Why did The Parallel choose BSC as our blockchain platform?
The growth of the overall cryptocurrency industry in 2021 has led to the rise in prominence of blockchains. Many projects, including The Parallel, have selected Binance Smart Chain as a blockchain platform. In this article, we will attempt to explain quickly why The Parallel picked BSC as our blockchain platform above many other layer 1 rivals.
1. What is BSC?
Binance Smart Chain (BSC) is a fairly recent smart contract blockchain, introduced in late August 2020. BSC was created as a parallel blockchain to Binance Chain, which launched in April 2020 to facilitate decentralized trading. Before BNB transitioned into being the native token of Binance Chain, it was an ERC-20 token created in 2017 alongside the market-leading exchange Binance.
2. Why did The Parallel choose BSC?
Low fees and fast transaction times
BSC was created with the goal of being the most inclusive blockchain, allowing everyone and everyone to participate. The default BSC costs for a single transaction are under $0.10, and the transaction time is only 3 seconds, making BSC potentially the cheapest and quickest blockchain. This gives BSC the capacity to process over 3.5 million transactions on an average day, a much higher number than Ethereum’s 1.1 million transactions.
BSC is a fast growing platform and has a big community
BSC is the fastest growing platform in the crypto-space with over 1 million registered wallets — adding enormous community growth potential to ambitious startups. Despite the fact that it was just launched in August 2020, BSC has already reached the TOP 3 total transactions on popular blockchain platforms. This offers us many unique benefits and opportunities we won’t find elsewhere.
Having a huge and popular global BSC community also allows The Parallel to quickly reach new consumers and the community. At the same time, it makes it simple for our users to utilize, pay for, and connect to The Parallel metaverse.
Extensive wallet support
The BEP-20 standard is already used by dozens of well-known wallets with a strong security track record, including Trust Wallet, MetaMask, Math Wallet, SafePal, and our own Binance Extension Wallet.
Backed by the top player in the crypto industry (CZ)
CZ, the top Crypto figure backs, supports, and maintains the blockchain, giving developers and businesses confidence to keep creating. Together with BSC, we are ready to make things much better, more fair, and bring more investment opportunities to our community.
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