Binance Smart Chain (BSC)
Binance Smart Chain (BSC) is a blockchain platform developed by Binance. This is one of the world's largest crypto exchanges. This was launched in 2020. BSC is created for the creation of decentralized applications (DApps) and smart contracts. It operates in parallel with the Binance Chain. It is built using a Proof of Staked Authority (PoSA) consensus mechanism. The main goal of Binance Smart Chain is to provide an environment compared to the Virtual Machine (EVM) of Ethereum. So the developers can easily port their existing Ethereum-based DApps and smart contracts to BSC without extensive modifications. The developers and projects find it easier to deploy their decentralized applications on the network.
BSC offers a native utility token called Binance Coin (BNB). BNB serves multiple purposes within the BSC ecosystem. It is used as gas to pay for transaction fees and smart contract execution. BNB can be staked by users to participate in block validation and earn staking rewards. Block confirmation time is very low ranging from three to five seconds. It can handle high volumes of transactions very easily and quickly. The speed and low transaction fees make BSC an attractive option for users and DApp developers. It is quick even during periods of high network congestion on other blockchains. BSC offers a variety of projects offering yield farming and liquidity provision. PancakeSwap is a decentralized exchange (DEX) built on BSC. It has gained significant popularity as a cheaper and faster alternative to its Ethereum-based counterparts. Many users have flocked to BSC's DeFi platforms to take advantage of higher yield opportunities and lower transaction costs.
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VEIGO (Community Mod)
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