📊How does BSC work?🤔
Sometimes we don't understand some aspects, today I present to you what BSC is on Binance, which refers to Binance Smart Chain, now known as BNB Smart Chain. It is a blockchain developed by Binance that allows the creation of smart contracts and decentralized applications (dApps), similar to Ethereum.
Here you have a clear summary:
What is BNB Smart Chain (BSC)?
• It is a fast and low-cost blockchain.
• Compatible with Ethereum (EVM), making it easy to port Ethereum projects to BSC.
• Uses the BNB token to pay for transaction fees (gas).
• Supports DeFi, NFTs, Web3 games, and more.
Key differences with Ethereum:
• Much lower fees.
• Faster transactions.
• More centralized (limited validators), which generates debate between efficiency vs decentralization.
Practical example:
When you see a token on Binance with the BSC network, it means that this token is on the BNB Smart Chain blockchain, and you can transfer it using that network (faster and cheaper than Ethereum).
