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<p>The <strong>Binance Smart Chain network</strong> is without a doubt one of the leading blockchain networks in the whole industry, thanks to the numerous achievements and features it offers.</p><p>The world's largest cryptocurrency exchange, Binance initially introduced The Binance Chain in 2019, a fast-moving blockchain that boosts transaction throughput. The Binance Chain development team chose the instantaneous Tendermint consensus architecture rather than supporting a wide range of applications.</p><p>However, Binance quickly realized in 2020 that the inability of Binance Chain to run smart contracts and support decentralized applications—just like the Ethereum network—was a crucial feature missing from the ecosystem. As a result, the creators of the Binance Chain decided to create an additional blockchain in addition to the existing "Binance Chain." Thus, in September 2020, the Binance Smart Chain was launched.</p><p>There are more things to know about the Binance Smart Chain network. This is why this post will go over all you need to know about the Binance Smart Chain (BSC), its advantages and capabilities, and what sets it apart from the plethora of other well-known blockchain networks</p><h2 id="header-0">What Is Binance Smart Chain (BSC) And How Does It Work?</h2><p>Launched in 2020, the Binance Smart Chain network is an ecosystem that is compatible with the Ethereum Virtual Machine (EVM) and supports all DApps and functionalities that Ethereum supports.</p><p>Although it has many characteristics in common with the Ethereum network, <strong>BSC stands out due to its faster and less expensive transactions</strong>, which have greatly aided in the network's rapid expansion in just over 2 years. Given this, Binance has been successful in onboarding a wide range of Ethereum-based DApps, including exchanges, cryptocurrency and NFT projects, and various decentralized autonomous organizations.</p><p>Unlike Ethereum, which uses the Proof of Stake (PoS) consensus protocol, <strong>the Binance Smart Chain network employs the sophisticated "Proof of Staked Authority (PoSA)" consensus method</strong>, which combines a Proof of Stake and a Proof of Authority together. PoSA enables quick block times and inexpensive transactions.</p><p>The BSC network consists of only 21 validators, with a 3-second block time, and an average transaction fee of 20 gwei.</p><p>The BNB coin is the native cryptocurrency that powers the entire Binance ecosystem. This coin has several functions. It is used to pay transaction fees and as "gas" by developers who use it to construct Smart Contracts on the Binance Smart Chain, among other things.</p><h2 id="header-1">What Makes The Binance Smart Chain (BSC) Network Unique?</h2><p>BSC offers lots of features, which makes it a better choice to host blockchain applications and use for regular transactions. What, therefore, makes the Binance Smart Chain (BSC) network appealing to both project developers and everyday cryptocurrency traders? Let's explore.</p><h3 id="extremely-low-gas-fees">Extremely Low Gas Fees</h3><p>The gas fees in BSC are incredibly low compared to other blockchains’ expensive gas fees. BSC has a gas cost that is less than 10 gwei on average, where 1 gwei is equal to 0.0000000001 BNB. Therefore, sending a transaction worth several thousand dollars doesn't even cost $1.</p><h3 id="high-transaction-speed">High Transaction Speed</h3><p>With a block time of 3 seconds, BSC is now one of the swiftest platforms for smart contracts, which helps explain its huge growth. This, along with the use of the PoSA consensus model mentioned above, enables the network to transact at incredibly high speeds.</p><h3 id="bsc-hosts-multiple-blockchain-products">BSC Hosts Multiple Blockchain Products</h3><p>Different applications and products, including decentralized exchanges, crypto tokens, non-fungible tokens (NFTs), metaverse spaces, and many more, are built on the Binance Smart Chain. According to on-chain data, there are presently 2,819,239 token contracts in the ecosystem, counting the number of tokens created on the Binance Smart Chain. However, the combined market capitalization of all the tokens is currently $6.6 billion USD. BSC has processed more than 3 billion transactions since its inception, making it one of the most active blockchains.</p><h3 id="cross-chain-compatibility">Cross-Chain Compatibility</h3><p>This cross-chain feature raises the platform’s tokens' value, utility, and liquidity. In addition to being compatible with the Ethereum virtual machine (EVM), BSC also supports pegged coins from several other blockchains, enabling users to develop a variety of tokens for usage on the network.</p><h3 id="multi-million-unique-active-addresses">Multi-Million Unique Active Addresses</h3><p>With a daily rise of 337,487 as of the 18th of October 2022, the BNB Smart chain has 202,394,446 unique public wallet addresses in total. The highest rise of 6,574,010 new addresses was recorded on Tuesday, March 2, 2021.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/89cfdddba08f4ab6b355f313161e005c.png"><h3 id="how-many-exchanges-dexs-built-on-the-bsc">How Many Exchanges DEXs Built on The BSC</h3><p>The Binance Smart Chain network is the backbone for hundreds of decentralized exchanges. The most well-known ones include <a href="https://pancakeswap.finance/" rel="noopener noreferrer nofollow">PancakeSwap</a>, Venus, ApeSwap, and numerous others.</p><p>Notably, Pancakeswap is the most widely used yield farming and automated market maker (AMM) platform on the BSC. PancakeSwap is a BSC-based decentralized exchange (DEX) that you can use to exchange BEP-20 tokens, just as you can with UniSwap and SushiSwap for the Ethereum network and ERC-20 tokens.</p><h2 id="header-2">A Comparison of BSC Network With Ethereum and Polygon (MATIC) on the Global Crypto Market</h2><h2 id="header-3"></h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1eefdbb5c6334302a384e6a638ba094f.png"><h2 id="header-4">Closing Thoughts</h2><p>BSC is poised to dominate the blockchain industry due to the capabilities it provides and the ground-breaking accomplishments it has reached in a short period. In fact, owing to its high EVM compatibility, quick transactions, and low transaction fees, analysts claim that the Binance Smart Chain is the perfect alternative to all other networks.</p><p>One thing that is certain is that BSC has a bright future and has demonstrated through its several steps that it is a reputable inclusion into the cryptoverse.</p><h2 id="header-5"></h2>

MelegaSwap Market Analysys. Why the Binance Smart Chain (BSC) is Taking Over The Blockchain Industry

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