BSC, the full name of Binance Smart Chain, is a public chain based on the Ethereum Virtual Machine launched by Binance Exchange. Compared with Ethereum, BSC has faster transaction speed and lower transaction fees, so it has attracted the attention and favor of many users and developers in the market. This article will discuss the specific significance and application value of BSC from a technical perspective and an application perspective. (Currently BSC has been renamed BNB Chain)

1. The beginning of the Binance BSC story

  1. This story should start from April 2019. At that time, Binance launched its own blockchain, Binance Chain, with the goal of creating a high-speed blockchain that can support a large number of transactions.

  2. To achieve this goal, the Binance Chain team chose not to support multiple applications and only focus on its main application - Binance DEX. Old users should know this story.

  3. At the same time, decentralized finance on Ethereum is also booming, and Binance realizes that, like Ethereum, it also needs smart contract capabilities to keep up with industry development.

  4. As long as a set of predefined conditions are met, the code snippet will automatically execute the smart contract. This lays the foundation for lending and other decentralized financial activities.

  5. Back to Binance. At this point, they decided to launch the Binance Smart Chain (BSC) instead of adding all these features directly to the Binance Chain, which could have paralyzed the network.

The goal of Binance Blockchain has always been to compete with Ethereum.

2. What is the use of Binance BSC?

  1. Binance Smart Chain (BSC), as a new distributed ledger technology, has the dual advantages of security and efficiency.

  2. Compared with typical blockchain technologies such as Bitcoin and Ethereum, Binance Smart Chain (BSC) adds efficient smart contract (or application) processing capabilities.

  3. By using a secure encrypted transaction server (Secure Processing Server, SPS), users can easily use smart contract processing and integration, thereby greatly reducing the blockchain usage cost of other blockchain technologies.

  4. In addition to its performance advantages, Binance Smart Chain (BSC) also allows users to create advanced, feature-rich smart contracts.

  5. For example, it authenticates user permissions, supports multi-level security systems, and provides industry-specific solutions. In addition, users can use Binance Smart Chain (BSC) to seamlessly access CoinSec’s extended functions, including extension modules, hierarchical mapping, and security verification code services, etc.

  6. In short, Binance Smart Chain (BSC) aims to improve the limitations of existing blockchain technology and provide a higher-performance and more flexible technology platform, thereby helping smart contract developers to achieve more, so that they can use more technical features to effectively implement business functions.

  7. Another important feature of the BNB chain is that its transaction fees are very low. Users can use BNB to pay transaction fees, and the fees are very low, which makes the BNB chain a very attractive blockchain platform.

    3. Summary of the advantages and disadvantages of the renamed BNB Chain

  8. Today's BNB Chain is an EVM-compatible L1 network.

  9. It consists of the BNB Beacon Chain and the BNB Smart Chain (BSC), of which the BNB Beacon Chain is mainly responsible for staking and voting; the BSC chain is responsible for EVM compatibility, consensus layer, and node verification.

  10. BSC's support for smart contracts and compatibility with EVM allow developers to easily and quickly deploy smart contracts and build DApps on BSC.

  11. BNB Chain has six major focuses in 2023: scalability, multi-chain solutions, decentralized data economy, security, greater decentralization, and mass adoption of infrastructure.

Summary: As Binance develops in the future, BNB Chain will also be gradually improved and expanded with new functions. In short, it is an inevitable trend to be optimistic about the development of BNB Chain!

Thank you for reading and watching. Let us understand the role and development of BNB Chain together.