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Binance Smart Chain is EVM-compatible
Binance Smart Chain has EVM compatibility, so developers can use the same programming languages to build decentralized applications on Ethereum, such as Solidity, and tools like Remix and Truffle. This makes dApps migration fast and easy.
As a result, Binance Smart Chain has a thriving ecosystem of dApps. Some of the most popular decentralized applications you may have heard of, such as Pancakeswap, were built on BSC. There’s also a host of wallets, explorers and tools that help users better interact with Binance Smart Chain.
Binance Smart Chain as BNB Chain
When Binance Smart Chain launched, it kept things running with the native token BNB (Binance Coin). BNB is used to pay transaction fees on Binance Smart Chain and other activities on the platform, such as token sales. BNB was originally launched as an ERC-20 token on Ethereum, but has since migrated to Binance Smart Chain and seen significant growth in value.
Binance clearly has a deeper vision for BNB. in 2022, it launched BNB Chain, which is an open-sourced and decentralized platform that utilizes both the Binance Chain and Binance Smart Chain. It’s a dedicated environment for building dApps and further growing Web3.
Binance Smart Chain on atato custody
Atato supports all EVM-compatible chains, so as a user you can add Binance Smart Chain to custody. The process is quick and easy and shouldn’t take you longer than a few seconds as with any other chain.
Looking for something else?
There’s a wide range of EVM-compatible chains available on atato. We’ve recently integrated OKXChain (OKC) and all its tokens. If you’re an OKC user, you may want to check out our OKC announcement to see what cool perks are available to you.