Binance Smart Chain — how does it work?

Artichain is using smart contracts to achieve full transparency and accountability, so let’s try to unpack what this actually means! By the way, we use smart contracts on the Binance Smart Chain (BSC). We’ll talk about it in more detail!

BSC is the Binance exchange’s very own blockchain, which was designed primarily to foster decentralized trading. The network was launched in April 2019 and since then serves as the mainstay for the BNB coin.

The principal features of Binance Smart Chain include EVM-compatible(Ethereum Virtual Machine) smart contracts, and high throughput. Binance Smart Chain is an independent blockchain that will continue to work even if Binance goes down.

Since BSC is compatible with EVM, it supports a wide range of tools used by Ethereum and its DApps. In theory, this allows developers to easily migrate their projects from Ethereum to BSC, which means that, for example, MetaMask can be easily configured to run on a Binance Smart Chain.

On the one hand, Binance Chain allows fast trading, while on the other it lets developers build powerful decentralized apps. Thanks to this compatibility, users get to enjoy a diverse ecosystem that can fulfill a lot of needs and use cases.

BEP-2 and BEP-8 Binance Chain tokens can be exchanged for BEP-20, which is a new standard implemented on Binance Smart Chain. It has the same set of features as its Ethereum counterpart.