If you’ve never heard of the Binance Smart Chain, the chances are that you’re not familiar with the underlying blockchain or the purpose of its network.
Launched by the crypto exchange Binance, the BNB Smart Chain (BSC) supports smart contracts and a host of decentralized applications. BSC runs alongside the BNB chain too, creating a higher number of potential applications and uses.
Of course, the development of the BSC is part of a wider crypto and blockchain revolution, which has impacted everything from how contracts are structured to the iGaming market.
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With tens of billions of dollars worth of BNB locked up in DeFi contracts on the Binance Smart Chain, and an estimated $100m plus in the accelerator fund to pump into exciting and investable projects, this ‘Ethereum-killing’ blockchain is not to be slept on. But what exactly do you need to know?
What exactly is the Binance Smart Chain?
Well, this is essentially a blockchain network that has been specifically built for running smart contract-based applications. On top of that, it utilises Ethereum Virtual Machine (EVM) technology to ensure compatibility with Ether-backed plug-ins such as MetaMask.
As we’ve touched on, the key consideration here is that BSC runs seamlessly in parallel with the native Binance Chain (BC). This enables users to combine the smart contract capability of the former with the high transaction capacity of the latter.
The ultimate aim of the BSC platform is to empower developers who want to build decentralised apps (DApps) across a broad range of applications, although it can also aid users who want to manage their digital assets cross-chain without compromising on either latency or functionality.
Because of this, BSC is widely considered to be a direct rival to the Ethereum network, despite the fact that it currently relies heavily on Ether’s existing development community. ‘Currently’ being the operative word, of course.
The Main Features of the BSC
There are a number of compelling features associated with the BSC. We’ve already touched on the fact that it allows for the development of apps, with the BSC protocol compatible with Ethereum and most of their rival blockchain’s native dApps, tools and unique ecosystem components.
As a result, DApps like MetaMask and Math Cloud Wallet can simply be imported or copied to the BSC network with a minimum of fuss or time.
What examples of BSC are in action?
One example is the capacity to create yield farms, which allow users to effectively put their crypto assets to work by placing them into autonomous financial protocols.
A central component of DeFi, such protocols can subsequently allow leveraging strategies such as lending, staking and the provision of liquidity, with the latter contributing to a more rewarding and fluid exchange.
Thanks to the arrival of the SafePal Wallet App Version 2.3, BSC users now also have access to the so-called “Instant Swap” feature. Through this, it’s possible to swap your favourite coins and tokens (including the native BNB) immediately across a wide range of supported networks.
SafePal also fully supports the BSC network, so you can swap tokens efficiently and safely with very little hassle.
OK – So What Does the Future Hold?
So, what is the BSC looking to implement in the near future? Here’s are some developments that are ongoing or likely in the near-term:
- More cross-chain functionality with other blockchains
- Welcoming more and more projects from other blockchains to migrate over to BSC, something which is becoming more frequent as Ethereum’s scalability issues continue
- More bug bounties and security work to improve the overall trust of the network
- Gamification
- Synthetics
- Ultimately, the birth of institutional DeFi, inviting advanced large-scale DeFi services to build on the BSC
One thing’s for sure: smart contract technology and integration is constantly evolving, with the BSC at the heart of such trends. This will undoubtedly be a fascinating space to watch in the future!
