smart chain: You’ve probably heard of Binance Chain, the home of the BNB currency. Binance Chain optimized for ultra fast trading. To achieve this, it had to make certain trade offs one being that it wasn’t as flexible from a programmability standpoint as other blockchains.
Smart Chain Use
Well, Binance Smart Chain is here to change that, a new blockchain with a full fledged environment for developing high-performance decentralized applications. it was built for cross chain compatibility with Binance Chain to ensure that users get the best of both worlds.
Binance Chain was launched by Binance in April 2019. Its primary focus is to facilitate fast, decentralized (or non-custodial) trading. Perhaps unsurprisingly, the biggest decentralized application ( or DApp ) on it is Binance DEX, one of the friendliest decentralized exchanges out there. You can use it via a web interface at binance. org or through its native integration with Trust Wallet.
Due to limitations inherent to blockchain systems, however, the chain doesn’t have much flexibility SmartContracts in a system optimized for fast trading could significantly congest the network. Remember CryptoKitties? At the height of its popularity, it brought the Ethereum blockchain to a standstill.
Scalability remains one of the most challenging hurdles to blockchain development. And that’s where Binance Smart Chain comes in. Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the BinanceChain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of Binance Chain intact while introducing SmartContracts into its ecosystem.
FAQ
What is Smart Chain?
Binance Chain optimized for ultra fast trading. To achieve this, it had to make certain trade offs one being that it wasn’t as flexible from a programmability standpoint as other blockchains.