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Learn about Binance Smart Chain Technology
General Information
Binance Smart Chain (BSC) is a platform where people can create and use apps that run on a blockchain. A blockchain is like a digital ledger that keeps track of transactions securely and transparently.
BSC is designed to be faster and cheaper than other blockchains like Ethereum. This makes it a good choice for people who want to use blockchain apps without paying high fees.
To use BSC, you need to set up a digital wallet that supports the Binance Smart Chain network. There are different types of wallets you can use, but they all let you store and manage cryptocurrencies.
Once you have a wallet set up, you can start using apps that are built on BSC. These apps are called decentralized apps (DApps), and they can be used for things like buying and selling digital assets, staking tokens, and earning rewards.
To use a DApp on BSC, you need to connect your wallet to the app. This is usually done through a browser extension like MetaMask. Once connected, you can use the DApp just like you would any other app on your phone or computer.
Overall, Binance Smart Chain is a good choice for people who want to use blockchain apps without paying high fees. It's easy to use and has a growing community of developers and users.
Why we choose Binance Smart Chain
One of the key features of BSC is its high throughput, which allows for fast and low-cost transactions. This has made it a popular choice for users looking for an alternative to the high fees and slow transaction times on the Ethereum network.
The BSC ecosystem has grown rapidly since its launch, with a wide range of dApps and use cases being developed on the platform. As of September 2021, the total value locked (TVL) in BSC-based dApps was over $20 billion, making it one of the largest ecosystems in the decentralized finance (DeFi) space.
There are many different types of dApps and use cases being developed on BSC, including:
Decentralized exchanges (DEXs): BSC has become a popular platform for DEXs due to its low transaction fees and fast transaction times. Some of the most popular DEXs on BSC include PancakeSwap, BakerySwap, and BurgerSwap.
Yield farming: BSC has also become a popular platform for yield farming, which allows users to earn rewards by providing liquidity to various DeFi protocols. Some of the most popular yield farming protocols on BSC include Autofarm, Goose Finance, and Beefy Finance.
Gaming: BSC has also been used as a platform for developing blockchain-based games. Some of the most popular games on BSC include Axie Infinity, My DeFi Pet, and Planet Sandbox.
NFTs: BSC has also become a popular platform for the creation and trading of non-fungible tokens (NFTs). Some of the most popular NFT marketplaces on BSC include BakerySwap NFT and Refinable.
Cross-chain interoperability: BSC is also being used as a bridge between different blockchain networks, allowing for the seamless transfer of assets between them. For example, Binance Bridge allows users to transfer tokens between BSC and the Ethereum network.
Overall, the Binance Smart Chain ecosystem has seen rapid growth and development since its launch, with a wide range of dApps and use cases being developed on the platform. As the DeFi space continues to evolve, it will be interesting to see how BSC continues to innovate and compete with other blockchain networks.
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