A Guide to BNB Smart Chain: Some Interesting Things You Should KnowKiana Griffin
Binance Smart Chain (BSC) has quickly become one of the most popular platforms for developers and entrepreneurs looking to build on blockchain. With its fast transaction times, low fees, flexibility and compatibility with Ethereum, BNB Smart Chain has seen massive adoption across a wide range of applications.
In fact, 2022 saw a record number of blockchain games built on Binance Smart Chain, cementing its position as a leader in the space. The number of distinctive addresses on the Binance Smart Chain has even surpassed Ethereum, crossing the milestone of 230 million users. If you’re a developer or founder looking to build on Binance Smart Chain, this guide is for you.
We’ll explore the platform’s features, tools, and benefits, giving you the knowledge you need to bring your vision to life. At the end of this guide, we will also share how you can quickly and easily get started building on Binance Smart Chain without any hassle, so you can focus on what truly matters: bringing your innovative ideas to life! So, let’s dive in and discover what makes Binance Smart Chain the go-to platform for decentralized innovation!
Table of Contents
BNB Smart Chain vs. BNB Chain:
Binance, the leading crypto exchange, has launched the Binance Smart Chain (BSC) and BNB Chain to provide a comprehensive solution for the blockchain ecosystem.
BNB Smart Chain, formerly known as Binance Smart Chain, is a blockchain network that supports smart contracts and decentralized applications (DApps). It provides a platform for developers to build and launch their projects on it.
Meanwhile, BNB Chain is designed to support the Binance Coin (BNB) and the Binance DEX, enabling fast and efficient transactions with a 3-second block time.
Together, BNB Smart Chain and BNB Chain form the Binance Chain ecosystem, providing a complete solution for developers, entrepreneurs, and businesses looking to build on the blockchain.
It’s worth noting that BNB Smart Chain is independent of the classic BNB Chain, offering its own unique set of benefits. And when we are talking about building high performance decentralized applications, blockchains games, NFT projects, we are referring to BNB Chain mostly.
Next we will talk about some of the best features of BNB Smart Chain that made it one of the most used public blockchain in 2022.
Benefits of using the BNB chain platform from the perspective of developers
So, let’s explore the advantages of using the BNB chain platform:
- Compatibility: The BNB Smart Chain (BSC) is EVM-compatible smart, facilitating the migration of dApps from other blockchains such as Polygon, Solana, and Avalanche to BSC by project teams. BSC provides support for the most common programming languages, configurable tools, and clear, authoritative documentation.
This compatibility allows for a smooth and seamless migration process, enabling project teams to take advantage of the unique features and benefits offered by the Binance Smart Chain (BSC). Additionally, this compatibility also opens up a wider pool of developers who are already familiar with the Ethereum Virtual Machine (EVM) to participate in building on the BSC.
- Use of a hybrid consensus: BNB Chain utilizes the Proof of Staked Authority (PoSA) consensus process, in which a predetermined number of nodes confirm blocks and protect the network according to the BNB Token amount they have staked. This hybrid consensus enables faster block production and also reduces costs.
- Cheap transaction fees: Ethereum transaction costs have been a major source of contention, surpassing 200 gwei at times. This poses a serious danger to the expanding adoption of DeFi, with various projects actively exploring Layer 2 methods to mitigate the problem.
Comparatively, gas charges on BNB Smart Chain are only a fraction of it. The ideal exchange fees on BNB Smart Chain will be approximately one cent. It will significantly reduce the overhead of DeFi protocols, allowing DeFi application developers to concentrate on innovation. Low transaction fees will also encourage market players with smaller balances to participate, hence raising the total volume of transactions in the protocols.
- An ecosystem of chains: The Binance Chain ecosystem is composed of three interconnected blockchains: the BNB Smart Chain, the Sidechain, and the Beacon Chain. The Binance team is also actively working on adding a fourth blockchain to the ecosystem, known as BNB ZkRollup.
This addition will enhance the performance of the Binance Smart Chain (BSC) by allowing it to scale into a high-speed Layer 1 solution through the execution of a large number of transactions off-chain, before they are verified on-chain.
This will further increase the versatility and capability of the Binance Chain ecosystem, offering even more opportunities for developers to build and launch innovative blockchain projects.
- A prospective community of entrepreneurs, developers, and users: BSC boasts the largest, most talented, and most passionate development, entrepreneur, and user community in the whole cryptocurrency sector. BNB Chain contains more than a thousand dApps,over 2 million daily active users, and a total locked value of $4.95 billion.
Additionally, BNB Chain has close to three million followers on Twitter and thousands of developers solving queries relating to blockchain on Reddit and Discord. BSC is home to some of the most well-known, respected, and widely used Dapps in the world, such as Pancakeswap, Gameta, and Hooked.
How to start building on the BNB Smart chain quickly?
Starting to build on the BNB Smart Chain (BNB) can seem overwhelming, but with the right preparation, it can be a smooth and efficient process. Before building on a blockchain, there are several crucial steps to consider such as setting up a node, building a team, achieving scalability, and ensuring security.
These steps can consume a significant amount of time and resources. Fortunately, with a no-code blockchain infrastructure provider like Zeeve, everything becomes just plug and play. You get access to a wide range of features including rapid deployment of smart contracts on your preferred cloud, encrypted endpoints owing to Zeeve’s proprietary architecture, ready plugins, constant monitoring of nodes, enterprise-grade uptime, and more choices for developers.
By utilizing a blockchain node provider, you can start building on the BNB Smart Chain quickly and efficiently, allowing you to concentrate on growing your business.