Binance Smart Chain runs on the main net, activating a parallel blockchain that runs with Binance Chain, which allows creating smart contracts and using the staking mechanism of BNB. Any interested person and/or company can hire a Binance Smart Chain development service, collect a sufficient amount of BNB and become a validator of the new blockchain.
Robustness of the blockchain ecosystem
The ecosystem has a strong base of developers supporting various integrations, including Chainlink, BandProtocol, Swipe, Ontology, TrustWallet and about 25 other projects.
Binance Smart Chain has high blockchain speed and low transaction fees. In addition to compatibility with major blockchains, Binance Smart Chain uses a unique PoSA consensus algorithm, which enables creating a new block every three seconds. Furthermore, the fee structure significantly reduces the costs when using DeFi protocols and decentralized apps.
Access to assets in the Binance Chain network
Binance Chain interacts with the decentralized exchange Binance DEX and also supports bitcoin, ether and other well-known cryptocurrencies. The list of assets available in Binance Smart Chain for DeFi protocols will be expanded.
A rich, yet growing ecosystem of digital assets based on Binance DEX, the leading decentralized exchange
Low transaction fees of up to 1 cent
High performance: The network can produce one block every three seconds
DeFi crosschain mechanisms enhance DeFi functional compatibility
The Binance ecosystem funds and supports many DeFi projects
A growing ecosystem with millions of users of Binance.com and Binance DEX
A network of major cryptocurrency projects that already collaborate with BSC
Binance Chain developers are launching the Binance Smart Chain main net with BNB-staking and decentralized finance (DeFi) application development options.
The developers published the Binance Smart Chain white paper in April 2020. Binance Smart Chain is a side chain of Binance Chain that supports smart contracts. Before deploying the Binance Smart Chain main net, the developers ran a test network, testing the security of its interaction with various blockchains, as well as conducting stress tests through competitions.
Today, you can use a Binance Smart Chain development company to develop decentralized applications (dApps) in the Binance Chain ecosystem and create products for the DeFi industry. This blockchain infrastructure allows Binance Chain to run with the Binance DEX decentralized exchange and various crypto assets. In addition, the Binance Smart Chain blockchain is compatible with the Ethereum Virtual Machine (EVM), which implies the ability to integrate Ethereum-based tools.
Another important feature of Binance Smart Chain is staking of BNB coin - one of the top 10 coins by market capitalization. Thanks to the proof of staked authority (PoSA) consensus mechanism, Binance Smart Chain validators will be rewarded in BNB for completing tasks. This will motivate the network participants and ensure its smooth operation without reducing transaction speed.