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Binance Smart Chain (BSC) has been buzzing with activity type spans such as token swaps, NFTs, and decentralized money markets. Moreover, the daily transaction chart has seen an uptick from 350k to 4 million since the beginning of the year. Subsequently, Binance Smart Chain Development has also grown significantly. While Binance Chain was optimized for ultra-fast trading, Binance Smart Chain is developed as a full-fledged environment that supports the development of high-performance dApps (decentralized applications).
∙ Binance Smart Chain (BSC) runs in parallel to Binance Chain.
∙ It offers smart contract functionality and is compatible with EVM (Ethereum Virtual Machine).
∙ It is an independent blockchain and will function even if Binance Chain goes offline.
∙ Being an EVM-compatible chain, BSC has access to Ethereum tools and dApps.
Binance Smart Chain is designed in a way that the assets can be seamlessly transferred between the two chains. This becomes a very big advantage for enterprises as they can rapidly trade assets on Binance Chain while using the same assets in powerful decentralized apps that can be built on BSC.
This cross-chain compatibility makes BSC a suitable ecosystem for a myriad of enterprise use cases. Needless to say, a professional Binance Smart Chain Development Services company could help actualize these use cases.
Additionally, BSC uses a Proof-of-stake mechanism for consensus. Its algorithm is designed to achieve 3 second block times and that is what makes it a suitable platform for the development of high-performance enterprise-grade dApps.
One of the most important features of BSC is its near-zero transaction fees. While the Ethereum gas fees continue to soar, Binance Smart Chain comes across as one of the most cost-effective blockchains for the development of high-performance dApps. In the recent past, Ethereum transaction fees surpassed $100 per transaction while for the same transaction BSC charges somewhere between $0.01 — $0.05.
In 2020, there was a huge gap between the transaction fees spent on BSC DEXs and Ethereum DEXs. According to a report, 5 million trades were executed on BSC DEXs while only $456K were spent on transaction fees. On the contrary, 46 million trades were executed on Ethereum DEXs and more than $207 million were spent in transaction fees.
As this is an optimal time to build a decentralized exchange, Ethereum’s soaring gas fees have compelled DEX operators to start exploring other blockchains like BSC.
Binance Smart Chain comes with its unique token standard known as BEP-20. It defines the rules of how a BEP-20 token can be used and spent. Moreover, it is very similar to the BEP-2 (Binance Chain) and ERC-20 (Ethereum) token standard.
Someone who wishes to develop BEP-20 tokens can seek advantages. For example,
∙ BEP-20 tokens are versatile and can be used to represent fiat, crypto, and shares.
∙ Tokens from another blockchain can be pegged on BEP-20 tokens. Thus, bitcoin can exist on Binance Smart Chain as a BEP-20 token.
∙ They can be used to create a token contract on the smart chain network.
∙ With the use of Binance Chain Wallet extensions, the BEP-20 tokens can be exchanged with BEP-2 tokens. Effectively, the token can enjoy super trading speed and its use in dApps without impacting the throughput of any of the chains.
MLM Platform Development
As Binance Smart Chain supports the development of smart contracts, it provides the right infrastructure for the development of next-generation Multi-level marketing platforms. The smart contract-powered MLM platforms are becoming increasingly popular as all the activities can be automated and all the operations take place in a completely decentralized environment.
Because of the speed, scalability, and low-cost transactions offered by BSC, it comes across as one of the most suitable platforms to build MLM platforms driven by smart contracts.
As an experienced Binance Smart Chain Development Services Company, Antier Solutions offers end-to-end development support. Right from the ideation to post-launch, our team of experts ensures your product functions optimally. Get in touch with our experts and gain access to the right expertise in Binance Smart Chain Development.
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