The Tech Quiz - Season 34

Greetings everyone.

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What is the native token of BSC (Binance Smart chain). A small introduction.

The BSC native coin is Binance Coin (BNB), BNB is primarily used in the Binance ecosystem as a payment tool that works as gas for trading, a token that allows participation in sales of new tokens, and a means of payment for services offered by Binance.

BSC is the project developed by Binance to bring developers to build dApps and digital assets on the blockchain with less fee and high speed. Business Social Network (BSC) uses consensus mechanism called Proof of Staked Authority (PoSA), which is simply adopted from PoS BFT.

Tell us about the top DEX on BSC.

To my own knowledge PancakeSwap is trending at the moment as one of the most popular DEXs operating on the Binance Smart Chain. PancakeSwap started in September 2020, and it received recognition due to its cheap fees, INSTANT transactions, and More Token Choices. Users can exchange many tokens, liquidity suppliers can earn commissions, stakers who supply liquidity get yield farming to earn CAKE tokens – nativeCoins.

It also has a Decentralised Automated Market Maker known as Syrup Pools, in which users can stake on CAKE to gain newly introduced tokens. Thus, PancakeSwap has gradually gained popularity as a reliable and motivating platform for many DeFi participants to make decentralized trading and yield farming using the BEP-20 standard on the Binance Smart Chain.

Future of Binance smart chain and its token.

As for the future BSC and BNB, they are also prospective as they steadily integrate into the blockchain and cryptocurrency industry. Currently, BSC enjoys the reputation of being a favorite blockchain solution because of the low takers’ fees, fast execution of transactions, and the EVM integration.

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Since DeFi as well as NFTs are still yet to penetrate the market and become popular BSC is fitted for these type of markets. BNB is the utility token of Binance, and hence, it is expected that more projects and users would want to use BSC for different purposes. Hence with more advancement, more collaborations, more community backing BSC and BNB are set for a future role in the world of decentralized applications and value assets for the cryptosphere.

Thanks for reading my post I'm inviting @eluustanley , @jewel005 and @chinaza09 to participate.

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@malikusman1