Blockchain Analysis Part 2️⃣ — BNB Smart Chain
iBetYou is deployed on four different chains, and BNB Smart Chain (BSC) is one of them. This chain plays a significant role in iBetYou’s future since it is one of the most renowned and trusted blockchains in the space 🚀
Join us as we unpack BNB Smart Chain’s background, benefits, and how to leverage the chain in the best way that works for you 👇
🔙 to basics — What is BNB Smart Chain?
Launched by the cryptocurrency exchange Binance, BNB Smart Chain (BSC), previously known as Binance Smart Chain, is a blockchain network that supports smart contracts and decentralized applications (dApps). The BSC runs alongside the BNB Chain, formerly the Binance Chain. The first one supports smart contracts, while the second one enables high transaction volumes with a 3-second block time. Both blockchains together form the Binance Chain.
Even though it is a sibling blockchain of the Binance Chain, BSC is a standalone blockchain and does not connect with Binance Chain other than through the same parent, Binance Exchange. So even if the Binance Chain is shut down or stops working, the BSC will work without any interference or technical glitch.
Why was the BSC created?
In 2020, after a year and a half of successfully running the Binance Chain, Binance introduced the BSC. It was surprising that Binance, rather than just upgrading its already available blockchain platform to the next level, chose to make a whole new one. When questioned about this, they replied that if the already existing Binance Chain was upgraded, it would have eventually worn down the speed of the Binance Chain, and hence making a new one was the best thing they could try. This new Binance Chain sibling had the same features and functions as Ethereum and decentralized application platforms (dApp platforms) like Tron and EOS.
Attributes of the BSC
BNB Smart Chain’s smart contracts support and are compatible with Ethereum dApps. So, the BSC network makes it easy for developers to create and move dApps, tools, and other parts of an ecosystem without any problems.
There is no communication restriction between BC and BSC, even though BSC is not a layer two solution. This non-restriction is there because BSC is a parallel blockchain to BC and independent from it. Users can move their cryptocurrencies from the BC to the BSC and back again because of this feature.
The platform uses a Proof-of-Stake consensus model, specifically a Proof-of-Stake-Authority (PoSA) model. BNB, the native token of BSC, can be staked in the form of BNB. It can also be used to help secure the network and vote on community governance protocols. PoS can also process transactions faster, making them more competitive with networks that still use full PoW consensus.
Advantages of the BSC
- Low gas fees: Thanks to its PoSA consensus mechanism, BSC gas fees are relatively low.
- Cross-chain compatibility: BSC supports not only the Ethereum virtual machine (EVM) but also accepts pegged coins from other blockchains, allowing users to create a wide range of tokens for use on the network. Tokens are more valuable because they can be used on multiple blockchains.
- Transaction speed: As of now, BSC is one of the world’s fastest blockchains. BSC is well known for its lightning-fast transactions. In BSC, the blocks are made every 3 seconds.
- EVM- compatibility: The Binance network gains easy access to a vibrant developer and user community by forking the Geth Ethereum client. Aside from the fact that BSC’s dApps are the cheapest ones to run, it’s also easier to transfer, create and send existing Ethereum apps over. Ethereum’s dApps, in comparison, are faster and more efficient.
- Credible platform: It is one of the most renowned blockchains. The exchange vetting every validator on the network, which ensures the security and reliability of the blockchain development, participates in the PoSA consensus.
How to leverage the BNB Smart Chain
Before moving on to iBetYou, here are some ways that you can leverage the BSC 👇
Staking
One of the first benefits of holding BNB (Build and Build), which used to be called Binance Coin, was that you could stake your tokens. Wallets used for the cross-chain are supported directly by the BSC. In today’s market, staking is among the most popular DeFi and Metaverse options. Users who stake their BNB will receive their rewards faster than usual. And especially with BSC’s ultra-fast transactions of assets and bitcoins, staking has been made easier. And this is one of the main reasons BSC is becoming more popular every day.
NFT Design and Support
BSC has a strong presence in the NFT market. NFTs are a part of blockchain systems, which are becoming more popular because they can give digital assets a sense of scarcity. The price of some NFTs ranges from tens to hundreds of thousands of dollars.
EVM-Compatible
You can easily create your dApps, run them cheaply, or transfer existing Ethereum dApps, which allows developers to explore different options around two blockchains and run their dApps in the cheapest way possible.
How does iBetYou Leverages BSC
iBetYou is deployed on the BNB Smart Chain and leverages the blockchain with its fast transactions, low transaction fees, and credibility since it is one of the most renowned blockchains.
Thanks to smart contracts and BSC’s PoSA consensus mechanism, bets on iBetYou will remain forever on the blockchain. This grants users the luxury of placing bets whenever and wherever they want, as long as they adhere to the public bet rules. 😉
Placing a bet on ibetyou.xyz is fast, efficient, transparent, and secure — and if you play your cards right, you might win some $BNB!
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