Binance Smart Chain (BSC) is a HIGH-SPEED BLOCKCHAIN developed by Binance, which has become a competitor to Ethereum, providing cheap and fast transactions. Since its launch, BSC has attracted the attention of many developers, leading to the creation of a huge number of tokens and applications on this platform.
Why Binance Smart Chain?
1. High speed and low fees. BSC offers transactions that occur significantly faster than on other popular blockchains such as Ethereum. This makes it attractive for users and developers.
2. Compatibility with Ethereum. BSC uses the Ethereum Virtual Machine (EVM), which allows developers to transfer their dApps (decentralized applications) from Ethereum to BSC without the need to rewrite code.
3. Accessibility for new projects. The platform allows developers to create their own tokens and decentralized applications using BEP-20 and BEP-2 standards, making development and launch easier.
How do tokens work on BSC? 🪙
BEP-20 tokens: This is the token standard used on Binance Smart Chain. Similar to the ERC-20 standard on Ethereum, BEP-20 tokens can be used to create various cryptocurrency assets and applications on BSC. BEP-20 supports functions such as transfers, storage, and interaction with other smart contracts.
DeFi applications: Projects in the field of decentralized finance (DeFi) are actively developing on BSC, such as exchanges, lending, and farming platforms that allow users to earn on their tokens.
NFT on BSC: Recently, projects with non-fungible tokens (NFTs) have also been actively developing on Binance Smart Chain, opening new opportunities for artists, collectors, and gamers.
⚠️Advantages of BSC:
1. Low fees — thanks to a more efficient consensus (Proof-of-Stake), fees on BSC are significantly lower than on Ethereum.
2. High speed — transactions on BSC are usually confirmed within seconds, making it convenient for daily operations.
3. A wide selection of tokens and applications — due to support for various types of tokens (for example, BEP-20), there are many projects and applications on BSC that can be used for trading, investing, or creating new tokens.
❔How to start working with tokens on Binance Smart Chain?
1. Create a wallet that supports BSC. To work with BSC, you can use wallets such as Trust Wallet, for example, which allow you to connect to the Binance Smart Chain network.
2. Purchase and transfer of tokens. To buy tokens on BSC, you can use exchanges such as Binance and transfer them to your wallet. From there, you can use them to participate in DeFi projects, staking, or trading.
3. Using decentralized applications (dApps). To interact with dApps on BSC, you will need to connect your wallet to platforms such as PancakeSwap or Venus to exchange tokens or earn income.
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Binance Smart Chain continues to gain popularity due to its speed, low fees, and compatibility with Ethereum. It is an excellent platform for developing and using decentralized applications, as well as for investing in cryptocurrencies and tokens with low transaction costs. If you are looking for faster and cheaper ways to interact with cryptocurrencies, BSC is a great choice.