What is Binance Smart Chain (BSC)? Binance Smart Chain (BSC) is a technology created by Binance, the famous cryptocurrency exchange platform. Imagine it as a fast track for cryptocurrencies, where transactions are made very efficiently and at a low cost. BSC allows different cryptocurrency projects and applications to work together, in a similar way to how apps on your phone work. It was launched in 2020 so that more people could access decentralized finance (DeFi), i.e. financial solutions without depending on banks.
How to use BSC on Binance?
-Sign up on Binance: First, you need to have a Binance account to access BSC.
-Buy BNB: BNB is the cryptocurrency used to pay for transactions on BSC.
-Explore decentralized applications (dApps): On BSC you can use apps like:
PancakeSwap: PancakeSwap is a decentralized cryptocurrency exchange (DEX) where users can exchange BNB tokens and other tokens from the BSC ecosystem. It also allows staking and providing liquidity to earn cryptocurrency rewards.
Venus: A decentralized finance (DeFi) platform that allows users to lend, borrow, and earn interest on digital assets in a decentralized manner. Venus also offers the ability to generate cryptocurrency-backed stablecoins.
Autofarm: It is a yield optimizer that helps users maximize the returns on their investments in different DeFi projects on Binance Smart Chain by automating the process of reinvesting profits.
Alien Worlds: A blockchain-based game where users can explore planets, collect resources, and compete for Trilium (TLM), the gameâs token. It is integrated with Binance Smart Chain and combines game mechanics with blockchain technology.
BakerySwap: Another decentralized exchange platform that also offers an NFT (non-fungible token) marketplace and allows for the purchase of digital art. Users can trade cryptocurrencies and participate in the governance of the platform.
Advantages and disadvantages:
Advantages: Fast, cheap, and allows many cryptocurrencies to work together.
Disadvantages: Although it is more centralized than other blockchains like Ethereum, it is still very efficient.
Before investing in cryptocurrencies on BSC, it is important to do your research, have a strategy, and use secure platforms like Binance.
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