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What is Binance Smart Chain?

Chain developer
2020-09-25 06:36

What is Binance Smart Chain?

Binance Smart Chain (BSC) is a blockchain that runs in parallel with Binance Chain. Binance Smart Chain brings EVM-compatible programmability and native cross-chain communication with Binance Chain using an innovative consensus of Proof of Staked Authority (PoSA). In other words, BSC will work in parallel with Binance Chain to enable the creation of smart contracts for tokens on Binance blockchain and to introduce an innovating new staking mechanism for BNB.
What is the Proof of Staked Authority (PoSA)? PoSA is a combination of the Proof of Authority (PoA) and the Proof of Stake (PoS). This new consensus mechanism enables validators, token holders, developers, and users to benefit from a rewarding blockchain that offers high performance and space for further innovations.
BNB is used for delegated staking on the authority validator, leading to staking rewards for users and validators.
This dual-chain architecture will empower its users to build their decentralized apps (DApps) which retain the high-performance matching of Binance DEX and crypto-assets on one blockchain and take advantage of the fast trading to exchange on the other.
Let's take a look at the highlights of BSC.
  • EVM Compatible
  • Proof of Staked Authority
  • Cross-Chain Transfer
  • Block time ~3 seconds

How to transfer asset from Binance to your wallet

Users can choose mainstream wallets compatible with Binance Smart Chain, and transfer your cryptocurrency to your smart chain wallet address by creating a wallet address. Let's take Trust Wallet's as an example to find out how to transfer BNB from your Binance Account to your Smart Chain wallet.
Step1. Create your wallet.
Step 2. Use 12 randomly generated words to input to backup your wallet.
Step3. Select [Receive], select [Smart Chain], and find your BEP20 address. Copy your address to the withdrawal area of ​​your Binance account.
Step 4. Open the Binance App, under the withdraw button of your account, please select the BEP20 mainnet to confirm the withdrawal.
You can receive the corresponding BNB in ​​your Trust Wallet.

Start to explore the Binance Smart Chain!

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