Binance Smart Chain (BSC) Chosen by Daaps

Binance Smart Chain abbreviated as BSC is understood as a blockchain Advanced is much improved than the version Binance Original Chain. But BSC is a parallel platform not a replacement for the old one.

BSC will provide users with smart contracts and the same compatibility with Ethereum through EVM.

Despite the popularity of blockchain Ethereum, some developers believe that the network blockchain is slowly becoming obsolete as more and more projects move their facilities to networks blockchain instead of, replace. What caused this gradual change was the slow transaction speed of Ethereum and high gas fees.

Slow transactions and high gas fees of the Network Ethereum due to network congestion. Network Ethereum operates on the P . protocolroof of Work and is gradually moving towards the protocol Proof of stake. However, the current algorithm is not capable of handling the current number of transactions on its own. As a result, transactions are still pending, and transaction speeds decrease while gas fees increase.

Fortunately, the ecosystem cryptocurrency is a safe haven for progress and innovation. Binance, started as an exchange cryptocurrency, has developed its own blockchain, Binance Smart Chain, has quickly become the blockchain network for developers.

What's different about Binance Smart Chain?

Binance Smart Chain was launched in September 2020 and is currently hosting a number of projects and is rapidly growing to become the largest blockchain network. It is designed to run in tandem with the existing and native Binance Blockchain. These concurrently running blockchains help bring smart contract functionality to the network without affecting the speed of the main network.

Binance Smart Chain was explicitly developed to address Ethereum's growing gas fees and provide faster, scalable, and cheaper transactions. In the past, several alternative blockchains have tried to become the 'Ethereum Killers' but have not been able to successfully attract the interest of the new project.

However, Binance Smart Chain is hosting multiple blockchain projects, Defi and cryptocurrencies. One of these projects includes the growing Sphynx that aims to provide an all-in-one solution for trading, staking, farming and holding. Sphynx uses Binance Smart Chain to enable fast, cheap, and secure transactions, while providing cross-chain interoperability within the ecosystem.

What differentiates Binance Smart Chain from other “Ethereum Killers” is that the Proof of Staked Authority consensus algorithm strikes the ideal balance between decentralization and high performance. PoSA's potential can be hinted at by the fact that BSC has only 21 validators compared to Ethereum's 11,000 nodes.

More, BNB spent $100 million on projects committed to building on BSC, like the parent company's Binance Launchpad. In addition, Binance also provides various features such as Binance Wallet, Explorer, Testnet Faucets and IDEs.

The dual-chain architecture of Binance Smart Chain allows users to build decentralized applications on a single blockchain while leveraging the fast transaction services of other blockchains.