OneArt

<h2 id="header-0">What is BNB Smart Chain?</h2>Binance, Binance Chain, Binance Smart Chain, BNB Smart Chain, BNB Beacon Chain... Even an experienced user can get confused, let alone a beginner!Before getting into a description of BNB Smart Chain, it is worth starting with its history and how it is related to Binance in general. Now let&#39;s go over it in order.<h2 id="header-1">BNB Smart Chain: where its roots come from</h2>It is worth starting the story of this “tangled relationship” with Binance, the launch of which in 2017 led to the emergence of “Chains” with different but similar names.So, Binance is first of all a cryptocurrency exchange with the idea of providing people with a single tool (aka platform) for trading digital assets. The project has successfully launched and is becoming one of the leaders in its field. It continues to expand technically. Eventually, in 2019, Binance launched its blockchain project — <a href="https://www.binance.com/ru/blog/all/binance-chain-%D0%B1%D0%BB%D0%BE%D0%BA%D1%87%D0%B5%D0%B9%D0%BD-%D0%B4%D0%BB%D1%8F-%D0%B1%D0%B8%D1%80%D0%B6%D0%B8-%D0%BC%D0%B8%D1%80%D0%BE%D0%B2%D0%BE%D0%B3%D0%BE-%D0%BC%D0%B0%D1%81%D1%88%D1%82%D0%B0%D0%B1%D0%B0-304219301536473088" rel="noopener noreferrer nofollow">Binance Chain</a>. Its main goal is to facilitate decentralized trading within the Binance DEX.But, as it turned out, Binance Chain was insufficient in terms of functionality. It lacked the capacity to allow developers to run smart contracts on this network. In addition, the increased popularity of dApps and smart contracts at the time was adding oil to the fire: it was urgent to find a way out and give users a smart contract-enabling platform to stay competitive. That&#39;s why the Binance Smart Chain was released in September 2020, running alongside the Binance Chain blockchain. Nowadays it is also referred to as the BNB Smart Chain (BSC).&#x1f4a1;BNB vs BSC or the difference between BNB and Smart ChainBNB is a native Binance cryptocurrency that supports the entire ecosystem. At the same time, the Binance Smart Chain, or BSC, is the <a href="https://oneart.digital/en/blog/what-is-a-blockchain-how-does-it-work" rel="noopener noreferrer nofollow">blockchain</a> that supports BNB and a few other cryptocurrencies/tokens.Later, Binance Smart Chain (BSC) was rebranded as BNB Smart Chain but still left behind the acronym as BSC.<h3 id="binance-smart-chain-binance-chain">Binance Smart Chain &amp; Binance Chain</h3>BNB Smart Chain (BSC) is best described as a blockchain running in tandem with the aforementioned BNB Beacon Chain. In contrast, BSC was designed with an emphasis on smart contracts and interoperability with the Ethereum Virtual Machine (EVM).<blockquote>It is important to remember that BSC is not a result of Binance Chain scaling. It is a separate, side-by-side blockchain that allows the implementation of smart contracts within the Binance ecosystem. Moreover, it will be able to keep performing even if the BNB Beacon Chain fails.</blockquote>BSC&#39;s compatibility with EVM allows developers to use many tools of the <a href="https://oneart.digital/en/blog/what-is-ethereum-how-does-it-operate" rel="noopener noreferrer nofollow">Ethereum ecosystem</a> and transfer Ethereum-based projects to the BNB Smart Chain.In 2022, the two chains were supposed to merge (and they did).<h3 id="what-is-the-bnb-chain">What is the BNB Chain?</h3>In February 2022, Binance merged the Binance Smart Chain and the Binance Chain into the <a href="https://www.binance.com/en/support/announcement/introducing-bnb-chain-the-evolution-of-binance-smart-chain-854415cf3d214371a7b60cf01ead0918" rel="noopener noreferrer nofollow">BNB Chain</a>. Accordingly, the BNB Chain consists of the BNB Beacon Chain (for staking and voting) and the BNB Smart Chain (for deploying dApps powered by <a href="https://oneart.digital/en/blog/what-are-smart-contracts" rel="noopener noreferrer nofollow">smart contracts</a>).BNB Chain &#61; BNB Beacon Chain &#43; BNB Smart Chain<img src="https://academy-public.coinmarketcap.com/optimized-uploads/506794f15e2e4b5fb3d90f3e42de7b37.png" />⁉️ BNB Chain ≠ BinanceAccording to Binance CEO Changpeng Zhao, “BNB is an abbreviation for Build ’N Build… Build the community, and let the community build, build, ’n build. People always think of BSC as part of Binance because it carries the company’s name… We’ve done a lot of work to decentralize it and hope to make BNB go beyond Binance,” <a href="https://cointelegraph.com/altcoins-for-beginners/a-beginners-guide-to-the-bnb-chain-the-evolution-of-the-binance-smart-chain" rel="noopener noreferrer nofollow">he added</a>.BNB Chain is a decentralized, community-driven, open-source ecosystem. Meanwhile, Binance is a centralized or horizontally structured organization.Although Binance is indeed the idea and source code initiator of the BNB Chain, the company leaves it independent and decentralized and, accordingly, out of anyone&#39;s ownership.<blockquote>To sum up: Binance cannot and does not define the BNB Chain operating rules, as the latter depends on the network&#39;s community and the validators&#39; consensus.