About Binance & BSC

by | Aug 25, 2022 | Tech Topics

Let’s Learn About Binance

Binance is relevant to the MetFi Community because it is the ecosystem upon which MetFi is built. MetFi Tokens (MFI) and MetFi NFTs were developed on the BNB Smart Chain.

Binance is well known as one of the world’s top crypto exchanges. In fact, as of the publishing of this article, Binance is far and away the world’s number one exchange, with 30% of spot volume market share as of March 2022. 

Binance launched its own native utility token, the Binance Coin or BNB, in 2017. The coin and its underlying blockchain have evolved a lot since then.

As of 2022, BSC (which stands for BNB Smart Chain) extends well beyond the Binance Coin to a network upon which numerous crypto projects are built. Many tokens are now deployed on the BEP-20 protocol, similarly to how there are countless tokens deployed on Ethereum’s ERC-20 protocol. 

Some key aspects of the BNB Smart Chain are

In contrast to Bitcoin and Ethereum which are proof-of-work verification blockchains, BSC uses the proof-of-stake verification protocol. Proof-of-stake is more eco-friendly because it does not use energy-sapping crypto mining. 

Another feature of BSC is considerably lower gas fees and faster transactions.

In addition BSC facilitates blockchain projects developing into multi-chain solutions, meaning that BSC-based tokens and NFTs can also reside on other blockchains like Ethereum, Polygon, etc. 

As a proof-of-stake blockchain, BSC features rewarding token holders for “staking” their tokens, since this serves to verify transactions in the proof-of-stake verification process. 

 

BSC is closely related to Enthereum, and thus functions smoothly with ETH. For example, although the default network of the top DeFi crypto wallet MetaMask is Ethereum, it is very easy to add the BNB Smart Chain to it. 

As far as decentralized exchanges, the prominent platform supporting BSC is PancakeSwap, and there are many other both centralized and decentralized exchanges that support it. 

 

The BNB Smart Chain is versatile and user-friendly, with growing adoption, including with BSC-based NFTs, a growing number of BSC-based tokens, and a robust ecosystem.

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