</blockquote>Now let&#39;s go back to the BNB Smart Chain and dive more into how it functions.<h2 id="header-2">BNB Smart Chain: tech explained</h2>As mentioned above, the BNB Smart Chain (BSC) is an independent blockchain based on smart contracts. It enables developers to launch dApps and DeFi projects.<h3 id="what-39-s-good-about-the-bsc">What&#39;s good about the BSC?</h3>Firstly, the type of consensusIn BNB Smart Chain, it takes ~3 seconds to add a new block. All thanks to the Proof-of-Stake consensus algorithm, or more specifically, Proof of Staked Authority (or PoSA). In this way, network participants stake a BNB (network token) to become validators and thus have the right to participate in the process of adding a block (transaction validation).Secondly, cross-chain compatibilityDespite the blockchain&#39;s independence, BNB Smart Chain is still “a kind of addition” to the BNB Chain ecosystem. For this reason, it uses a so-called dual-chain architecture that allows users to seamlessly transfer assets from one blockchain to another. For example, BEP-2 (e.g., BNB, BUSD) and BEP-8 tokens from the BNB Beacon Chain can be exchanged for BEP-20 tokens (BNB Smart Chain tokens) without third-party involvement.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1dacdcd0ec984362a70ee6e94bdf8152.png" />So, even though BNB Smart Chain and BNB Chain had different use cases, this compatibility allows users today to get the most out of both systems: to both trade and create smart contract-powered applications.Thirdly, compatibility with EthereumBeing compatible with arguably the leader in smart contracts — Ethereum — gives BNB Smart Chain flexibility and opens up more possibilities for developers. They can use Ethereum tools to deploy applications on the BNB Smart Chain network and/or migrate off-the-shelf solutions from one network to another.As a result, BNB Smart Chain has:<ul><li>More capacity</li><li>Faster speed</li><li>Less latency.</li></ul><img src="https://academy-public.coinmarketcap.com/optimized-uploads/91186b8a7c524c3488507475befc5387.png" /><h2 id="header-3">One more thing: How to create a wallet on BNB Smart Chain?</h2>Store your BNB coins and others in the versatile OneArt NFT &amp; crypto wallet. The wallet supports major blockchains, including BNB Smart Chain (currently we also support Ethereum, Fantom, Avalanche, and Polygon. More networks are coming soon).<img src="https://academy-public.coinmarketcap.com/optimized-uploads/11243ee199b1432f9562b313ba9ec932.png" />To create a wallet backed by BNB Smart Chain via the OneArt app, follow these simple steps:<ol><li>Download the OneArt app on <a href="https://apps.apple.com/app/id1600729515" rel="noopener noreferrer nofollow">App Store</a> or <a href="https://play.google.com/store/apps/details?id&#61;oneart.digital&amp;hl&#61;en-US&amp;pli&#61;1" rel="noopener noreferrer nofollow">Google Play</a>.</li><li>Click &#34;Create New Wallet&#34; (you can also pick &#34;Import Wallet&#34; if you want to transfer your existing wallet to the OneArt app).</li><li>Choose BNB Smart Chain or another blockchain (you can also choose multiple blockchains).</li><li>Next, you will be offered a seed phrase. Save it 1) manually or 2) back it up on Google Drive/iCloud.</li></ol><img src="https://academy-public.coinmarketcap.com/optimized-uploads/4cfbc7e18bcb4adcb39911d7b0bdd94f.png" /><ul><li>For manual backup, write down your seed phrase ➡️ fill in the missing words ➡️ create and confirm a pin code.</li><li>For Google Drive/iCloud backup, create and confirm a password and pin code.</li></ul>&#x1f525;For more in-depth instructions, visit our <a href="https://oneart.digital/en/faq" rel="noopener noreferrer nofollow">support center </a>or <a href="https://www.youtube.com/&#64;oneart5089/videos" rel="noopener noreferrer nofollow">YouTube channel </a>with detailed How-Tos.Done! Now you have a “BNB Smart Chain-powered wallet” in the OneArt app. Store your assets and NFTs, make transactions, import and create as many wallets as you want, and manage your NFT &amp; crypto portfolio through the one-touch solution. Follow official OneArt channels to find the latest info and updates:<ul><li><a href="https://twitter.com/art_wallet" rel="noopener noreferrer nofollow">Twitter</a></li><li><a href="https://t.me/art_wallet" rel="noopener noreferrer nofollow">Telegram Group</a></li><li><a href="https://t.me/artwallet_official" rel="noopener noreferrer nofollow">Telegram Announcements</a></li><li><a href="https://coinmarketcap.com/community/profile/OneArt" rel="noopener noreferrer nofollow">CoinMarketCap Community</a></li><li><a href="https://www.linkedin.com/company/oneart/" rel="noopener noreferrer nofollow">LinkedIn</a></li><li><a href="https://www.youtube.com/&#64;oneart5089" rel="noopener noreferrer nofollow">YouTube</a></li></ul>

BNB Smart Chain Explained

Table of Contents

OneArt

Autres articles publiés le 7 mars 2023

The Importance of Noncustodial Wallets for Your Crypto

The dark side of CBDCs – a Nigeria case study

What is Stellar XLM? Part 2

SXP Swap Portal is Closing

Iran Completes Pre-Pilot Phase of Central Bank Digital Currency

millonaire partner February

Join our free newsletter for daily crypto updates!